 | Hysteresis and Business Cycles Author/Editor: Valerie Cerra, A Fatas, Sweta Chaman Saxena. Release Date:May, 2020 Traditionally, economic growth and business cycles have been treated independently. However, the dependence of GDP levels on its history of shocks, what economists refer to as “hysteresis,” more...
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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...
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 | Impact of Migration on Income Levels in Advanced Economies 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...
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 | 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...
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| 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...
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| 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...
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| 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
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| 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...
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| 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...
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| 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...
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