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Institutions as the Fundamental Cause of Long-Run Growth

Acemoglu, Daron; Johnson, Simon; Robinson, James Alan - National Bureau of Economic Research (NBER) - 2004

This paper develops the empirical and theoretical case that differences in economic institutions are the fundamental cause of differences in economic development. We first document the empirical importance of institutions by focusing on two 'quasi-natural experiments' in history, the division of...

Persistent link: https://www.econbiz.de/10005105852

The Network Origins of Large Economic Downturns

Acemoglu, Daron; Ozdaglar, Asuman; Tahbaz-Salehi, Alireza - National Bureau of Economic Research (NBER) - 2013

volatility is not necessarily a sufficient statistic for the likelihood of large downturns. Rather, depending on the shape of the …

Persistent link: https://www.econbiz.de/10010950877

Cascades in Networks and Aggregate Volatility

Acemoglu, Daron; Ozdaglar, Asuman; Tahbaz-Salehi, Alireza - National Bureau of Economic Research (NBER) - 2010

the supply network determine both whether aggregate volatility disappears as the number of sectors increases (i …-output relations) and aggregate volatility, and more importantly, the relationship between higher-order interconnections and aggregate … volatility. These higher-order interconnections capture the cascade effects, whereby low productivity or the failure of a set of …

Persistent link: https://www.econbiz.de/10008695044

Microeconomic Origins of Macroeconomic Tail Risks

Acemoglu, Daron; Ozdaglar, Asuman; Tahbaz-Salehi, Alireza - National Bureau of Economic Research (NBER) - 2015

We document that even though the normal distribution is a good approximation to the nature of aggregate fluctuations, it severely underpredicts the frequency of large economic downturns. We then provide a model that can explain these facts simultaneously. Our model show that the propagation of...

Persistent link: https://www.econbiz.de/10011123646