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Employment Effects of Different Innovation Activities: Microeconometric Evidence,
Bettina Peters, from University Library of Munich, Germany (2005)
Keywords: Innovation, employment, applied econometrics, manufacturing, services
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Persistence of Innovation: Stylised Facts and Panel Data Evidence,
Bettina Peters, from University Library of Munich, Germany (2005)
Keywords: innovation, persistence, state dependence, unobserved heterogeneity, dynamic random effects panel probit model
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Employment Effects of Different Innovation Activities: Microeconometric Evidence,
Bettina Peters, from ZEW - Leibniz Centre for European Economic Research (2005)
Keywords: Innovation, employment, applied econometrics, manufacturing, services
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Persistence of Innovation: Stylised Facts and Panel Data Evidence,
Bettina Peters, from ZEW - Leibniz Centre for European Economic Research (2005)
Keywords: innovation, persistence, state dependence, unobserved heterogeneity, dynamic random effects panel probit model
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Employment Effects of Different Innovation Activities: Microeconometric Evidence,
Bettina Peters, from ZEW - Leibniz Centre for European Economic Research (2004)
Keywords: Innovation, employment, applied econometrics, manufacturing, services
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Persistence of innovation: stylised facts and panel data evidence,
Bettina Peters, in The Journal of Technology Transfer (2009)
Keywords: Innovation, Persistence, State dependence, Unobserved heterogeneity, Dynamic random effects panel probit model, O31, C23, C25, L20,
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Registered author: Bettina Peters

Persistence of Innovation Stylised Facts and Panel Data Evidence,
Bettina Peters, from DRUID, Copenhagen Business School, Department of Industrial Economics and Strategy/Aalborg University, Department of Business Studies (2006)
Keywords: Innovation; persistence; state dependence; unobserved heterogeneity; dynamic random effects panel probit model
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Innovative Capability and Financing Constraints for Innovation: More Money, More Innovation?,
Hanna Hottenrott and Bettina Peters, in The Review of Economics and Statistics (2012)
Keywords: innovation, financing constraints, innovative capability, multivariate probit models
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Innovative capability and financing constraints for innovation: More money, more innovation?,
Hanna Hottenrott and Bettina Peters, from ZEW - Leibniz Centre for European Economic Research (2012)
Keywords: innovation, financing constraints, innovative capability, multivariate probit models
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Misappropriation of R&D subsidies: Estimating treatment effects with one-sided noncompliance,
Philipp Boeing and Bettina Peters, from ZEW - Leibniz Centre for European Economic Research (2022)
Keywords: R&D subsidies, policy evaluation, misappropriation, China
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Investitionsschwäche oder Strukturverschiebung der Investitionstätigkeit? Zur Rolle immaterieller Investitionen für die Wettbewerbsfähigkeit von Unternehmen,
Christian Rammer and Bettina Peters, from ZEW - Leibniz Centre for European Economic Research (2016) Downloads

Intangible assets and firm-level productivity,
Dirk Crass and Bettina Peters, from ZEW - Leibniz Centre for European Economic Research (2014)
Keywords: Intangible capital, productivity, R&D, marketing, firm-specific human capital, organizational capital, patents, trademarks
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Innovation, employment growth, and foreign ownership of firms: A European perspective,
Bernhard Dachs and Bettina Peters, from ZEW - Leibniz Centre for European Economic Research (2013)
Keywords: employment, innovation, foreign ownership, Community Innovation Survey, host country effects
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Short-term borrowing for long-term projects: Are family businesses more susceptible to 'irrational' financing choices?,
Bettina Peters and Peter Westerheide, from ZEW - Leibniz Centre for European Economic Research (2011)
Keywords: Corporate financing, innovation, family businesses, financing restrictions
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The contribution of international R&D to firm profitability,
Bettina Peters and Anja Schmiele, from ZEW - Leibniz Centre for European Economic Research (2011)
Keywords: R&D, Innovation, Internationalisation, Firm performance, Profit
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The influence of international dispersed vs. home-based R&D on innovation performance,
Bettina Peters and Anja Schmiele, from ZEW - Leibniz Centre for European Economic Research (2010)
Keywords: R&D, Internationalisation, Innovation performance, Decentralisation
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Churning of R&D personnel and innovation,
Kathrin Müller and Bettina Peters, from ZEW - Leibniz Centre for European Economic Research (2010)
Keywords: innovation, churning, mobility
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Dokumentation zur Innovationserhebung 2014: Innovationen mit Bezug zur Energiewende, Finanzierung von Innovationen,
Christian Rammer and Bettina Peters, from ZEW - Leibniz Centre for European Economic Research (2015) Downloads

