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Institutions, Restructuring, and Macroeconomic Performance

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  • Ricardo J. Caballero
  • Mohamad L. Hammour

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.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 7720.

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Date of creation: May 2000
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Publication status: published as Dreze, Jacques (ed.) Macroeconomic Theory. Palgrave, NY: 2001.
Handle: RePEc:nbr:nberwo:7720

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