A neoclassical perspective on Switzerland’s 1990s stagnation

Abstract We study Switzerland’s weak growth during the 1990s through the lens of the business cycle accounting framework of Chari et al. (Econometrica 75(3):781–836, 2007). Our main result is that weak productivity growth cannot account for the 1993–1996 stagnation episode. Rather, the stagnation is...

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Autores principales:	Yannic Stucki, Jacqueline Thomet
Formato:	article
Lenguaje:	EN
Publicado:	SpringerOpen 2021
Materias:	Business cycle accounting Housing crisis Stagnation Switzerland Statistics HA1-4737 Economics as a science HB71-74
Acceso en línea:	https://doaj.org/article/06317d131e124e699ad81c9c7b6cdab1
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spelling	oai:doaj.org-article:06317d131e124e699ad81c9c7b6cdab12021-11-28T12:07:05ZA neoclassical perspective on Switzerland’s 1990s stagnation10.1186/s41937-021-00077-x2235-6282https://doaj.org/article/06317d131e124e699ad81c9c7b6cdab12021-11-01T00:00:00Zhttps://doi.org/10.1186/s41937-021-00077-xhttps://doaj.org/toc/2235-6282Abstract We study Switzerland’s weak growth during the 1990s through the lens of the business cycle accounting framework of Chari et al. (Econometrica 75(3):781–836, 2007). Our main result is that weak productivity growth cannot account for the 1993–1996 stagnation episode. Rather, the stagnation is explained by factors that made labour and investment expensive. We show that increased labour income taxes and financial frictions are plausible causes. Holding these factors constant, the counterfactual annualized real output growth over the 1993Q1–1996Q4 period is 1.93% compared to realized growth of 0.35%.Yannic StuckiJacqueline ThometSpringerOpenarticleBusiness cycle accountingHousing crisisStagnationSwitzerlandStatisticsHA1-4737Economics as a scienceHB71-74ENSwiss Journal of Economics and Statistics, Vol 157, Iss 1, Pp 1-26 (2021)
institution	DOAJ
collection	DOAJ
language	EN
topic	Business cycle accounting Housing crisis Stagnation Switzerland Statistics HA1-4737 Economics as a science HB71-74
spellingShingle	Business cycle accounting Housing crisis Stagnation Switzerland Statistics HA1-4737 Economics as a science HB71-74 Yannic Stucki Jacqueline Thomet A neoclassical perspective on Switzerland’s 1990s stagnation
description	Abstract We study Switzerland’s weak growth during the 1990s through the lens of the business cycle accounting framework of Chari et al. (Econometrica 75(3):781–836, 2007). Our main result is that weak productivity growth cannot account for the 1993–1996 stagnation episode. Rather, the stagnation is explained by factors that made labour and investment expensive. We show that increased labour income taxes and financial frictions are plausible causes. Holding these factors constant, the counterfactual annualized real output growth over the 1993Q1–1996Q4 period is 1.93% compared to realized growth of 0.35%.
format	article
author	Yannic Stucki Jacqueline Thomet
author_facet	Yannic Stucki Jacqueline Thomet
author_sort	Yannic Stucki
title	A neoclassical perspective on Switzerland’s 1990s stagnation
title_short	A neoclassical perspective on Switzerland’s 1990s stagnation
title_full	A neoclassical perspective on Switzerland’s 1990s stagnation
title_fullStr	A neoclassical perspective on Switzerland’s 1990s stagnation
title_full_unstemmed	A neoclassical perspective on Switzerland’s 1990s stagnation
title_sort	neoclassical perspective on switzerland’s 1990s stagnation
publisher	SpringerOpen
publishDate	2021
url	https://doaj.org/article/06317d131e124e699ad81c9c7b6cdab1
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A neoclassical perspective on Switzerland’s 1990s stagnation

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