A new China shock? The untold story of China's R&D subsidies,
Philipp Boeing and Bettina Peters, from ZEW - Leibniz Centre for European Economic Research (2021) Downloads

Covid-19-Krise und die erwarteten Auswirkungen auf F&E in Unternehmen,
Bernhard Dachs and Bettina Peters, from ZEW - Leibniz Centre for European Economic Research (2020) Downloads

Innovationen und Beschäftigung in verschiedenen Konjunkturphasen,
Christian Rammer and Bettina Peters, in ZEW Wachstums- und Konjunkturanalysen (2010) Downloads

Innovation panel surveys in Germany: the Mannheim Innovation Panel,
Bettina Peters and Christian Rammer, from Edward Elgar Publishing (2023)
Keywords: Economics and Finance, Innovations and Technology,
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Subsidized and non-subsidized R&D projects: Do they differ?,
Mila Koehler and Bettina Peters, from ZEW - Leibniz Centre for European Economic Research (2017)
Keywords: R&D, subsidies, patents, evaluation, project-level analysis, within firm comparison
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Innovative capability and financing constraints for innovation: More money, more innovation?,
Hanna Hottenrott and Bettina Peters, from ZEW - Leibniz Centre for European Economic Research (2011)
Keywords: Innovation, financing constraints, innovative capability, multivariate probit models
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Innovative capability and financing constraints for innovation: More money, more innovation?,
Hanna Hottenrott and Bettina Peters, from ZEW - Leibniz Centre for European Economic Research (2009)
Keywords: Innovation, financing constraints, innovative capability, multivariate probit models
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Innovationsverhalten der Unternehmen in Deutschland 2008: Aktuelle Entwicklungen – Innovationsperspektiven – Beschäftigungsbeitrag von Innovationen,
Christian Rammer and Bettina Peters, from Expertenkommission Forschung und Innovation (EFI) - Commission of Experts for Research and Innovation, Berlin (2010) Downloads

Innovation, employment growth, and foreign ownership of firms,
Bernhard Dachs and Bettina Peters, in Research Policy (2014)
Keywords: Employment; Innovation; Foreign ownership; Community Innovation Survey; Host country effects;
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Innovation als Erfolgsfaktor der deutschen Industrie? Der Beitrag von Produkt- und Prozessinnovationen zu Beschäftigung und Exporten,
Christian Rammer and Bettina Peters, in Vierteljahrshefte zur Wirtschaftsforschung / Quarterly Journal of Economic Research (2015)
Keywords: Innovation, employment, export, manufacturing
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The Impact of Environmental Innovation on Employment Growth in Europe,
Bettina Peters and Georg Licht, from European Regional Science Association (2014) Downloads

The Impact of Green Innovation on Employment Growth in Europe. WWWforEurope Working Paper No. 50,
Georg Licht and Bettina Peters, from WIFO (2013) Downloads

Do Green Innovations Stimulate Employment? Firm-level Evidence From Germany. WWWforEurope Working Paper No. 53,
Georg Licht and Bettina Peters, from WIFO (2014) Downloads

Misappropriation of R&D Subsidies: Estimating Treatment Effects with One-Sided Noncompliance,
Philipp Boeing and Bettina Peters, from Institute of Labor Economics (IZA) (2021)
Keywords: R&D subsidies, misappropriation, China, moral hazard, policy evaluation
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Innovation panel surveys in Germany,
Bettina Peters and Christian Rammer, from Edward Elgar Publishing (2013)
Keywords: Business and Management, Economics and Finance, Innovations and Technology,
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Misappropriation of R&D Subsidies: Estimating Treatment Effects with One-sided Noncompliance,
Philipp Boeing and Bettina Peters, from Department of Economics at the University of Luxembourg (2021)
Keywords: R&D subsidies, misappropriation, China, moral hazard, policy evaluation.
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Wie steht es um die Innovationsfähigkeit Deutschlands?,
Hanna Hottenrott, Bettina Peters and Christian Rammer, in Wirtschaftsdienst (2024) Downloads

