Institutions, Restructuring and Macroeconomic Performance
AbstractA 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.
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Bibliographic InfoPaper provided by DELTA (Ecole normale supérieure) in its series DELTA Working Papers with number 2001-03.
Length: 37 pages
Date of creation: 2001
Date of revision:
Publication status: Published in Advances in Macroeconomic Theory, edited by Jacques Dreze, Palgrave, NY 2001, pp. 171-193
MACROECONOMICS ; UNEMPLOYMENT ; MARKET ; MERGERS;
Other versions of this item:
- Ricardo J. Caballero & Mohamad L. Hammour, 2000. "Institutions, Restructuring, and Macroeconomic Performance," NBER Working Papers 7720, National Bureau of Economic Research, Inc.
- L41 - Industrial Organization - - Antitrust Issues and Policies - - - Monopolization; Horizontal Anticompetitive Practices
- E69 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Other
- E20 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - General (includes Measurement and Data)
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