A neoclassical perspective on Switzerland’s 1990s stagnation
نویسندگان
چکیده
Abstract We study Switzerland’s weak growth during the 1990s through lens of business cycle accounting framework Chari et al. (Econometrica 75(3):781–836, 2007). Our main result is that productivity cannot account for 1993–1996 stagnation episode. Rather, explained by factors made labour and investment expensive. show increased income taxes financial frictions are plausible causes. Holding these constant, counterfactual annualized real output over 1993Q1–1996Q4 period 1.93% compared to realized 0.35%.
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ژورنال
عنوان ژورنال: Swiss Journal of Economics and Statistics
سال: 2021
ISSN: ['0303-9692', '1421-2110', '2673-2777', '2235-6282']
DOI: https://doi.org/10.1186/s41937-021-00077-x