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Institutions, Restructuring and Macroeconomic Performance

  • Ricardo J. Caballero
  • Mohamad L. Hammour

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 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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Paper provided by DELTA (Ecole normale supérieure) in its series DELTA Working Papers with number 2001-03.

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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
Handle: RePEc:del:abcdef:2001-03
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  1. Kiyotaki, Nobuhiro & Moore, John, 1997. "Credit Cycles," Journal of Political Economy, University of Chicago Press, vol. 105(2), pages 211-48, April.
  2. Devra L. Golbe & Lawrence J. White, 1988. "A Time-Series Analysis of Mergers and Acquisitions in the U.S. Economy," NBER Chapters, in: Corporate Takeovers: Causes and Consequences, pages 265-310 National Bureau of Economic Research, Inc.
  3. Ralph L. Nelson, 1959. "The Merger Movement from 1895 through 1920," NBER Chapters, in: Merger Movements in American Industry, 1895-1956, pages 33-70 National Bureau of Economic Research, Inc.
  4. Steve J. Davis & John Haltiwanger, 1991. "Gross job creation, gross job destruction and employment reallocation," Working Paper Series, Macroeconomic Issues 91-5, Federal Reserve Bank of Chicago.
  5. Caballero, Ricardo J & Hammour, Mohamad L, 1994. "The Cleansing Effect of Recessions," American Economic Review, American Economic Association, vol. 84(5), pages 1350-68, December.
  6. Ralph L. Nelson, 1959. "Merger Movements and Business Cycles, 1895-1956," NBER Chapters, in: Merger Movements in American Industry, 1895-1956, pages 106-126 National Bureau of Economic Research, Inc.
  7. Philippe Aghion & Gilles Saint-Paul, 1993. "Uncovering Some Causal Relationships between Productivity Growth and the Structure of Economic Fluctuations: A Tentative Survey," NBER Working Papers 4603, National Bureau of Economic Research, Inc.
  8. Ralph L. Nelson, 1959. "Merger Movements in American Industry, 1895-1956," NBER Books, National Bureau of Economic Research, Inc, number nels59-1, September.
  9. Klein, Benjamin & Crawford, Robert G & Alchian, Armen A, 1978. "Vertical Integration, Appropriable Rents, and the Competitive Contracting Process," Journal of Law and Economics, University of Chicago Press, vol. 21(2), pages 297-326, October.
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