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Loungani, Prakash

Works: 101 works in 275 publications in 1 language and 3,601 library holdings
Genres: History 
Roles: Author
Publication Timeline
Publications about Prakash Loungani
Publications by Prakash Loungani
Most widely held works by Prakash Loungani
Capital mobility and the output-inflation trade-off by Prakash Loungani( Book )
25 editions published between 1996 and 2000 in English and Undetermined and held by 72 libraries worldwide
Understanding the determinants of the output-inflation tradeoff (or the "sacrifice ratio") has been a key area of research in business cycle theory. The new classical approach [Lucas (1972, 1973)] and the new Keynesian approach [Ball, Mankiw and Romer (1988), Ball (1993)] offer competing explanations for the determinants of the tradeoff. Though these studies use cross-country data to test their models, both approaches are based on closed economy considerations
Globalization and inflation-output tradeoffs by Assaf Razin( Book )
11 editions published in 2005 in English and held by 43 libraries worldwide
"We demonstrate how capital account and trade account liberalizations help reduce inefficiencies associated with the fluctuations in the output gap, relative to the inefficiencies associated with the fluctuations in inflation. With capital account liberalization the representative household is able to smooth fluctuations in consumption, and thus becomes relatively insensitive to fluctuations in the output gap. With trade liberalization the economy tends to specialize in production but not in consumption. The correlation between fluctuations in the output gap and aggregate consumption is therefore weakened by trade openness; hence a smaller weight on the output gap in the utility-based loss function, compared to the closed economy situations. A key implication of the theory is that globalization forces could induce monetary authorities, to put a greater emphasis on reducing the inflation rate than on narrowing the output gaps. We provide a re- interpretation of the evidence on the effect of openness on the sacrifice ratio which supports the prediction of the theory"--National Bureau of Economic Research web site
The East Asian crisis : macroeconomic developments and policy lessons by Kalpana Kochhar( Book )
11 editions published in 1998 in English and Undetermined and held by 33 libraries worldwide
Sources of inflation in Developing countries by Prakash Loungani( Book )
7 editions published in 2001 in English and Undetermined and held by 29 libraries worldwide
This paper develops stylized facts about the inflation process in developing countries, focusing particularly on the relationship between the exchange rate regime and the sources of inflation. Using annual data from 1964 to 1998 for 53 developing countries, we find that money growth and exchange rate changes-factors typically related to fiscal influences-are far more important in countries with floating exchange rate regimes than in those with fixed exchange rates. Instead, inertial factors dominate the inflation process in developing countries with fixed exchange rate regimes
How accurate are private sector forecasts? : cross-country evidence from consensus forecasts of output growth by Prakash Loungani( Book )
7 editions published in 2000 in English and Undetermined and held by 24 libraries worldwide
How well does the private sector forecast output growth? This paper provides evidence on this question using data from the publication Consensus Forecasts. The evidence is useful for a number of reasons. First, many industrialized countries are in the midst of long expansions, and the question of when these expansions will come to an end is being debated. Many private forecasters have issued rosy predictions for growth in the major industrialized countries and for several developing countries as well. Can these predictions be trusted? How good are forecasters at predicting recessions? Second, private sector capital flows have supplanted official funds as the dominant form of external financing for many countries. Hence, private sector assessments of the relative macroeconomic outlook for various countries play a role in guiding the allocation of capital across the globe
Capital flight from Russia by Prakash Loungani( Book )
9 editions published in 2000 in English and held by 23 libraries worldwide
Okun's Law : fit at fifty? by Laurence M Ball( Book )
7 editions published in 2013 in English and held by 12 libraries worldwide
This paper asks how well Okun's Law fits short-run unemployment movements in the United States since 1948 and in twenty advanced economies since 1980. We find that Okun's Law is a strong and stable relationship in most countries, one that did not change substantially during the Great Recession. Accounts of breakdowns in the Law, such as the emergence of "jobless recoveries," are flawed. We also find that the coefficient in the relationship--the effect of a one percent change in output on the unemployment rate--varies substantially across countries. This variation is partly explained by idiosyncratic features of national labor markets, but it is not related to differences in employment protection legislation
Global Housing Cycles by Deniz Igan( Book )
7 editions published in 2012 in English and Undetermined and held by 3 libraries worldwide
Housing cycles and their impact on the financial system and the macroeconomy have become the center of attention following the global financial crisis. This paper documents the characteristics of housing cycles in a large set of countries, and examines the determinants of house price movements. Empirical analysis shows that house price dynamics are mostly driven by income and demographics but fluctuations in these fundamentals and credit conditions can create deviations from the implied equilibrium path. We conclude with a discussion of the macroeconomic implications of house price corrections
Measuring energy security : trends in the diversification of oil and natural gas supplies by Gail Cohen( Book )
6 editions published in 2011 in English and held by 3 libraries worldwide
We present evidence on one facet of energy security in OECD economies - the extent of diversification in sources of oil and natural gas supplies. Viewed from the perspective of the energy-importing countries as a whole, there has not been much change in diversification in oil supplies over the last decade, but diversification in sources of natural gas supplies has increased steadily. We document the cross-country heterogeneity in the extent of diversification. We also show how the extent of diversification changes if account is taken of the political risk attached to suppliers; the size of the importing country; and transportation risk
Regional labor market adjustments in the United States by Mai Dao( Book )
