Reallocation effects of recessions and financial crises: an industry-level analysis

被引：0

作者：

Coricelli, Fabrizio ^{[2
,3
]}

Karadimitropoulou, Aikaterini E. ^{[1
]}

Leon-Ledesma, Miguel A. ^{[4
]}

机构：

[1] Univ East Anglia, Dept Econ, Norwich NR4 7TJ, Norfolk, England

[2] Paris Sch Econ, Dept Econ, F-75013 Paris, France

[3] CEPR, Washington, DC USA

[4] Univ Kent, Growth & Hist Ctr MaGHiC, Sch Econ & Macroecon, Canterbury CT2 7NP, Kent, England

来源：

B E JOURNAL OF MACROECONOMICS | 2016年 / 16卷 / 02期

基金：

英国经济与社会研究理事会;

关键词：

permanent productivity effects; recessions; sectoral restructuring; OUTPUT FLUCTUATIONS; BUSINESS-CYCLE; UNITED-STATES; BANKING;

D O I：

10.1515/bejm-2015-0082

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We characterize the behavior of disaggregate manufacturing sectors for a large set of developed and emerging markets around recession dates. We uncover some relevant stylized facts. The dispersion in value added (VA) growth rates in developed economies is counter-cyclical, whereas for emerging countries it is pro-cyclical. Recoveries are more productivity-driven in developed countries as opposed to employment-driven for emerging markets. Around recession episodes sectoral-level misallocation of resources does not significantly change in developed economies, whereas it increases in emerging economies during financial crises. Therefore, there is no evidence that recessions improve the allocation of resources across industries.

引用

页码：485 / 522

页数：38

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