Barro Redlick paper 0210
... In comparison to these three large wars, the post-1954 period features much more modest variations in defense spending. The largest values—1.2% in 1966 and 1.1% in 1967—apply to the early part of the Vietnam War. These values are much smaller than those for the Korean War; moreover, after 1967, the ...
... In comparison to these three large wars, the post-1954 period features much more modest variations in defense spending. The largest values—1.2% in 1966 and 1.1% in 1967—apply to the early part of the Vietnam War. These values are much smaller than those for the Korean War; moreover, after 1967, the ...
Estimating the e®ects of ¯scal policy in OECD countries Roberto Perotti
... While most economists would agree that an exogenous 10 percent increase in money supply will lead to some increase in prices after a while, perfectly reasonable economists can and do disagree even on the basic qualitative e®ects of ¯scal policy. For instance, neoclassical models predict that private ...
... While most economists would agree that an exogenous 10 percent increase in money supply will lead to some increase in prices after a while, perfectly reasonable economists can and do disagree even on the basic qualitative e®ects of ¯scal policy. For instance, neoclassical models predict that private ...
research paper series Fiscal Incentives, European Integration and
... Italy, the UK, Belgium, the Netherlands, Spain, Austria and Sweden. Surprisingly little is known about the impact of various inward investment incentives and fiscal instruments on the choice of location for investments in European countries, either from inside or from outside the EEA. Yet with many ...
... Italy, the UK, Belgium, the Netherlands, Spain, Austria and Sweden. Surprisingly little is known about the impact of various inward investment incentives and fiscal instruments on the choice of location for investments in European countries, either from inside or from outside the EEA. Yet with many ...
NBER WORKING PAPER SERIES ECONOMIES Joshua Aizenman
... in the aftermath of the crisis. The financial sector may find itself in between the two. The “too big to fail” doctrine associated with large banks provides them with softer budget constraint, delaying the day of adjustment (for example, delaying bankruptcy). Occasionally, the separation betwee ...
... in the aftermath of the crisis. The financial sector may find itself in between the two. The “too big to fail” doctrine associated with large banks provides them with softer budget constraint, delaying the day of adjustment (for example, delaying bankruptcy). Occasionally, the separation betwee ...
Italy`s Spending Maze Runner - European Commission
... campaign group Open Spending ( 1), breaking down the public expenditure of as many worldwide governments as possible based on publicly available national accounting data. Understanding the structure of general government expenditure, as well as what lessons can be drawn from its evolution over time ...
... campaign group Open Spending ( 1), breaking down the public expenditure of as many worldwide governments as possible based on publicly available national accounting data. Understanding the structure of general government expenditure, as well as what lessons can be drawn from its evolution over time ...
South Africa - World Bank Group
... saving to support higher growth. Just as higher savings rates will need to underpin higher growth over the long run, higher incomes, especially among the lower end of the income spectrum, will raise the level of savings. What explains the low investment rates? The low private investment rates could ...
... saving to support higher growth. Just as higher savings rates will need to underpin higher growth over the long run, higher incomes, especially among the lower end of the income spectrum, will raise the level of savings. What explains the low investment rates? The low private investment rates could ...
From Crisis to Recovery
... What was different was the magnitude of the crisis and how synchronised it was: this wasn’t just a regional event, like the Asian financial downturn of the late 1990s, but a global crisis, at least in its onset. The numbers are striking. According to estimates by the World Bank, the total world econ ...
... What was different was the magnitude of the crisis and how synchronised it was: this wasn’t just a regional event, like the Asian financial downturn of the late 1990s, but a global crisis, at least in its onset. The numbers are striking. According to estimates by the World Bank, the total world econ ...
Value Preserving Welfare Weights for Social Optimization Problems
... the budget constraint, also equals the value of his …nal allocation. This result provides some support for Mankiw’s argument regarding the justice of market allocations. Notice, however, that the result is only true in a frictionless environment and will not, in general, hold in the presence of fric ...
... the budget constraint, also equals the value of his …nal allocation. This result provides some support for Mankiw’s argument regarding the justice of market allocations. Notice, however, that the result is only true in a frictionless environment and will not, in general, hold in the presence of fric ...
