Showing 1 - 10 of 145
This paper provides evidence on the unit root hypothesis and long-term growth by allowing for two structural breaks. We reject the unit root hypothesis for three-quarters of the countries approximately 50% more rejections than in models that allow for only one break. While about half of the...
Persistent link: https://www.econbiz.de/10012472411
U.S. labor and total-factor productivity growth slowed prior to the Great Recession. The timing rules out explanations … intensively, consistent with a return to normal productivity growth after nearly a decade of exceptional IT-fueled gains. A … calibrated growth model suggests trend productivity growth has returned close to its 1973-1995 pace. Slower underlying …
Persistent link: https://www.econbiz.de/10012458418
A longstanding puzzle of empirical economics is that average labor productivity declines during recessions and … explaining the observed procyclicality. For each competing hypothesis we derive the implications for cyclical productivity … heterogeneity in long-run structural changes across individual plants to identify the short-run sources of procyclical productivity …
Persistent link: https://www.econbiz.de/10012473356
Over the postwar, the U.S., Europe and Japan have experienced what may be thought of as medium frequency oscillations between persistent periods of robust growth and persistent periods of relative stagnation. These medium frequency movements, further, appear to bear some relation to the high...
Persistent link: https://www.econbiz.de/10012468709
We investigate how the deterioration of household balance sheets affects worker productivity, and whether such effects …
Persistent link: https://www.econbiz.de/10012453702
reallocation is closely linked to productivity. While these patterns hold on average, the extent to which the reallocation dynamics … accelerated reallocation even more productivity enhancing than reallocation in normal times. In the Great Recession, we find the … intensity of reallocation fell rather than rose and the reallocation that did occur was less productivity enhancing than in …
Persistent link: https://www.econbiz.de/10012458240
But episodically, the "shock" is deeper. It is structural. Among advanced countries, the movement from agricultural to manufacturing in the last century, and the more recent movement from manufacturing to the service sector reflect such a large economic transformation. The associated downturns...
Persistent link: https://www.econbiz.de/10012453917
Increases in oil prices have been held responsible for recessions, periods of excessive inflation, reduced productivity …
Persistent link: https://www.econbiz.de/10012467834
The conventional wisdom is (i) that fiscal austerity was the main culprit for the recessions experienced by many countries, especially in Europe, since 2010 and (ii) that this round of fiscal consolidation was much more costly than past ones. The contribution of this paper is a clarification of...
Persistent link: https://www.econbiz.de/10012457839
This paper presents empirical evidence against the standard dichotomy in macroeconomics that separates growth from the volatility of economic fluctuations. In a sample of 92 countries as well as a sample of OECD countries, we find that countries with higher volatility have lower growth. The...
Persistent link: https://www.econbiz.de/10012473940