Recent empirical work finds that R&D expenditures are quite procyclical, even for firms that are not credit-constrained during downturns. This has been taken as strong evidence against Schumpeterian-style theories of business cycles that emphasize the idea that downturns in production may be...

In this paper we argue that population growth, through its interaction with recent technological and organizational developments, may account for many cross-country differences in economic outcomes observed among industrialized countries over the past 20 years. In particular, our model...

This paper show that, first, in contradiction with the conventional view regarding the French depression, there are more similarities than differences between the French and U.S. episodes in the 1930s, which suggests the need for an explanation with a similar cause; second, technological change...

This paper reexamines the question of how to explain business cycle co-movements within and between countries. First, we present a simple flexible price models to illustrate how and why news shocks can generate robust positive co-movements in economic activity across countries. We also discuss...