1. What are the contributions in "Nber working paper series institutional causes, macroeconomic symptoms: volatility, crises and growth" ?
In this paper, the authors studied the relationship between institutions and macroeconomic performance and the severity of economic crises and economic growth.
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2. What are the future works mentioned in the paper "Nber working paper series institutional causes, macroeconomic symptoms: volatility, crises and growth" ?
An interesting possibility implied by this perspective is a seesaw effect: preventing the use of a specific macro distortion will not necessarily cure the economic instability problems, since underlying institutional problems may manifest themselves in the use of some other tools by politicians and elites to achieve their objectives.. They are consistent with the 48 notion that political crises ( “ state failures ” ) may be important, but their evidence here is more circumstantial.
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3. What is the key determinant of economic policies?
”Despite the announced objectives of modernization, the need to stabilize political power seems to have been the key determinant of economic policies.
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4. Why are distortionary macroeconomic policies not typically chosen?
Distortionary macroeconomic policies are not typically chosen because politicians believe that high inflation or overvalued exchange rates are good for economic performance.
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