The economic crisis of 2001-2002 in Argentina caused a large increase in unemployment. Policy responses have been imperfect. This paper discusses the roots and character of the crisis, the policies implemented to address the resulting social situation, and the quality of early warning indicators...

By preemptive austerity, we mean a policy that increases taxes to deter potential rollover crises. The policy is so successful that the usual danger signal of a rollover crisis, a high yield on new bonds sold, does not show up because the policy eliminates the danger. Mechanically, high taxes...

We examine the state-dependent volatility reaction to macroeconomic news in the euro-dollar, pound-dollar and yen-dollar markets between 2005 and 2009. Unlike the traditional event studies that define economic states based on exogenously determined thresholds, we employ the smooth transition...

La versión española de este artículo puede encontrarse en 'http://ssrn.com/abstract='2197369' http://ssrn.com/abstract=2197369.This paper considers the influence of business cycles and economic crises on Spain's tourism competitiveness. This competitiveness is measured by its share in world...

The English version of this paper can be found at 'http://ssrn.com/abstract=2201776' http://ssrn.com/abstract=2201776.En este trabajo se considera la influencia de los ciclos y las crisis económicas sobre la competitividad turística de España, medida a través de su cuota de participación en...

This paper examines five possible explanations for the Great Recession of 2008 and 2009, using data for the United States and the eurozone. Of these five hypotheses, four are not supported by the data, while the fifth appears reasonable.

Since the end of the Great Recession, growth in health care spending has declined to historically low levels. There is disagreement over whether this decline was caused by falling incomes during the Great Recession (and therefore is likely to reverse once the recovery is complete) or whether the...

The downturn in the world economy following the global banking crisis has left the Chinese economy relatively unscathed. This paper develops a model of the Chinese economy using a DSGE framework with a banking sector to shed light on this episode. It differs from other applications in the use of...

Most research on the run-up in home prices before the Great Recession has focused on types of excessive demand—loose lending, foreign savings, loose monetary policy, speculation, bank deregulation, federal housing subsidies, etc. The focus on excess demand led to fatalism about the collapse in...

Using the U.S. Current Population Survey data, this paper compares the distributional impacts of the Pandemic Crisis and those of the Global Financial Crisis in terms of (i) worker characteristics, (ii) job characteristics-'social' (where individuals interact to consume goods), 'teleworkable'...