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It has long been recognized that productivity growth and the
business cycle are closely interrelated. Yet, until recently, the
two phenomena have been investigated separately in the economics
literature. This book provides the first consistent attempt to
analyze the effects of macroeconomic volatility on productivity
growth, and also the reverse causality from growth to business
cycles. The authors show that by looking at the economy through the
lens of private entrepreneurs, who invest under credit constraints,
one can go some way towards explaining persistent macroeconomic
volatility and the effects of volatility on growth. Beginning with
an analysis of the effects of volatility on growth, the authors
argue that the lower the level of financial development in a
country the more detrimental the effect of volatility on growth.
This prediction is confirmed by cross-country panel regressions.
The data also suggests that a fixed exchange rate regime or more
countercyclical budgetary policies are growth-enhancing in
countries with a lower level of financial development. The former
reduce aggregate volatility whereas the latter reduce the negative
effects of volatility on long-term productivity-enhancing
investment by firms. The book concludes with an investigation into
how the interplay between credit constraints and pecuniary
externalities is sufficient to generate persistent business cycles
and to explain the occurrence of currency crises.
Why do the poor borrow to save? Why do they miss out on free
life-saving immunizations, but pay for unnecessary drugs? In Poor
Economics , Abhijit V. Banerjee and Esther Duflo, two practical
visionaries working toward ending world poverty, answer these
questions from the ground. In a book the Wall Street Journal called
marvellous, rewarding," the authors tell how the stress of living
on less than 99 cents per day encourages the poor to make
questionable decisions that feed,not fight,poverty. The result is a
radical rethinking of the economics of poverty that offers a
ringside view of the lives of the world's poorest, and shows that
creating a world without poverty begins with understanding the
daily decisions facing the poor.
Handbook of Field Experiments provides tactics on how to conduct
experimental research, also presenting a comprehensive catalog on
new results from research and areas that remain to be explored.
This updated addition to the series includes an entire chapters on
field experiments, the politics and practice of social experiments,
the methodology and practice of RCTs, and the econometrics of
randomized experiments. These topics apply to a wide variety of
fields, from politics, to education, and firm productivity,
providing readers with a resource that sheds light on timely
issues, such as robustness and external validity. Separating itself
from circumscribed debates of specialists, this volume surpasses in
usefulness the many journal articles and narrowly-defined books
written by practitioners.
Handbook of Field Experiments, Volume Two explains how to conduct
experimental research, presents a catalog of research to date, and
describes which areas remain to be explored. The new volume
includes sections on field experiments in education in developing
countries, how to design social protection programs, a section on
how to combat poverty, and updates on data relating to the impact
and determinants of health levels in low-income countries.
Separating itself from circumscribed debates of specialists, this
volume surpasses the many journal articles and narrowly-defined
books written by practitioners. This ongoing series will be of
particular interest to scholars working with experimental methods.
Users will find results from politics, education, and more.
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Nadine Gordimer
Paperback
(2)
R398
R330
Discovery Miles 3 300
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