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The importance of reallocations in cyclical productivity and returns to scale: evidence from plant-level data

Lee, Yoonsoo - Federal Reserve Bank of Cleveland - 2005

Procyclical productivity plays an important role in many models of aggregate fluctuations. However, recent studies … procyclicality of productivity observed in aggregate data may be understated. Using plant-level microdata, this paper finds that the … component in aggregate productivity. This paper shows that such composition changes may cause a downward bias in industry …

Persistent link: https://www.econbiz.de/10005428281

Sovereigns versus Banks: Credit, Crises, and Consequences

Jordà, Òscar; Schularick, Moritz; Taylor, Alan M. - CESifo - 2013

Two separate narratives have emerged in the wake of the Global Financial Crisis. One interpretation speaks of private financial excess and the key role of the banking system in leveraging and deleveraging the economy. The other emphasizes the public sector balance sheet over the private and...

Persistent link: https://www.econbiz.de/10010877944

The Great Mortgaging: Housing Finance, Crises, and Business Cycles

Jordà, Òscar; Schularick, Moritz; Taylor, Alan M. - CESifo - 2014

This paper unveils a new resource for macroeconomic research: a long-run dataset covering disaggregated bank credit for 17 advanced economies since 1870. The new data show that the share of mortgages on banks’ balance sheets doubled in the course of the 20th century, driven by a sharp rise of...

Persistent link: https://www.econbiz.de/10010948836

Estimating Fluctuations in Oil and Gas Investment

Dahl, Roy Endré; Osmundsen, Petter - CESifo - 2014

Governments in extraction countries are anxious to estimate expected investment in development projects, since they represent an essential element of the macro economy. The overall level of activity is also crucial to oil companies, since the macro picture affects cost levels, the supplies...

Persistent link: https://www.econbiz.de/10010948869

Credit constraints and the cyclicality of R&D investment: Evidence from France

Aghion, Philippe; Askenazy, Philippe; Berman, Nicolas; … - HAL - 2008

&D investment and productivity growth are more negatively correlated with sales volatility in more credit constrained firms. …

Persistent link: https://www.econbiz.de/10010930234

The Impact of the Global Financial Crisis on Business Cycles in Asian Emerging Economies

Fidrmuc, Jarko; Korhonen, Iikka - CESifo - 2009

We analyze the transmission of global financial crisis to business cycles in China and India. The pattern of business cycles in emerging Asian economies generally displays a low degree of synchronization with the OECD countries, which is consistent with the decoupling hypothesis. By contrast,...

Persistent link: https://www.econbiz.de/10005013072

Booms, Recessions and Financial Turmoil: A Fresh Look at Investment Decisions under Cyclical Uncertainty

Chen, Yu-Fu; Funke, Michael - CESifo - 2009

The paper studies the interaction between cyclical uncertainty and investment in a stochastic real option framework where demand shifts stochastically between three different states, each with different rates of drift and volatility. In our setting the shifts are governed by a three-state Markov...

Persistent link: https://www.econbiz.de/10005013955

The quantitative approach to business cycle in « X-Crise » group in the 1930's

Fischman, Marianne; Lendjel, Emeric - HAL - 2006

To construct models and to apply quantitative techniques in order to explain the cyclical movements of the economy is one of the main aims of “X-Crise” group (nickname of “Centre Polytechnicien d'Etudes Economiques”) at the “Ecole Polytechnique” in Paris. Indeed, french...

Persistent link: https://www.econbiz.de/10009643781

Are Progressive Fiscal Rules Stabilizing?

Dromel, Nicolas; Pintus, Patrick-Antoine - HAL - 2006

This paper studies how income-based, progressive taxes and transfers may reduce aggregate volatility by protecting the economy against expectation-driven business cycles. Eliminating “local” sunspots that are arbitrarily close to an indeterminate steady state requires, for sensible parameter...

Persistent link: https://www.econbiz.de/10010751034

Credit crises, money, and contractions: A historical view

Bordo, Michael D.; Haubrich, Joseph G. - Federal Reserve Bank of Cleveland - 2009

The relatively infrequent nature of major credit distress events makes a historical approach particularly useful. Using a combination of historical narrative and econometric techniques, we identify major periods of credit distress from 1875 to 2007, examine the extent to which credit distress...

Persistent link: https://www.econbiz.de/10008636220

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