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Oxf Rev Econ Policy 1997; 13:145-153
© 1997 Oxford University Press and Oxford Review of Economic Policy Ltd

Article

Business cycles and long-run growth

G Saint-Paul
Universitat Pompeu Fabra
CEPR

Abstract

In this survey, we discuss the effect of macroeconomic fluctuations on long-run growth from both a theoretical and empirical perspective. We emphasize the 'opportunity cost' approach, which states that firms will intertemporally substitute productivity-enhancing activities for regular production activity during recessions. We provide aggregate evidence in favour of the opportunity-cost approach.


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