Local knowledge spillovers and innovation persistence of firms,
Adelheid Holl, Bettina Peters and Christian Rammer, from ZEW - Leibniz Centre for European Economic Research (2020)
Keywords: innovation, persistence, location, knowledge spillovers
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Allocation of human capital and innovation at the frontier: Firm-level evidence on Germany and the Netherlands,
Eric Bartelsmann, Sabien Dobbelaere and Bettina Peters, from ZEW - Leibniz Centre for European Economic Research (2014)
Keywords: Human capital, innovation, productivity, quantile regression
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Intangible assets and investments at the sector level: Empirical evidence for Germany,
Dirk Crass, Georg Licht and Bettina Peters, from ZEW - Leibniz Centre for European Economic Research (2014)
Keywords: intangible assets, economic growth, sector
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Firm Level Innovation and Productivity: Is there a Common Story Across Countries?,
Bettina Peters, Hans Lööf and Norbert Janz, from ZEW - Leibniz Centre for European Economic Research (2003)
Keywords: Innovation, Productivity, Cross-Country Comparison, Applied Econometrics
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Steuerliche Forschungsförderung in Deutschland: Eine Bewertung des Vorschlags des Bundesfinanzministeriums für ein neues Forschungszulagengesetz,
Georg Licht, Bettina Peters and Christian Rammer, from ZEW - Leibniz Centre for European Economic Research (2019) Downloads

Studie zu den Treibern und Hemmnissen der Innovationstätigkeit im deutschen Mittelstand,
Christian Rammer, Bastian Krieger and Bettina Peters, from ZEW - Leibniz Centre for European Economic Research (2022)
Keywords: Innovation, KMU, Technologiepolitik, Deutschland
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Entwicklung der FuE-Ausgaben 2007, Einstellung zusätzlichen FuE-Personals und die Rolle der Hightech-Strategie: Schnellbericht zur Zusatzbefragung im Rahmen der Innovationserhebung 2007,
Christian Rammer, Bettina Peters and Georg Licht, from ZEW - Leibniz Centre for European Economic Research (2007)
Keywords: Industrieforschung, Innovationsmanagement, Investitionsentscheidung, Technologiepolitik, Hochtechnologie, Wirkungsanalyse, Deutschland
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Firm Level Innovation and Productivity - Is there a Common Story Across Countries?,
Norbert Janz, Hans Lööf and Bettina Peters, from Royal Institute of Technology, CESIS - Centre of Excellence for Science and Innovation Studies (2004)
Keywords: Innovation; Productivity; Cross-Country Comparison; Applied Econometrics
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Reallocation of an infinitely divisible good,
Bettina Klaus, Hans Peters and Ton Storcken, in Economic Theory (1997) Downloads

Strategy-proof division with single-peaked preferences and individual endowments,
Bettina Klaus, Hans Peters and Ton Storcken, in Social Choice and Welfare (1998) Downloads

Local knowledge spillovers and innovation persistence of firms,
Adelheid Holl, Bettina Peters and Christian Rammer, in Economics of Innovation and New Technology (2023) Downloads

Editor's Choice Allocation of human capital and innovation at the frontier: firm-level evidence on Germany and the Netherlands,
Eric Bartelsman, Sabien Dobbelaere and Bettina Peters, in Industrial and Corporate Change (2015) Downloads

Strategy-proof division of a private good when preferences are single-dipped,
Bettina Klaus, Hans Peters and Ton Storcken, in Economics Letters (1997) Downloads

Strategy-proof division with single-peaked preferences and initial endowments,
Bettina Klaus, A.J.A. Storcken and Hans Peters, from Maastricht University, Maastricht Research School of Economics of Technology and Organization (METEOR) (1995) Downloads

Reallocation of an infinitely divisible good,
Bettina Klaus, A.J.A. Storcken and Hans Peters, from Maastricht University, Maastricht Research School of Economics of Technology and Organization (METEOR) (1995) Downloads

