Slow recoveries
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Author
Contributions
- Loayza, Norman. - Contributor
- Repetto, Andrea. - Contributor
- National Bureau of Economic Research. - Contributor
Publication
2004 - National Bureau of Economic Research, Cambridge, Mass, Massachusetts
Language
English
Word Count
9,250 words, Guess
Page Count
37 pages
Identifiers
- OCLC Control Number55954705
- Open LibraryOL17623054M
Description
"Economies respond differently to aggregate shocks that reduce output. While some countries rapidly recover their pre-crisis trend, others stagnate. Recent studies provide empirical support for a link between aggregate growth and plant dynamics through its effect on productivity: the entry and exit of firms and the reallocation of resources from less to more efficient firms explain a relevant part of transitional productivity dynamics. In this paper we use a stochastic general equilibrium model with heterogeneous firms to study the effect on aggregate short-run growth of policies that distort the process of birth, growth and death of firms, as well as the reallocation of resources across economic units. Our findings show that indeed policies that alter plant dynamics can explain slow recoveries. We also find that output losses associated to delayed recoveries are large"--National Bureau of Economic Research web site.
Subjects
Series Statement
- NBER working paper series -- no. 10584.
- Working paper series (National Bureau of Economic Research) -- working paper no. 10584.
Links
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- Slow recoveries
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