generates two main predictions: long-run unemployment increases with (i) a fall in long-run productivity growth and (ii) a rise … in the variance of productivity growth. Evidence based on U.S. time series and on an international panel strongly … supports these predictions. The empirical specifications featuring the variance of productivity growth can account for two U …

This paper documents a decreasing trend in the geographical concentration of EU agro-food imports. Decomposing the … their agri-food products from a wider range of suppliers), while geographical concentration increases at the intensive … food alerts at the EU border that had never been exploited before. After coding it into HS8 categories, we regress the …

productivity shocks. Our model is built on the financial accelerator approach of Bernanke, Gertler and Gilchrist (BGG), in which … leveraged goods-producers, subject to idiosyncratic productivity shocks, borrow from a competitive financial sector. In the … present paper, by contrast, it is the financial institutions which are leveraged and subject to idiosyncratic productivity …

volatility of revenues, have failed to save a sufficiently high proportion of their resource revenues and failed to make high …

-root process. Hyperbolic and quasi-hyperbolic discount factors can significantly increase the volatility of aggregate wealth and …

primarily from convergence in the volatility of state output growth, rather than in its average. The realized industry shares of …

volatility into these four sources, quantify their contribution to aggregate volatility, and study how they relate to the stage …, and slowly increases at later stages of development. Third, the volatility of country- specific macroeconomic shocks falls … with the level of development. We argue that many theories linking volatility and development are not consistent with these …