In this paper we empirically explore the relationship between debt and output in a panel of 72 countries over the … predicted by a standard small open economy model by Aguiar and Gopinath (2007), where debt and output endogenously respond to … total factor productivity (TFP) shocks. First, developing countries' debt falls after a positive output shock, while the …

period 1940–2014, we document the following evidence that corporate debt plays a key role in explaining boom-bust cycles …, financial crises, and slow macroeconomic recoveries: (i) corporate debt accounts for two thirds of the aggregate credit … expansion before crises and three quarters of total nonperforming loans during the bust; (ii) expansions in corporate debt …

der Boden- und Kapitalanteile, zum Abstimmungsmodus, zur Höhe der Schulden, zu den Kosten der Sozialleistungen und der … in effizientere Betriebe möglich ist. Die durchschnittliche Kostenrentabilität der Großbetriebe, die in Russland zum … be feasible in order to raise the profitability level. The average cost efficiency of large-scale farms as used in Russia …

der Boden- und Kapitalanteile, zum Abstimmungsmodus, zur Höhe der Schulden, zu den Kosten der Sozialleistungen und der … in effizientere Betriebe möglich ist. Die durchschnittliche Kostenrentabilität der Großbetriebe, die in Russland zum … be feasible in order to raise the profitability level. The average cost efficiency of large-scale farms as used in Russia …

payment equilibrium." Our econometric analysis of linked employer-employee data for Russia supports the model's contention …