9 editions published in 2014 in English and held by 2 libraries worldwide
We examine patterns of regional adjustments to shocks in the US during the past four decades.We find that the response of interstate migration to relative labor market conditions hasdecreased, while the role of the unemployment rate as absorber of regional shocks has increased.However, the response of net migration to regional shocks is stronger during aggregate downturnsand increased particularly during the Great Recession. We offer a potential explanation for thecyclical pattern of migration response based on the variation in consumption risk sharing
Information rigidity in growth forecasts some cross-country evidence by Prakash Loungani( Book )
5 editions published in 2011 in English and Undetermined and held by 2 libraries worldwide
We document information rigidity in forecasts for real GDP growth in 46 countries over the past two decades. We investigate: (i) if rigidities are lower around turning points in the economy, such as in times of recessions and crises; (ii) if rigidities differ across countries, particularly between advanced countries and emerging markets; and (iii) how quickly forecasters incorporate news about growth in other countries into their growth forecasts, with a focus on how advanced countries growth forecasts incorporate news about emerging market growth and vice versa
Uncertainty and unemployment : the effects of aggregate and sectoral channels by Sangyup Choi( Book )
6 editions published in 2015 in English and held by 2 libraries worldwide
Cover; Contents; I. Introduction; II. Measuring Uncertainty: Aggregate vs. Sectoral; A. The Effect of Uncertainty Shocks on Unemployment: Different Explanations; B. Construction of the Uncertainty Indices from the U.S. Stock Market; III. Structural VARs; A. The Effects of Uncertainty Shocks; B. Contribution of Uncertainty Shocks to Long-Term Unemployment during the Great Recession; C. Robustness Checks; IV. Conclusion; References; Figures; 1. Uncertainty Index; 2 Distribution of Aggregate and Sectoral Uncertainty Indices; 3. Unemployment Rate (percent)
Asian financial integration : trends and interruptions by Eduardo Borensztein( Computer File )
3 editions published between 2010 and 2011 in English and held by 1 library worldwide
The paper compares trends in financial integration within Asia with those in industrialized countries and other regional groups. Declines in cross-country dispersion in equity returns and interest rates suggest increased Asian integration, with the process interrupted by crises and global volatility. Cross-border equity and bond holdings have also increased, but Asian countries remain considerably more financially integrated with major countries outside the region than with those within the region. The paper also discusses whether potential benefits of regional financial integration, such as increased risk-sharing and stability of the investor base, have materialized
Minimum wages and firm employment : evidence from China by Yi Huang( Book )
4 editions published in 2014 in English and held by 1 library worldwide
This paper provides the first systematic study of how minimum wage policies in China affect firm employment over the 2000-2007 periods. Using a novel dataset of minimum wage regulations across more than 2,800 counties matched with firm-level data, we investigate both the effect of the minimum wage and its policy enforcement tightening in 2004. A dynamic panel (difference GMM) estimator is combined with a "neighbor-pairs-approach" to control for unobservable heterogeneity common to "border counties" that are subject to different minimum wage changes. We show that minimum wage increases have a s
Grenada: statistical appendix by Prakash Loungani( Book )
3 editions published in 2005 in English and held by 1 library worldwide
Capital account liberalization and inequality by Davide Furceri( file )
1 edition published in 2015 in English and held by 0 libraries worldwide
This paper examines the distributional impact of capital account liberalization. Using panel data for 149 countries from 1970 to 2010, we find that, on average, capital account liberalization reforms increase inequality and reduce the labor share of income in the short and medium term. We also find that the level of financial development and the occurrence of crises play a key role in shaping the response of inequality to capital account liberalization reforms. --Abstract
Regional labor market adjustments in the United States and Europe by Mai Dao( file )
1 edition published in 2014 in English and held by 0 libraries worldwide
"We examine patterns of regional adjustments to shocks in the US during the past 40 years. Using state-level data, we estimate the dynamic response of regional employment, unemployment, participation rates and net migration to state-relative labor demand shocks. We find that (i) the long-run effect of a state-specific shock on the state employment level has decreased over time, suggesting less overall net migration in response to a regional shock, (ii) the role of the participation rate as absorber of regional shocks has increased, (iii) the response of net migration to regional shocks is stronger, while that of relative unemployment is weaker during aggregate downturns, and (iv) the change in the response intensity of migration is related to the declining trend in regional dispersion of labor market conditions. Finally, using regional data for a set of 21 European countries, we show that while the short-term response of participation rates to labor demand shocks is typically larger in Europe than in the US, the immediate response of net migration in Europe has increased over time"--Abstract
1 edition published in 2016 in English and held by 0 libraries worldwide
A number of advanced economies carried out a sequence of extensive reforms of their labor and product markets in the 1990s and early 2000s. Using the Synthetic Control Method (SCM), this paper implements six case studies of well-known waves of reforms, those of New Zealand, Australia, Denmark, Ireland and Netherlands in the 1990s, and the labor market reforms in Germany in the early 2000s. In four of the six cases, GDP per capita was higher than in the control group as a result of the reforms. No difference between the treated country and its synthetic counterpart could be found in the cases of Denmark and New Zealand, which in the latter case may have partly reflected the implementation of reforms under particularly weak macroeconomic conditions. Overall, also factoring in the limitations of the SCM in this context, the results are suggestive of a positive but heterogenous effect of reform waves on GDP per capita
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Alternative Names
Loungani, Prakash N. 1959-
Prakash Loungani Indian academic
English (117)
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