Allocation of Human Capital and Innovation at the Frontier: Firm-level Evidence on Germany and the Netherlands,
Eric Bartelsman, Sabien Dobbelaere and Bettina Peters, from Tinbergen Institute (2013)
Keywords: Human capital, innovation, productivity, quantile regression
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Allocation of Human Capital and Innovation at the Frontier: Firm-Level Evidence on Germany and the Netherlands,
Eric Bartelsman, Sabien Dobbelaere and Bettina Peters, from Institute of Labor Economics (IZA) (2013)
Keywords: quantile regression, human capital, innovation, productivity
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Estimating Dynamic R&D Demand: An Analysis of Costs and Long-Run Benefits,
Bettina Peters, Mark Roberts, Vuong Van Anh and Helmut Fryges, from National Bureau of Economic Research, Inc (2013) Downloads

Firm R&D Investment and Export Market Exposure,
Bettina Peters, Mark Roberts and Vuong Van Anh, from National Bureau of Economic Research, Inc (2018) Downloads

Innovation and Productivity across Four European Countries,
Rachel Griffith, Elena Huergo, Jacques Mairesse and Bettina Peters, from National Bureau of Economic Research, Inc (2006) Downloads

Does Innovation Stimulate Employment? A Firm-Level Analysis Using Comparable Micro-Data from Four European Countries,
Rupert Harrison, Jordi Jaumandreu, Jacques Mairesse and Bettina Peters, from National Bureau of Economic Research, Inc (2008) Downloads

Firm R&D, Innovation, and Productivity in German Industry,
Van Anh Vuong, Bettina Peters, Mark Roberts and Helmut Fryges, from Verein für Socialpolitik / German Economic Association (2013) Downloads

Firm R&D Investment and Export Market Exposure,
Van Anh Vuong, Bettina Peters and Mark Roberts, from Verein für Socialpolitik / German Economic Association (2015) Downloads

Employment Effects of Innovations over the Business Cycle: Firm-Level Evidence from European Countries,
Bettina Peters, Martin Hud, Bernhard Dachs and Christian Köhler, from Verein für Socialpolitik / German Economic Association (2017) Downloads

Pandemic effects: Do innovation activities of firms suffer from long-Covid?,
Markus Trunschke, Bettina Peters, Dirk Czarnitzki and Christian Rammer, from ZEW - Leibniz Centre for European Economic Research (2023)
Keywords: COVID-19, innovation, difference-in-differences, economic crisis, resilience
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Firm R&D investment and export market exposure,
Bettina Peters, Mark Roberts and Van Anh Vuong, from ZEW - Leibniz Centre for European Economic Research (2018)
Keywords: R&D choice, Export, Innovation, Productivity, Dynamic structural model
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Innovation, creative destruction and structural change: Firm-level evidence from European Countries,
Bernhard Dachs, Martin Hud, Christian Koehler and Bettina Peters, from ZEW - Leibniz Centre for European Economic Research (2016)
Keywords: innovation, employment, reallocation, technology intensity, compensation effect, displacement effect, cannibalisation effect
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Employment effects of innovations over the business cycle: Firm-level evidence from European countries,
Bernhard Dachs, Martin Hud, Christian Koehler and Bettina Peters, from ZEW - Leibniz Centre for European Economic Research (2016)
Keywords: innovation, employment, business cycle, resilience, Europe
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Estimating dynamic R&D demand: An analysis of costs and long-run benefits,
Bettina Peters, Mark Roberts, Van Anh Vuong and Helmut Fryges, from ZEW - Leibniz Centre for European Economic Research (2013)
Keywords: R&D demand, Innovation, Productivity, Dynamic structural model
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Does Innovation Stimulate Employment? A Firm-Level Analysis Using Comparable Micro-Data From Four European Countries,
Rupert Harrison, Jordi Jaumandreu, Jacques Mairesse and Bettina Peters, from ZEW - Leibniz Centre for European Economic Research (2008)
Keywords: Innovation, employment, community innovation surveys
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Definition von FuE im Maschinenbau vor dem Hintergrund einer Forschungsförderung,
Georg Licht, Bettina Peters, Christian Rammer and Steffen Kinkel, from ZEW - Leibniz Centre for European Economic Research (2020) Downloads

Zur Notwendigkeit einer steuerlichen FuE-Förderung auch für "Midrange Companies",
Bettina Peters, Martin Hud, Christian Rammer and Georg Licht, from ZEW - Leibniz Centre for European Economic Research (2018) Downloads

Innovationsverhalten der deutschen Wirtschaft: Indikatorenbericht zur Innovationserhebung 2003,
Christian Rammer, Bettina Peters, Tobias Schmidt and Thorsten Doherr, from ZEW - Leibniz Centre for European Economic Research (2004) Downloads

