This paper studies the role of credit in the business cycle, with a focus on private credit overhang. Based on a study of the universe of over 200 recession episodes in 14 advanced countries between 1870 and 2008, we document two key facts of the modern business cycle: financial-crisis...

The Great Recession had a large impact on unemployment rates and growth in wealthy industrial countries. When the recession began most rich countries were experiencing an increase in labor force participation rates after age 60. This paper examines whether the downturn slowed or reversed the...

The current economic crisis is a complex social phenomenon, several aspects of which go beyond national borders and also cross traditional academic disciplinary boundaries. While initial academic commentary in media has typically been grounded within finance or economics disciplinary boundaries,...

The authors review the challenges that the Romanian economy and society had to face in the European and global geoeconomic context. Starting from the perspectives advanced by the international economic fora, the risks the European economy will have to answer through counteracting and general...

We investigate the main driving forces of business cycles and heterogeneity across industries during the COVID-19 crisis in Korea. We build a small open economy model, solved up to the second-order, to fit the stylized facts of business cycles and employ several structural shocks as candidates...

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...