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Volatility and Growth : Credit Constraints and Productivity-Enhancing Investment

Aghion, Philippe - 2005

We examine how credit constraints affect the cyclical behavior of productivity-enhancing investment and thereby volatility and growth. We first develop a simple growth model where firms engage in two types of investment: a short-term one and a long-term productivity-enhancing one. Because it...

Persistent link: https://www.econbiz.de/10012467334

Determinants of Business Cycle Comovement : A Robust Analysis

Baxter, Marianne - 2004

This paper investigates the determinants of business cycle comovement between countries. Our dataset includes over 100 countries, both developed and developing. We search for variables that are robust' in explaining comovement, using the approach of Leamer (1983). Variables considered are (i)...

Persistent link: https://www.econbiz.de/10012467965

Deflation and Depression : Is There and Empirical Link?

Atkeson, Andrew - 2004

Are deflation and depression empirically linked? No, concludes a broad historical study of inflation and real output growth rates. Deflation and depression do seem to have been linked during the 1930s. But in the rest of the data for 17 countries and more than 100 years, there is virtually no...

Persistent link: https://www.econbiz.de/10012468425

World Shocks, World Prices, and Business Cycles : An Empirical Investigation

Fernández, Andrés - 2016

intratemporal relative price such as the terms of trade and possibly an intertemporal price such as the world interest rate. This … paper presents an empirical framework in which multiple commodity prices and the world interest rate transmit world … disturbances. Estimates on a panel of 138 countries over the period 1960-2015 indicate that world shocks explain on average 33 …

Persistent link: https://www.econbiz.de/10012455847

Economic Conditions and Mortality : Evidence from 200 Years of Data

Cutler, David M. - 2016

Using data covering over 100 birth-cohorts in 32 countries, we examine the short- and long-term effects of economic conditions on mortality. We find that small, but not large, booms increase contemporary mortality. Yet booms from birth to age 25, particularly those during adolescence, lower...

Persistent link: https://www.econbiz.de/10012455990

Macroeconomic Volatility and External Imbalances

Fogli, Alessandra - 2015

Does macroeconomic volatility/uncertainty affects accumulation of net foreign assets? In OECD economies over the period 1970-2012, changes in country specific aggregate volatility are, after controlling for a wide array of factors, significantly positively associated with net foreign asset...

Persistent link: https://www.econbiz.de/10012457794

Spare Tire? Stock Markets, Banking Crises, and Economic Recoveries

Levine, Ross - 2015

Do stock markets act as a "spare tire" during banking crises, providing an alternative corporate financing channel and mitigating the economic severity of banking crises? Using firm-level data in 36 countries from 1990 through 2011, we find that the adverse consequences of banking crises on firm...

Persistent link: https://www.econbiz.de/10012457803

News Shocks in Open Economies : Evidence from Giant Oil Discoveries

Arezki, Rabah - 2015

This paper explores the effect of news shocks on the current account and other macroeconomic variables using worldwide giant oil discoveries as a directly observable measure of news shocks about future output-the delay between a discovery and production is on average 4 to 6 years. We first...

Persistent link: https://www.econbiz.de/10012457809

Are Capital Controls Prudential? An Empirical Investigation

Fernández, Andrés - 2013

A growing recent theoretical literature advocates the use of prudential capital control policy, that is, the tightening of restrictions on cross-border capital flows during booms and the relaxation thereof during recessions. We examine the behavior of capital controls in a large number of...

Persistent link: https://www.econbiz.de/10012458991

The Time for Austerity : Estimating the Average Treatment Effect of Fiscal Policy

Jordà, Òscar - 2013

After the Global Financial Crisis a controversial rush to fiscal austerity followed in many countries. Yet research on the effects of austerity on macroeconomic aggregates was and still is unsettled, mired by the difficulty of identifying multipliers from observational data. This paper...

Persistent link: https://www.econbiz.de/10012459247