; ; ; "ActiveFedora::Aggregation::ListSource" . a , ; "Growth Cycles and Market Crashes"; ; "batchuser@example.com"; "Levine, David K.", "Boldrin, Michele"; "Federal Reserve Bank of Minneapolis"; "Growth Cycles", "Technological Revolutions", "Stock Market Value"; "O41 - One, Two, and Multisector Growth Models", "O40 - Economic Growth and Aggregate Productivity: General", "G12 - Asset Pricing; Trading Volume; Bond Interest Rates", "O30 - Innovation; Research and Development; Technological Change; Intellectual Property Rights: General"; "Market booms are often followed by dramatic falls. To explain this requires an asymmetry in the underlying shocks. A straightforward model of technological progress generates asymmetries that are also the source of growth cycles. Assuming a representative consumer, we show that the stock market generally rises, punctuated by occasional dramatic falls. With high risk aversion, bad news causes dramatic increases in prices. Bad news does not correspond to a contraction of existing production possibilities, but to a slowdown in their rate of expansion. This economy provides a model of endogenous growth cycles in which recoveries and recessions are dictated by the adoption of innovations."^^; "2000-09"; "2019-08-19T16:37:52.484095671+00:00"^^; "https://doi.org/10.21034/sr.279"; ; "https://creativecommons.org/licenses/by-nc/4.0/"; "Thu Nov 7 21:57:43 2019"; "https://creativecommons.org/licenses/by-nc/4.0/"; "Research Paper"; "449", "92"; "Staff report (Federal Reserve Bank of Minneapolis. Research Department)"; "279"; "Technological Revolutions", "Stock Market Value", "Growth Cycles"; ; ; ; ; "Federal Reserve Bank of Minneapolis. Research Department"; "Published in: _Journal of Economic Theory_ (Vol. 96, Issues 1-2, January 2001, pp.13-39) https://doi.org/10.1006/jeth.1999.2595. "^^; ; "Publication" . ; .