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on Open Economy Macroeconomic |
| By: | Diego Restuccia; Richard Rogerson |
| Abstract: | A large portion of differences in output per capita across countries is explained by differences in total factor productivity (TFP). In this article, we summarize a recent literature - and the articles in this special issue on misallocation and productivity - that focus on the reallocation of factors across heterogeneous production units as an important source of measured TFP differences across countries. |
| Keywords: | misallocation, productivity, heterogeneous establishments, distortions. |
| JEL: | O47 O43 O41 O11 E1 |
| Date: | 2012–11–23 |
| URL: | http://d.repec.org/n?u=RePEc:tor:tecipa:tecipa-468&r=opm |
| By: | Sienaert, Alex |
| Abstract: | Foreign investors are increasingly important participants in the local currency sovereign bond markets of developing countries. This note provides context on the overall growth of local currency sovereign debt markets in emerging markets and the growth of foreign investor participation in these markets, a short review of the relevant academic literature, and a summary of the sources of foreign demand. The note concludes with a discussion of the implications of growing foreign investor participation for the managers of public domestic debt in developing countries. The aim of the note is to provide a useful, practically-oriented primer for debt managers beginning to engage on this issue, and in particular to facilitate moving the dialogue beyond overly simple categorizations of countries as"emerging markets"and of investors as a homogeneous source of"hot money". |
| Keywords: | Debt Markets,Emerging Markets,Currencies and Exchange Rates,Deposit Insurance,Markets and Market Access |
| Date: | 2012–12–01 |
| URL: | http://d.repec.org/n?u=RePEc:wbk:wbrwps:6284&r=opm |
| By: | Virginia Maestri (AIAS, Universiteit van Amsterdam); Roventini, A. (Andrea) |
| Abstract: | Business cycles are expected to contribute to drive the dynamics of inequality of countries. This paper provides new stylized facts about the relationship between business cycles and inequality. We study the cross-correlations of filtered series of inequality, on the one side, and macro-economic variables (e.g. GDP, unemployment, inflation, etc), on the other. In addition, the analysis explores the Granger causality of such relationships. We use the RED database that allows to study the dynamics of different sources and measures of inequality in a subset of OECD countries. We find that inequality series are non stationary. At the business cycle frequencies, income inequality is counter-cyclical, while consumption inequality is pro-cyclical. We find a stronger correlation of the business cycle with inequality in the hours of work than with inequality in hourly wages. We find a considerable evidence of a two-way causality macroeconomic variables, on one side, and inequality at the business cycle frequencies. |
| Keywords: | Inequality, business cycles, detrending, cross-correlations, non-stationarity, Granger causality tests. JEL Classification: C10, D3, E32. |
| Date: | 2012–07 |
| URL: | http://d.repec.org/n?u=RePEc:aia:ginidp:30&r=opm |