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Labor Market, Financial Crises and Inflation : Jobless and Wageless Recoveries
Calvo, Guillermo A. - 2012
("wageless recovery"). Second, inflation determines the type of recovery: low inflation (below 30 percent annual rate) is … associated with jobless recovery, while high inflation is associated with wageless recovery. The paper shows that this pattern of …
Persistent link: https://www.econbiz.de/10012460181
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The Aftermath of the 1992 ERM Breakup : Was There a Macroeconomic Free Lunch?
Gordon, Robert J. - 1999
, all without any evidence of extra inflation. The results in this paper turn the conventional wisdom on its head. While the … over into extra inflation, leaving only 20 percent remaining for extra real GDP growth. Virtually 100 percent of the … nominal exchange rate depreciation passed through into higher import prices, and extra inflation would have been even more …
Persistent link: https://www.econbiz.de/10012471843
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Entry, Trade, and Exporting over the Cycle
Alessandria, George A. - 2019
We study how international trade and the exporting decisions of establishments affect establishment creation over the business cycle in a general equilibrium model. The model captures two key features of establishment and exporter dynamics: i) new establishments start small and grow over time...
Persistent link: https://www.econbiz.de/10012480156
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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 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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International Trade and Business Cycles
Baxter, Marianne - 1995
Virtually all economies experience recurrent fluctuations in economic activity that persist for periods of several quarters to several years. Further, there is a definite tendency for the business cycles of developed countries to move together--there is a world component to business cycles. This...
Persistent link: https://www.econbiz.de/10012473868
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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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Trade, Exchange Rate Regimes and Output Co-Movement : Evidence from the Great Depression
Mathy, Gabriel P. - 2011
A large body of cross-country empirical evidence identifies monetary policy and trade integration as key determinants of business cycle co-movement. Partially consistent with this, many argue that the re-emergence of the gold standard allowed for the global transmission of a deflationary shock...
Persistent link: https://www.econbiz.de/10012461732
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Price Inertia and Policy Ineffectiveness in the United States, 1890-1980
Gordon, Robert J. - 1981
This paper introduces a new approach to the empirical testing of the Lucas- Sargent-Wallace (LSW) "policy ineffectiveness proposition." Instead of testing that hypothesis in isolation from any plausible alternative, the paper develops a single empirical equation explaining price change that...
Persistent link: https://www.econbiz.de/10012478371
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Energy Prices, Inflation, and Recession, 1974-1975
Mork, Knut Anton - 1979
The energy price shock depressed real output by two percent in 1974 and by five percent in 1975, according to our results. Prices rose by four percent in 1974 and by another two percent in 1975. These conclusions are derived from an aggregate model of the U.S. economy with an explicit role of...
Persistent link: https://www.econbiz.de/10012478779