| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w7355 |
| 来源ID | Working Paper 7355 |
| The Cost of Recessions Revisited: A Reverse-Liquidationist View | |
| Ricardo J. Caballero; Mohamad L. Hammour | |
| 发表日期 | 1999-09-01 |
| 出版年 | 1999 |
| 语种 | 英语 |
| 摘要 | The observation that liquidations are concentrated in recessions has long been the subject of controversy. One view holds that liquidations are beneficial in that they result in increased restructuring. Another view holds that liquidations are privately inefficient and essentially wasteful. This paper proposes an alternative perspective. Based on a combination of theory and empirical evidence on gross job flows and on financial and labor market rents, we find that, cumulatively, recessions result in reduced restructuring, and that this is likely to be socially costly once we consider inefficiencies on both the creation and destruction margins. |
| 主题 | Macroeconomics ; Consumption and Investment ; Business Cycles |
| URL | https://www.nber.org/papers/w7355 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/564893 |
| 推荐引用方式 GB/T 7714 | Ricardo J. Caballero,Mohamad L. Hammour. The Cost of Recessions Revisited: A Reverse-Liquidationist View. 1999. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w7355.pdf（657KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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