Arbeitspapier
A simple business-cycle model with Schumpeterian features
We develop a dynamic general equilibrium model of imperfect competition where a sunk cost of creating a new product regulates the type of entry that dominates in the economy: new products or more competition in existing industries. Considering the process of product innovation is irreversible, introduces hysteresis in the business cycle. Expansionary shocks may lead the economy to a new ‘prosperity plateau,’ but contractionary shocks only affect the market power of mature industries.
- Language
-
Englisch
- Bibliographic citation
-
Series: Cardiff Economics Working Papers ; No. E2007/28
- Classification
-
Wirtschaft
Fiscal Policy
Oligopoly and Other Imperfect Markets
Industrial Organization and Macroeconomics: Industrial Structure and Structural Change; Industrial Price Indices
- Subject
-
Entry
Hysteresis
Mark-up
Konjunktur
Unvollkommener Wettbewerb
Dynamisches Gleichgewicht
Sunk Costs
Innovation
Theorie
- Event
-
Geistige Schöpfung
- (who)
-
Costa, Luís F.
Dixon, Huw D.
- Event
-
Veröffentlichung
- (who)
-
Cardiff University, Cardiff Business School
- (where)
-
Cardiff
- (when)
-
2007
- Handle
- Last update
-
2025-03-10T11:41:36+0100
Data provider
This object is provided by:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Costa, Luís F.
- Dixon, Huw D.
- Cardiff University, Cardiff Business School
Time of origin
- 2007
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