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The Great Trade Collapse of 2008-09 : An Inventory Adjustment?
Alessandria, George - 2010
This paper examines the role of inventories in the decline of production, trade, and expenditures in the US in the economic crisis of late 2008 and 2009. Empirically, we show that international trade declined more drastically than trade-weighted production or absorption and there was a sizeable...
Persistent link: https://www.econbiz.de/10012462596
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Trade and the Global Recession
Eaton, Jonathan - 2011
We develop a dynamic multi-country general equilibrium model to investigate forces acting on the global economy during the Great Recession and ensuing recovery. Our multi-sector framework accounts completely for countries' trade, investment, production, and GDPs in terms of different sets of...
Persistent link: https://www.econbiz.de/10012461991
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The Great Trade Collapse
Bems, Rudolfs - 2012
We survey recent literature on the causes of the collapse in international trade during the 2008-2009 global recession. We argue that the evidence points to the collapse in aggregate expenditure, concentrated on trade-intensive durable goods, as the main driver of the trade collapse. Inventory...
Persistent link: https://www.econbiz.de/10012460028
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Globalization, Trade & Wages : What Does History tell us about China?
Mitchener, Kris James - 2010
Chinese imports and exports grew rapidly during the first three decades of the twentieth century as China opened up to global trade. Using a new data set on the factor-intensity of traded goods at the industry level, we show that Chinese exports became more unskilled-intensive and imports became...
Persistent link: https://www.econbiz.de/10012462973
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Precautionary Demand for Foreign Assets in Sudden Stop Economies : An Assessment of the New Merchantilism
Durdu, Ceyhun Bora - 2007
Financial globalization was off to a rocky start in emerging economies hit by Sudden Stops since the mid 1990s. Foreign … saving affects foreign assets via three mechanisms: business cycle volatility, financial globalization, and Sudden Stop risk … Irving Fisher's debt-deflation mechanism. Our results show that financial globalization and Sudden Stop risk are plausible …
Persistent link: https://www.econbiz.de/10012465531
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Economic Recovery from the Argentine Great Depression : Institutions, Expectations, and the Change of Macroeconomic Regime
Paolera, Gerardo della - 2000
This work explores how Argentina overcame the Great Depression and asks whether active macroeconomic interventions made any contribution to the recovery. In particular, we study Argentine macroeconomic policy as it deviated from gold-standard orthodoxy after the final suspension of...
Persistent link: https://www.econbiz.de/10012471138
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Early Evidence on the Impact of COVID-19 and the Recession on Older Workers
Bui, Truc Thi Mai - 2020
We summarize some of the early effects and discuss possible future effects of the COVID-19 pandemic and recession on the employment outcomes of older workers in the United States. We start by discussing what we know about how older workers faired in prior recessions in the United States and how...
Persistent link: https://www.econbiz.de/10012481643
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How New Fed Corporate Bond Programs Dampened the Financial Accelerator in the Covid-19 Recession
Bordo, Michael D. - 2020
In the financial crisis and recession induced by the Covid-19 pandemic, many investment-grade firms became unable to borrow from securities markets. In response, the Fed not only reopened its commercial paper funding facility but also announced it would purchase newly issued and seasoned bonds...
Persistent link: https://www.econbiz.de/10012482316
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The Impact of Uncertainty Shocks
Bloom, Nicholas - 2007
Uncertainty appears to jump up after major shocks like the Cuban Missile crisis, the assassination of JFK, the OPEC I oil-price shock and the 9/11 terrorist attack. This paper offers a structural framework to analyze the impact of these uncertainty shocks. I build a model with a time varying...
Persistent link: https://www.econbiz.de/10012465265
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On Measuring the Effects of Fiscal Policy in Recessions
Parker, Jonathan A. - 2011
We do not have a good measure of the effects of fiscal policy in a recession because the methods that we use to estimate the effects of fiscal policy -- both those using the observed outcomes following different policies in aggregate data and those studying counterfactuals in fitted model...
Persistent link: https://www.econbiz.de/10012461417