Financial Crises and Total Factor Productivity
نویسندگان
چکیده
منابع مشابه
Financial Shocks and Endogenous Total Factor Productivity
This paper presents and estimates a dynamic stochastic general equilibrium model in which labor reallocations between production and organizational tasks and endogenous movements in measured TFP serve as an ampli cation mechanism in business cycles. In our model, the organizational tasks are related to accumulation of organizational capital which enhances the nancial relationships between rms...
متن کاملFinancial Crises and Political Crises∗
The simultaneous determination of financial default and political crises is studied in an open economy model. Political crises accompany default in equilibrium because of an information transmission conflict between the government and the public. Multiple equilibria are possible: if foreign lenders are pessimistic about the country’s stability, they demand a high interest on the debt, exacerbat...
متن کاملTotal Factor Productivity∗
Total Factor Productivity (TFP) is the portion of output not explained by the amount of inputs used in production. The following definition describes the measurement and importance of TFP for growth, fluctuations and development as well as likely future directions of research. Total Factor Productivity (TFP) is the portion of output not explained by the amount of inputs used in production. As s...
متن کاملBubbles and Total Factor Productivity
Evidence shows that asset price bubbles typically precede financial crises and financial crises are accompanied by the collapse of bubbles. In addition, stock market booms and busts are typically associated with credit market booms and busts. The recent US housing and stock market bubbles and the subsequent Great Recession that began in late 2007 provide an example. The stock market booms in th...
متن کاملAppendix to "Financial Crises and Political Crises"
PBE Type i: Neither default nor political crisis If V ≤ χL, the costs of default are always larger than the costs of servicing the debt even for the benevolent government. Then in equilibrium, the government proposes to service the debt, which is accepted by the representative agent. Hence the debt is repaid and political crisis is avoided. Neither the benevolent government nor the self interes...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2005
ISSN: 1556-5068
DOI: 10.2139/ssrn.695882