Více než 4 miliony titulů v angličtině i dalších jazycích! Objevte svůj nový příběh ještě dnes!

Volatility and Growth

Name: Volatility and Growth
Brand: Oxford University Press
SKU: 9780198867739
Price: 578 CZK
Availability: InStock

Autor: Aghion, Philippe (Robert C. Waggoner Professor of Economics, Harvard University), Banerjee, Abhijit (Ford Foundation International Professor of Economics and Director Poverty Action Lab, MIT)

Jazyk:

Vazba: Brožovaná

Vydavatel: Oxford University Press

Dostupnost: Skladem u dodavatele

Odesíláme za 14-21 dnů

578 Kč

It has long been recognized that productivity growth and the business cycle are closely interrelated...

Informace o knize

Autor

Aghion, Philippe (Robert C. Waggoner Professor of Economics, Harvard University), Banerjee, Abhijit (Ford Foundation International Professor of Economics and Director Poverty Action Lab, MIT)

Jazyk

Angličtina

Vazba

Kniha - Brožovaná

Vydáno

2020

Stránek

160

EAN

9780198867739

ISBN

0198867735

Enbook ID

33061133

Vydavatel

Oxford University Press

Hmotnost

210

Rozměry

329 x 182 x 11

Kompletní popis

It has long been recognized that productivity growth and the business cycle are closely interrelated. Yet, until recently, the two phenomena have been investigated separately in the economics literature. This book provides the first consistent attempt to analyze the effects of macroeconomic volatility on productivity growth, and also the reverse causality from growth to business cycles. The authors show that by looking at the economy through the lens of private entrepreneurs, who invest under credit constraints, one can go some way towards explaining persistent macroeconomic volatility and the effects of volatility on growth. Beginning with an analysis of the effects of volatility on growth, the authors argue that the lower the level of financial development in a country the more detrimental the effect of volatility on growth. This prediction is confirmed by cross-country panel regressions. The data also suggests that a fixed exchange rate regime or more countercyclical budgetary policies are growth-enhancing in countries with a lower level of financial development. The former reduce aggregate volatility whereas the latter reduce the negative effects of volatility on long-term productivity-enhancing investment by firms. The book concludes with an investigation into how the interplay between credit constraints and pecuniary externalities is sufficient to generate persistent business cycles and to explain the occurrence of currency crises.