Institutions, Restructuring, and Macroeconomic Performance

Ricardo Caballero () and Mohamad L. Hammour

No 7720, NBER Working Papers from National Bureau of Economic Research, Inc

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 analyze 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 recent evidence of reduced restructuring following recessions. We also discuss corroborating evidence from merger waves' in the restructuring of corporate assets.

JEL-codes: E0 G34 (search for similar items in EconPapers)
Date: 2000-05
New Economics Papers: this item is included in nep-ind
Note: EFG
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (42)

Published as Dreze, Jacques (ed.) Macroeconomic Theory. Palgrave, NY: 2001.

Downloads: (external link)
http://www.nber.org/papers/w7720.pdf (application/pdf)

Related works:
Chapter: Institutions, Restructuring and Macroeconomic Performance (2001)
Working Paper: Institutions, Restructuring and Macroeconomic Performance (2001)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:nbr:nberwo:7720

Ordering information: This working paper can be ordered from
http://www.nber.org/papers/w7720

Access Statistics for this paper

More papers in NBER Working Papers from National Bureau of Economic Research, Inc National Bureau of Economic Research, 1050 Massachusetts Avenue Cambridge, MA 02138, U.S.A.. Contact information at EDIRC.
Bibliographic data for series maintained by ().