Implementation Cycles and the New Economy in Retrospect

Scaramozzino, Pasquale, Temple, Jonathan and Vulkan, Nir (2013) Implementation Cycles and the New Economy in Retrospect. In: Morone, Piergiuseppe, (ed.) Knowledge, Innovation and Internationalisation: Essays in Honour of Cesare Imbriani. Routledge, Taylor & Francis Group, pp. 130-154. ISBN 978-0415693110

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Abstract

The economic boom of the USA in the 1990s was remarkable in its duration, the sustained rise in equipment investment, the reduced volatility of productivity growth, and continued uncertainty about the trend growth rate. In this paper we link these phenomena using an extension of the classic model of implementation cycles due to Shleifer (1986). The key idea is that uncertainty about the trend growth rate can lead firms to bring forward the implementation of innovations, temporarily eliminating expectations-driven business cycles, because delay is risky when beliefs are not common knowledge

Item Type: Book Section
Keywords: Implementation cycles, New Economy, multiple equilibria, complexity
Subject(s): Complexity
Entrepreneurship
Finance
Centre: CABDyN Complexity Centre
Entrepreneurship Centre
Faculty of Finance
Date Deposited: 21 Mar 2013 14:13
Last Modified: 23 Oct 2015 14:08
URI: http://eureka.sbs.ox.ac.uk/id/eprint/4521

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