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Why Some Times are Different : Macroeconomic Policy and the Aftermath of Financial Crises
Romer, Christina D. - 2017
Analysis based on a new measure of financial distress for 24 advanced economies in the postwar period shows substantial variation in the aftermath of financial crises. This paper examines the role that macroeconomic policy plays in explaining this variation. We find that the degree of monetary...
Persistent link: https://www.econbiz.de/10012945611
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Misallocation, Establishment Size, and Productivity
Bento, Pedro - 2016
We consider a tractable model of heterogeneous production units that features endogenous entry and productivity investment to assess the quantitative impact of policy distortions on aggregate output and establishment size. Relative to the standard factor misallocation framework, policy...
Persistent link: https://www.econbiz.de/10012979762
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International Coordination of Economic Policies : Scope, Methods, and Effects
Frenkel, Jacob A.; Goldstein, Morris; Masson, Paul R. - 2021
actual evolution of the world economy over the 1974-87 period. Our findings suggest that simple mechanistic rule …
Persistent link: https://www.econbiz.de/10013232745
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Economic Convergence and Economic Policies
Sachs, Jeffrey D.; Warner, Andrew M. - 2021
Many of the crucial debates in development economics are encapsulated in the question of economic convergence. Is there a tendency for the poorer countries to grow more rapidly than the richer countries, and thereby to converge in living standards? Some recent research on endogenous growth has...
Persistent link: https://www.econbiz.de/10013234056
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Political Instability, Political Weakness and Inflation : An Empirical Analysis
Edwards, Sebastian; Tabellini, Guido - 2021
In this paper we analyze empirically the most important implications of two family political economy models of inflation: the "myopic? government approach and the "weak" government approach. In myopic government models inflation is the deliberate outcome of politicians strategic behavior, while...
Persistent link: https://www.econbiz.de/10013244087
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Political Economy in a Changing World
Acemoglu, Daron - 2013
We provide a general framework for the analysis of the dynamics of institutional change (e.g., democratization, extension of political rights or repression of different groups), and how these dynamics interact with (anticipated and unanticipated) changes in the distribution of political power...
Persistent link: https://www.econbiz.de/10013080197
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The International Transmission of Credit Bubbles : Theory and Policy
Ventura, Jaume - 2015
We live in a new world economy characterized by financial globalization and historically low interest rates. This … propagated abroad. In previous work, we built on the theory of rational bubbles to develop a framework to think about the origins … in this world. The interest-rate and terms-of-trade spillovers produce policy externalities that make the noncooperative …
Persistent link: https://www.econbiz.de/10013028542
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Sovereigns, Upstream Capital Flows, and Global Imbalances
Alfaro, Laura - 2011
We construct measures of net private and public capital flows for a large cross-section of developing countries considering both creditor and debtor side of the international debt transactions. Using these measures, we demonstrate that sovereign-to-sovereign transactions account for upstream...
Persistent link: https://www.econbiz.de/10013120311
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Multilateral Trade Bargaining : a First Look at the GATT Bargaining Records
Bagwell, Kyle - 2015
-of-trade theory and respecting the institutional features of most-favored-nation status and reciprocity …
Persistent link: https://www.econbiz.de/10013017081
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Political Uncertainty and Risk Premia
Pastor, Lubos - 2011
We develop a general equilibrium model of government policy choice in which stock prices respond to political news. The model implies that political uncertainty commands a risk premium whose magnitude is larger in weaker economic conditions. Political uncertainty reduces the value of the...
Persistent link: https://www.econbiz.de/10013119985