 Institutions, Restructuring and Macroeconomic PerformanceRicardo Caballero () and Mohamad L. Hammour DELTA Working Papers from DELTA (Ecole normale supérieure) Abstract: A growing body of new research has emphasized the macroeconomic consequences of transactional impediments in factor markets, and their role in the recurrent restructuring requirements of modern economies. We first review the function institutional arrangements play in facilitating transactions and explore the macroeconomic consequences of poor institutions. As an application, we discuss the lessons that can be learnt from observed changes in the nature of unemployment in Europe. We then analyse the effect the institutional environment can have on macroeconomic restructuring. In light of this framework, we revisit the question of the relationship between recessions and restructuring activity, and review the existing evidence of reduced restructuring following recessions. We also discuss corroborating evidence from "merger waves" in the restructuring of corporate assets. Keywords: MACROECONOMICS; UNEMPLOYMENT; MARKET; MERGERS (search for similar items in EconPapers) Published in Advances in Macroeconomic Theory, edited by Jacques Dreze, Palgrave, NY 2001, pp. 171-193 There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it. Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:del:abcdef:2001-03 Access Statistics for this paper More papers in DELTA Working Papers from DELTA (Ecole normale supérieure) Contact information at EDIRC. |
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