Der Jom-Kippur-Krieg im Nahen Osten und die geopolitischen Reaktionen führten zu einer Reduktion der weltweiten Ölproduktion und infolgedessen zu steigenden Ölpreisen und damit verbundenen Energiekosten. Eingebettet war die damalige Lage in die Neuordnung der globalen Währungsordnung nach...

The Great Recession has inspired renewed interest in analyzing the behaviour of the economy during recession episodes, and how these temporary events can shape the productive structure of the economy for long periods. Most of the existing literature focuses on recessions at the aggregate level....

We document that the nature of business cycles evolves over the process of development and structural change. In countries with large declining agricultural sectors, aggregate employment is uncorrelated with GDP.During booms, employment in agriculture declines while labor productivity increases...

This paper finds a negative relationship between the employment share of the service sector and the volatility of aggregate output in the OECD — after controlling for the level of financial development. This result reflects volatility differentials across sectors: labor productivity is more...

Intersectoral linkages can act as shock propagation channels and shape the pattern of structural transformation. To our knowledge, no research has examined how subnational differences in intersectoral linkages impact such spillover effects. We hypothesize that regional differences in local...

Intersectoral linkages can act as shock propagation channels and shape the pattern of structural transformation. To our knowledge, no research has examined how subnational differences in intersectoral linkages impact such spillover effects. We hypothesize that regional differences in local...

Die Ölkrise Mitte der 1970er Jahre war die direkte Folge des Jom-Kippur-Kriegs. Nach dem Angriff Syriens und Ägyptens auf Israel im Oktober 1973 folgte eine Boykottentscheidung der Organisation der erdölexportierenden Länder (OPEC) gegenüber den westlichen Ländern, die sich aufseiten...

Die Ölkrise Mitte der 1970er Jahre war die direkte Folge des Jom-Kippur-Kriegs. Nach dem Angriff Syriens und Ägyptens auf Israel im Oktober 1973 folgte eine Boykottentscheidung der Organisation der erdölexportierenden Länder (OPEC) gegenüber den westlichen Ländern, die sich aufseiten...

Why is GDP so much more volatile in poor countries than in rich ones? To answer this question, we propose a theory of technological diversification. Production makes use of different input varieties, which are subject to imperfectly correlated shocks. As in endogenous growth models,...

Why is GDP so much more volatile in poor countries than in rich ones? To answer this question, we propose a theory of technological diversification. Production makes use of different input varieties, which are subject to imperfectly correlated shocks. As in endogenous growth models,...