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Diaz-Vazquez, Pilar; Snower, Dennis J. - C.E.P.R. Discussion Papers - 2002

Do firms reduce employment when their insiders (established, incumbent employees) claim higher wages? The conventional … answer in the theoretical literature is that insider power has no influence on employment, provided that the newly hired … firing in recessions, while leaving hiring in booms unchanged. Thereby insider power reduces average employment. …

Persistent link: https://www.econbiz.de/10005123530

Endogenous Growth and Stochastic Trends

Fatás, Antonio - C.E.P.R. Discussion Papers - 1996

This paper shows that there exists a strong positive correlation between long-term growth rates and the persistence of output fluctuations in a cross section of countries. We argue that the traditional explanation of persistence, a real business cycles model with exogenous productivity shocks,...

Persistent link: https://www.econbiz.de/10005124049

Managing Credit Bubbles

Martin, Alberto; Ventura, Jaume - C.E.P.R. Discussion Papers - 2014

We study a dynamic economy where credit is limited by insufficient collateral and, as a result, investment and output are too low. In this environment, changes in investor sentiment or market expectations can give rise to credit bubbles, that is, expansions in credit that are backed not by...

Persistent link: https://www.econbiz.de/10011084138

When Credit Bites Back: Leverage, Business Cycles, and Crises

Jordà, Òscar; Schularick, Moritz; Taylor, Alan M. - C.E.P.R. Discussion Papers - 2011

of the universe of over 200 recession episodes in 14 advanced countries between 1870 and 2008, we document two key facts …; and for both types of recession, more credit-intensive expansions tend to be followed by deeper recessions and slower …

Persistent link: https://www.econbiz.de/10009365001

Technology-Hours Redux: Tax Changes and the Measurement of Technology Shocks

Mertens, Karel; Ravn, Morten O - C.E.P.R. Discussion Papers - 2010

A number of empirical studies find that permanent technological improvements give rise to a temporary drop in hours worked. This finding seriously questions the technology-driven business cycle hypothesis. In this paper we argue that it is important to control for permanent changes in taxes,...

Persistent link: https://www.econbiz.de/10008466342

Business Cycles around the Globe: A Regime-switching Approach

Altug, Sumru G.; Bildirici, Melike - C.E.P.R. Discussion Papers - 2010

This paper characterizes business cycle phenomena in a sample of 27 developed and developing economies using a univariate Markov regime switching approach. It examines the efficacy of this approach for detecting business cycle turning points and for identifying distinct economic regimes for each...

Persistent link: https://www.econbiz.de/10008466348

The Macroeconomics of Delegated Management

Danthine, Jean-Pierre; Donaldson, John B - C.E.P.R. Discussion Papers - 2003

We are interested in the macroeconomic implications of the separation of ownership and control. An alternative decentralized interpretation of the stochastic growth model is proposed, one where shareholders hire a self-interested manager who is in charge of the firm’s hiring and investment...

Persistent link: https://www.econbiz.de/10005662057

The Elusive Costs and the Immaterial Gains of Fiscal Constraints

Canova, Fabio; Pappa, Evi - C.E.P.R. Discussion Papers - 2005

groups makes point estimates statistically insignificant. Creative budget accounting is responsible for the pattern …

Persistent link: https://www.econbiz.de/10005662215

Real Business Cycle Models: Past, Present and Future

Rebelo, Sérgio - C.E.P.R. Discussion Papers - 2005

In this paper I review the contribution of real business cycles models to our understanding of economic fluctuations, and discuss open issues in business cycle research.

Persistent link: https://www.econbiz.de/10005662231

Dispersion and Volatility in Stock Returns: An Empirical Investigation

Campbell, John Y; Kim, Sangjoon; Lettau, Martin - C.E.P.R. Discussion Papers - 1998

This paper studies three different measures of monthly stock market volatility: the time-series volatility of daily market returns within the month; the cross-sectional volatility or ‘dispersion’ of daily returns on industry portfolios, relative to the market, within the month; and the...

Persistent link: https://www.econbiz.de/10005662245

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