Recessions Research Papers - Academia.edu (original) (raw)

In this paper, I conduct a review of the economics literature examining the relationship between alcohol use and the macro economy comparing methods, measures and findings. Like illicit drug consumption, the relationship between alcohol... more

In this paper, I conduct a review of the economics literature examining the relationship between alcohol use and the macro economy comparing methods, measures and findings. Like illicit drug consumption, the relationship between alcohol use and economic conditions is not entirely straightforward since there are various theoretical explanations for why they might be positively or negatively related. Empirical findings suggest that the relationship between drinking and the economy depends on the type of user and whether use is examined in developing or developed countries. In developed countries, heavy drinkers consume less in a downturn, while light drinkers consume more. This pro-cyclical relationship found for heavy drinking does not hold for developed countries where disposable income is low. The implications for researchers interested in understanding how illicit drug consumption varies with the business cycle are that they must be careful to consider differential responses acros...

This paper provides a survey on studies that analyze the macroeconomic effects of intellectual property rights (IPR). The first part of this paper introduces different patent policy instruments and reviews their effects on R&D and... more

This paper provides a survey on studies that analyze the macroeconomic effects of intellectual property rights (IPR). The first part of this paper introduces different patent policy instruments and reviews their effects on R&D and economic growth. This part also discusses the distortionary effects and distributional consequences of IPR protection as well as empirical evidence on the effects of patent rights. Then, the second part considers the international aspects of IPR protection. In summary, this paper draws the following conclusions from the literature. Firstly, different patent policy instruments have different effects on R&D and growth. Secondly, there is empirical evidence supporting a positive relationship between IPR protection and innovation, but the evidence is stronger for developed countries than for developing countries. Thirdly, the optimal level of IPR protection should tradeoff the social benefits of enhanced innovation against the social costs of multiple distorti...

This article analyses the 1989-2005 economic growth in the transitional economies in Europe and Central Asia, and signals factors that help to explain the differences in outcome. An econometric analysis finds prominent indices of property... more

This article analyses the 1989-2005 economic growth in the transitional economies in Europe and Central Asia, and signals factors that help to explain the differences in outcome. An econometric analysis finds prominent indices of property rights, corruption, economic freedom, tax incidence and civil liberties as statistically insignificant in this regard. Statistically significant variables include the degree of ethnic fractionalization and an index of democracy, both of which were negatively correlated with GDP growth. Overall, the analysis here shows the need for effective national institutions that can enforce legal and general rules of the economic game, reap positive benefits for democracy, and overcome the negative economic legacy of ethnic divisions.

This discussion paper by a group of scholars across the fields of health, economics and labour relations argues that COVID-19 is an unprecedented humanitarian crisis from which there can be no return to the ‘old normal’. The pandemic’s... more

This discussion paper by a group of scholars across the fields of health, economics and labour relations argues that COVID-19 is an unprecedented humanitarian crisis from which there can be no return to the ‘old normal’. The pandemic’s disastrous worldwide health impacts have been exacerbated by, and have compounded, the unsustainability of economic globalisation based on the neoliberal dismantling of state capabilities in favour of markets. Flow-on economic impacts have simultaneously created major supply and demand disruptions, and highlighted the growing within-country inequalities and precarity generated by neoliberal regimes of labour market regulation. Taking an Australian and international perspective, we examine these economic and labour market impacts, paying particular attention to differential impacts on First Nations people, developing countries, women, immigrants and young people. Evaluating policy responses in a political climate of national and international leadershi...

The Great Recession has inspired renewed interest in analyzing the behaviour of the economy during recession episodes, and how these temporary events can shape the productive structure of the economy for long periods. Most of the existing... more

The Great Recession has inspired renewed interest in analyzing the behaviour of the economy during recession episodes, and how these temporary events can shape the productive structure of the economy for long periods. Most of the existing literature focuses on recessions at the aggregate level. We provide evidence on the behavior of a large set of developed and emerging markets at the disaggregate level around recession dates. We analyze sectoral value added (VA), employment, productivity, concentration, and structural change, and whether patterns arise in a systematic way. We unveil a set of regularities in the behaviour of these variables for both sets of countries and depending on the productivity level and the level of external financial dependence of industries. We distinguish financial from normal recessions, and look at the patterns of the above variables according to the productivity level and the level of external financial dependence of industries. This study leads to a ri...

We estimate conditional duration models to analyse recovery pro-cesses in emerging market economies. Our reduced form speci¯cation is parsimonious, as we focus on the e®ect of growth in the US, EU, and Japan on the prospects for recovery... more

We estimate conditional duration models to analyse recovery pro-cesses in emerging market economies. Our reduced form speci¯cation is parsimonious, as we focus on the e®ect of growth in the US, EU, and Japan on the prospects for recovery in emerging market economies experiencing recessions. In order to assess the robustness and forecast-ing capability of our results, we performed out-of-sample predictions using recently available data pertaining to the economies hit by the Asian crisis. The model successfully predicts the bouncing back of most emerging market economies hit by the Asian crisis, and con¯rms the importance of external factors in recovery processes.

Turmoil in housing, credit and financial markets plunged the U.S. economy into a recession that has taken a heavy toll on the labor market. The weakness that began during the second half of 2007 gravely worsened during a period of extreme... more

Turmoil in housing, credit and financial markets plunged the U.S. economy into a recession that has taken a heavy toll on the labor market. The weakness that began during the second half of 2007 gravely worsened during a period of extreme financial stress in 2008, and the labor market has yet to recover. To put the recession's labor-market impact into perspective, we compare the past two years to previous downturns, including the Great Depression. We also examine the data commonly used to assess labor market conditions. While unemployment rates and nonfarm payroll losses are widely reported, a firm grasp of what they measure is critical to understanding what they tell us about the current state of the labor market.