We propose a theory of low-frequency movements in unemployment based on asymmetric real wage rigidities. The theory … generates two main predictions: long-run unemployment increases with (i) a fall in long-run productivity growth and (ii) a rise … in the variance of productivity growth. Evidence based on U.S. time series and on an international panel strongly …

in inflows when strong executive constraints are adopted in terms of the reduction in the volatility in productivity …Countries with strong executive constraints have lower growth volatility but similar average growth to those with weak … issue. It formulates an economic model of investment and uses data on the mean and variance of productivity growth to …

This Paper examines the relationship between foreign ownership and productivity, paying particular attention to two … productivity than foreign multinationals, but the difference is less stark in the service sector than in the production sector, and …

The paper provides a simple theory and empirical evidence on the asymmetric effect of credit markets on output decline …

productivity shocks. Our model is built on the financial accelerator approach of Bernanke, Gertler and Gilchrist (BGG), in which … leveraged goods-producers, subject to idiosyncratic productivity shocks, borrow from a competitive financial sector. In the … present paper, by contrast, it is the financial institutions which are leveraged and subject to idiosyncratic productivity …

volatility of revenues, have failed to save a sufficiently high proportion of their resource revenues and failed to make high …