Dynamic R&D Choice and the Impact of the Firm's Financial Strength,
Bettina Peters, Mark Roberts and Vuong Van Anh, from National Bureau of Economic Research, Inc (2016) Downloads

Pandemic effects: do innovation activities of German firms suffer from Long-COVID?,
Markus Trunschke, Bettina Peters, Dirk Czarnitzki and Christian Rammer, from KU Leuven, Faculty of Economics and Business (FEB), Department of Management, Strategy and Innovation, Leuven (2023)
Keywords: COVID-19, innovation, difference-in-differences, economic crisis, resilience
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Dynamic R&D choice and the impact of the firm's financial strength,
Bettina Peters, Mark Roberts and Van Anh Vuong, in Economics of Innovation and New Technology (2017) Downloads

Dynamic R&D choice and the impact of the firm's financial strength,
Bettina Peters, Mark Roberts and Van Anh Vuong, from ZEW - Leibniz Centre for European Economic Research (2015)
Keywords: R&D choice, Financial strength, Innovation, Productivity, Dynamic structural model
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Pandemic effects: Do innovation activities of firms suffer from Long COVID?,
Markus Trunschke, Bettina Peters, Dirk Czarnitzki and Christian Rammer, in Research Policy (2024)
Keywords: COVID-19; Innovation; Conditional difference-in-differences; Economic crisis; Resilience;
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Dynamic R&D Choice and the Impact of the Firm's Financial Strength,
Bettina Peters, Mark Roberts and Van Anh Vuong, from Royal Institute of Technology, CESIS - Centre of Excellence for Science and Innovation Studies (2016)
Keywords: R&D choice; financial strength; innovation; productivity; dynamic structural model
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Innovation in family and non-family SMEs: an exploratory analysis,
Nicolas Classen, Martin Carree, Anita Van Gils and Bettina Peters, in Small Business Economics (2014)
Keywords: Family firms, Innovation investment, Product innovation, Process innovation, Productivity, O32, L26, C31,
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Does innovation stimulate employment? A firm-level analysis using comparable micro data on four European countries,
Rupert Harrison, Jordi Jaumandreu, Jacques Mairesse and Bettina Peters, from University Library of Munich, Germany (2005)
Keywords: process innovations; product innovations; employment; growth;
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Ökonomische Bewertung von staatlichen Investitionen in Forschung und Innovation,
Bettina Peters, Martin Hud, Christian Köhler and Georg Licht, from Expertenkommission Forschung und Innovation (EFI) - Commission of Experts for Research and Innovation, Berlin (2012) Downloads

Soziale Erträge der FuE-Tätigkeit in Deutschland: Endbericht,
Bettina Peters, Georg Licht, Dirk Crass and Andreas Kladroba, from Expertenkommission Forschung und Innovation (EFI) - Commission of Experts for Research and Innovation, Berlin (2009) Downloads

Innovation, creative destruction and structural change: firm-level evidence from European countries,
Bernhard Dachs, Martin Hud, Christian Koehler and Bettina Peters, in Industry and Innovation (2017) Downloads

Demand lotteries, abandonment options and the decision to start R&D and process innovation,
Sabien Dobbelaere, Roland Iwan Luttens and Bettina Peters, in management revue - Socio-Economic Studies (2015)
Keywords: multi-stage R&D, demand uncertainty, entry threat, abandonment option
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Employment and innovation in recessions: firm-level evidence from European Countries,
Bettina Peters, Bernhard Dachs, Martin Hud and Christian Köhler, in Industrial and Corporate Change (2022) Downloads

Innovation and Productivity Across Four European Countries,
Rachel Griffith, Elena Huergo, Jacques Mairesse and Bettina Peters, in Oxford Review of Economic Policy (2006)

Demand lotteries, abandonment options and the decision to start R&D and process innovation,
Sabien Dobbelaere, Roland Iwan Luttens and Bettina Peters, in management revue. Socio-economic Studies (2015)
Keywords: multi-stage R&D, demand uncertainty, entry threat, abandonment option
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Estimating dynamic R&D choice: an analysis of costs and long-run benefits,
Bettina Peters, Mark Roberts, Vuong Van Anh and Helmut Fryges, in RAND Journal of Economics (2017) Downloads

