Animal Spirits Through Creative Destruction
展示熊彼特式创造性毁灭如何引发企业家跨部门的理性羊群行为，如同被“动物精神”驱动，导致多部门经济在长期增长中呈现繁荣、放缓与衰退的周期，并分析周期均衡对增长与福利的影响。
We show how a Schumpeterian process of creative destruction can induce rational, herd behavior by entrepreneurs across diverse sectors as if fueled by “animal spirits.” Consequently, a multisector economy, in which productivity improvements are made by independent, profit-seeking entrepreneurs, exhibits regular booms, slowdowns, and downturns as part of the long-run growth process. Our cyclical equilibrium has higher average growth, but lower welfare than the corresponding acyclical one. We show how a negative relationship can emerge between volatility and growth across cycling economies, and assess the extent to which our model matches several features of actual business cycles.