NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
New NBER Research

24 April 2014

Host Country Financial Development and Multinational Activity

By L. Kamran Bilir, Davin Chor, and Kalina Manova discover that countries with more developed financial systems attract more U.S.-based multinational firms, and display higher domestic sales by affiliates of these multinationals, than their less-developed counterparts. These effects are particularly pronounced in industries that are highly dependent on external capital.

23 April 2014

Health Care Service Demand Spillovers

Sherry Glied finds that higher demand for health care services among the under-65 population is associated with lower per-beneficiary Medicare expenditures, suggesting the potential role of spillovers across different groups of health care consumers.

22 April 2014

Credit Risk in the Eurozone

Simon Gilchrist and Benoît Mojon develop credit risk indicators for banks and non-financial corporations in the euro area, and find that the 2008 financial crisis sharply increased the cost of borrowing for both groups of firms. In contrast, the 2000 dot-com collapse in the United States raised credit spreads for non-financial firms, but did not affect financial firms.

21 April 2014

Understanding the Great Recession

Lawrence Christiano, Martin Eichenbaum, and Mathias Trabandt attribute most of the variation in aggregate real economic activity during the Great Recession to the interaction between financial frictions and the "zero lower bound" on nominal interest rates that effectively constrains the degree of monetary stimulus from the Federal Reserve.
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