Starting an R&D project under uncertainty,
Sabien Dobbelaere, Roland Iwan Luttens and Bettina Peters, from Université catholique de Louvain, Center for Operations Research and Econometrics (CORE) (2009)
Keywords: investment under uncertainty, R&D, demand uncertainty, technical uncertainty, entry threat
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Does innovation stimulate employment? A firm-level analysis using comparable micro-data from four European countries,
Rupert Harrison, Jordi Jaumandreu, Jacques Mairesse and Bettina Peters, in International Journal of Industrial Organization (2014)
Keywords: Employment; Product innovation; Process innovation;
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Firm R&D investment and export market exposure,
Bettina Peters, Mark Roberts and Van Anh Vuong, in Research Policy (2022)
Keywords: R&D choice; Exporting; Innovation rate; Return to R&D; Productivity;
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The Potential Contribution of Innovation Systems to Socio-Ecological Transition. WWWforEurope Deliverable No. 4,
Georg Licht, Bettina Peters, Christian Köhler and Franz Schwiebacher, from WIFO (2014) Downloads

Employment Effects of Innovations over the Business Cycle: Firm-Level Evidence from European Countries,
Bernhard Dachs, Martin Hud, Christian Koehler and Bettina Peters, from SPRU - Science Policy Research Unit, University of Sussex Business School (2017)
Keywords: Innovation, employment, business cycle, resilience, Europe
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Starting an R&D Project under Uncertainty,
Sabien Dobbelaere, Roland Iwan Luttens and Bettina Peters, from Tinbergen Institute (2009)
Keywords: Investment under uncertainty, R&D, demand uncertainty, technical uncertainty, entry threat
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Employment Effects of Innovations over the Business Cycle: Firm-Level Evidence from European Countries,
Bernhard Dachs, Martin Hud, Christian Köhler and Bettina Peters, from Department of Economics at the University of Luxembourg (2016)
Keywords: Innovation, employment, business cycle, resilience, Europe.
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Innovation, Creative Destruction and Structural Change: Firm-level Evidence from European Countries,
Bernhard Dachs, Martin Hud, Christian Köhler and Bettina Peters, from Department of Economics at the University of Luxembourg (2016)
Keywords: Innovation, employment, reallocation, technology intensity, compensation effect, displacement effect, cannibalisation effect.
Downloads

Firm R&D Investment and Export Market Exposure,
Bettina Peters, Mark Roberts and Vuong Van Anh, from Department of Economics at the University of Luxembourg (2018)
Keywords: R&D choice, Export, Innovation, Productivity, Dynamic structural model
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Pandemic Effects: Do Innovation Activities of German Firms Suffer from Long-COVID?,
Markus Trunschke, Bettina Peters, Dirk Czarnitzki and Christian Rammer, from Department of Economics at the University of Luxembourg (2023)
Keywords: COVID-19, innovation, difference-in-differences, economic crisis, resilience.
Downloads

Starting an R&D project under uncertainty,
Sabien Dobbelaere, R. I. Luttens and Bettina Peters, from Ghent University, Faculty of Economics and Business Administration (2009)
Keywords: Investment under uncertainty, R&D, demand uncertainty, technical uncertainty,entry threat
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Starting an R&D Project under Uncertainty,
Sabien Dobbelaere, Roland Iwan Luttens and Bettina Peters, from DRUID, Copenhagen Business School, Department of Industrial Economics and Strategy/Aalborg University, Department of Business Studies (2008)
Keywords: Investment under uncertainty; R&D; demand uncertainty; technical uncertainty; entry threat
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Innovation and Productivity in Services: Evidence from Germany, Ireland and the United Kingdom,
Bettina Peters, Rebecca Riley, Iulia Siedschlag, Priit Vahter and John McQuinn, from Joint Research Centre (2014)
Keywords: Internationalisation of services; innovation; productivity
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Dokumentation zur Innovationserhebung 2015,
Christian Rammer, Torben Schubert, Paul Hünermund, Mila Köhler, Younes Iferd and Bettina Peters, from ZEW - Leibniz Centre for European Economic Research (2016) Downloads

Public R&D Investment in Economic Crises,
Maikel Pellens, Bettina Peters, Martin Hud, Christian Rammer and Georg Licht, from Verein für Socialpolitik / German Economic Association (2021)
Keywords: R&D, Public Policy, Business Cycle
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