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INSTITUTIONS AS THE FUNDAMENTAL CAUSE OF LONG-RUN GROWTH

Acemoglu, Daron; Johnson, Simon; Robinson, James - UNIVERSIDAD DE LOS ANDES-CEDE - 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 wo quasi-natural experiments" in history, the division of...

Persistent link: https://www.econbiz.de/10005249808

U.S. BUSINESS CYCLE VOLATILITY AND BANKING PRODUCTIVITY

Arias, Andrés - UNIVERSIDAD DE LOS ANDES-CEDE - 2003

In this paper I address two questions. First, is the fall in the cyclical volatility of U.S. commercial banking … productivity a potential candidate to account for the mid-80's fall in U.S. business cycle volatility? Second, does the answer to … in the cyclical volatility of banking productivity contributes significantly only to the volatility fall of the credit …

Persistent link: https://www.econbiz.de/10005767826

QUANTITATIVE IMPLICATIONS OF THE CREDIT CONSTRAINT IN THE KIYOTAKI-MOORE (1997) SETUP.

Arias, Andrés - UNIVERSIDAD DE LOS ANDES-CEDE - 2003

The Kiyotaki-Moore (1997) framework is a prominent macro model that features credit constraints as an important factor that propagates and magnifies the effects of shocks. However, the quantitative importance of these constraints in this setup remains an open question. This paper introduces the...

Persistent link: https://www.econbiz.de/10005597236