Endogenous Cycles and Growth with Indivisible Technological Developments

Scott Freeman, Dong Pyo Hong, Dan Peled

Research output: Contribution to journalArticlepeer-review


When large, discrete technological improvements require the accumulation of research or infrastructural investment over time, growth paths display cyclical patterns even in the absence of any shocks. Particularly interesting equilibrium features of these cycles include declines in output and asymmetries in the cyclic patterns displayed during expansions and recessions. Journal of Economic Literature Classification Numbers: E22, E32, O41.

Original languageEnglish
Pages (from-to)403-432
Number of pages30
JournalReview of Economic Dynamics
Issue number2
StatePublished - Apr 1999

ASJC Scopus subject areas

  • Economics and Econometrics


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