Innovative activity over the business cycle

Article Abstract:

The pattern of innovative activity in the UK over the period 1948-1983 is investigated and its relationship with the operation of business cycles is analyzed. It is shown that such activity assumes the characteristic of a random walk although during prosperous periods, its occurrence is more predictable. Such innovative activity has an effect over long-range economic performance but not over shorter-run economic and business cycles.

Economic aspects, Technological innovations

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The inventory cycle: from theory to empirical evidence

Article Abstract:

Research involving endogenous business cycle theories have progressed since 1985. Multiple-equilibrium conditions have been generated from self-fulfilling expectations to describe such cycles. A simple rational expectations inventory model is considered to examine a nonlinear univariate disequilibrium production model using US GNP data. Full information maximum likelihood leads to an estimate of a simple econometric specification.

Analysis, Usage, United States economic conditions, Gross national product, Inventory control, Rational expectations (Economics)

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