As the most comprehensive resource available for those involved in technology-based economic development, SSTI offers the services that are needed to help build tech-based economies. Learn more about membership...
On the Timing of Innovation in Stochastic Schumpeterian Growth Models
The paper argues that while it is optimal to concentrate growth-enhancing activities in downturns, dynamic spillovers inherent to the research and development (R&D) process lead private agents to concentrate too much of their R&D
activity in booms, precisely when its social cost is highest.
Link
Available for purchase at: http://www.nber.org/papers/w10741