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Booms, Crises, and Recoveries: A New Paradigm of the Business Cycle and its Policy Implications

Author/Editor: Valerie Cerra, Sweta Chaman Saxena.

Release Date:November, 2017

All types of recessions, on average, not just those associated with financial and political crises (as in Cerra and Saxena, AER 2008), lead to permanent output losses. These findings have more...



Price: $18.00
Impact of Migration on Income Levels in Advanced Economies

Author/Editor: Florence Jaumotte, Ksenia Koloskova, Sweta Chaman Saxena.

Release Date:October, 2016

The recent refugee surge has brought attention to the macro-critical policy issue of migration, including speculations that migration can be an unfavorable phenomenon for the receiving economies. more...



Price: $4.99
The East African Community: Prospects for Sustained Growth

Author/Editor: Catherine McAuliffe, Sweta Chaman Saxena, Masafumi Yabara.

Release Date:November, 2012

The East African Community (EAC) has been among the fastest growing regions in sub-Saharan Africa in the past decade or so. Nonetheless, the recent growth path will not be enough to achieve more...



Price: $18.00
International Evidence on Recovery from Recessions

Author/Editor: Valerie Cerra, Sweta Chaman Saxena, Ugo Panizza.

Release Date:August, 2009

Although negative shocks have persistent effects on output on average, this paper shows that macroeconomic policies and the structure of the economy can influence the speed of recovery and mitigate more...



Price: $18.00
The Monetary Model Strikes Back : Evidence from the World

Author/Editor: Valerie Cerra, Sweta Chaman Saxena.

Release Date:March, 2008

We revisit the dramatic failure of monetary models in explaining exchange rate movements. Using the information content from 98 countries, we find strong evidence for cointegration between nominal more...



Price: $18.00
Robbing the Riches : Capital Flight, Institutions, and Instability

Author/Editor: Sweta Chaman Saxena, Meenakshi Rishi, Valerie Cerra.

Release Date:October, 2005

Capital flight may undermine economic growth and the effectiveness of debt relief and foreign aid. This paper is the first attempt to test whether unsound macroeconomic policies or weak institutions more...



Price: $15.00
Growth Dynamics : The Myth of Economic Recovery

Author/Editor: Sweta Chaman Saxena, Valerie Cerra.

Release Date:July, 2005

Using panel data for a large number of countries, we find that economic contractions are not followed by offsetting fast recoveries. Trend output lost is not regained, on average. Wars, crises, and more...



Price: $15.00
Eurosclerosis or Financial Collapse : Why Did Swedish Incomes Fall Behind?

Author/Editor: Valerie Cerra, Sweta Chaman Saxena.

Release Date:February, 2005

Sweden represents an archetypal welfare state economy, with extensive government safety nets. Some scholars have attributed a decline in its per capita income ranking since 1970 to eurosclerosis or more...



Price: $15.00
Did Output Recover From the Asian Crisis?

Author/Editor: Valerie Cerra, Sweta Chaman Saxena.

Release Date:March, 2003

This paper investigates the extent to which output has recovered from the Asian crisis. A regime-switching approach that introduces two state variables is used to decompose recessions in a set of six more...



Price: $15.00
An Empirical Analysis of China's Export Behavior

Author/Editor: Sweta Chaman Saxena, Valerie Cerra.

Release Date:November, 2002

This paper studies the behavior of China's exports from the mid-1980s through 2001. Extensive quarterly data on values and quantities of major export products have been taken from Chinese customs more...



Price: $15.00
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