Growth Theory through the Lens of Development
... the aggregate production function will typically be differentiable almost everywhere. It is a corollary of this result that the easiest way to generate an aggregate production function with increasing returns is to base the increasing returns not on the shape of the individual production function, b ...
... the aggregate production function will typically be differentiable almost everywhere. It is a corollary of this result that the easiest way to generate an aggregate production function with increasing returns is to base the increasing returns not on the shape of the individual production function, b ...
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... that the fiscal stimulus should mix revenue and expenditure instruments. Because of the different situations of member states the EERP have taken the following measures into account: • Support to household’s purchasing power. Reduction in taxes and social security contributions and direct aid aimed ...
... that the fiscal stimulus should mix revenue and expenditure instruments. Because of the different situations of member states the EERP have taken the following measures into account: • Support to household’s purchasing power. Reduction in taxes and social security contributions and direct aid aimed ...
Introductory Macroeconomics - General Guide To Personal and
... of the supply and demand of fiat money (coins and bank notes). However, things are more complicated than this because other financial assets, such as government bonds or corporate equity, are substitutes for money. So, in order to model the money market we must model their effect on it. Also, money ...
... of the supply and demand of fiat money (coins and bank notes). However, things are more complicated than this because other financial assets, such as government bonds or corporate equity, are substitutes for money. So, in order to model the money market we must model their effect on it. Also, money ...
NBER WORKING PAPER SERIES SHARING THE BURDEN: David Cook
... Our results in fact show that the response of policy interest rates in a global liquidity trap are piecewise functions of the degree of trade-openness, as measure by the parameter of ‘home bias’ in preferences. When preferences are identical, trade is fully open, and a global liquidity trap is assoc ...
... Our results in fact show that the response of policy interest rates in a global liquidity trap are piecewise functions of the degree of trade-openness, as measure by the parameter of ‘home bias’ in preferences. When preferences are identical, trade is fully open, and a global liquidity trap is assoc ...
The impact of foreign interest rates on the economy: The role of the
... through which foreign interest rates can affect pegs and floats differently, with pegs being directly affected by foreign interest rates and floats insulated from these rates.2 This paper answers two questions. First, what is the effect of interest rates in base countries on other countries' annual ...
... through which foreign interest rates can affect pegs and floats differently, with pegs being directly affected by foreign interest rates and floats insulated from these rates.2 This paper answers two questions. First, what is the effect of interest rates in base countries on other countries' annual ...
Financial Liberalization, Allocative Efficiency and Growth
... Given the empirical estimates of our model’s parameters, the admissible probability of a crisis next period can be as high as 50%. ...
... Given the empirical estimates of our model’s parameters, the admissible probability of a crisis next period can be as high as 50%. ...
NBER WORKING PAPER SERIES A JOBLESS RECOVERY
... and switched to a self-fulfilling liquidity trap equilibrium. Furthermore, they estimate that the economy was expected to stay in that equilibrium for several quarters. The equilibrium dynamics implied by our model are quite different in response to fundamental shocks. When inflationary expectation ...
... and switched to a self-fulfilling liquidity trap equilibrium. Furthermore, they estimate that the economy was expected to stay in that equilibrium for several quarters. The equilibrium dynamics implied by our model are quite different in response to fundamental shocks. When inflationary expectation ...
The External Current Account in the Macroeconomic Adjustment
... deficit will need to be mindful of the strong interconnectedness of imports and exports. There is a clear link between Turkey’s position in the business cycle and the size of its current account deficit. This suggests an important role for counter-cyclical fiscal and monetary policy to manage cyclic ...
... deficit will need to be mindful of the strong interconnectedness of imports and exports. There is a clear link between Turkey’s position in the business cycle and the size of its current account deficit. This suggests an important role for counter-cyclical fiscal and monetary policy to manage cyclic ...
TA Submission
... This is supported by a VisitBritain study on Britain’s international competitiveness, “The Comparative Taxation of Visitors to the UK”. This study demonstrates that, during a seven day stay in the UK, an American family of four contributes £331 (just under £50 per day) to the Exchequer. This does no ...
... This is supported by a VisitBritain study on Britain’s international competitiveness, “The Comparative Taxation of Visitors to the UK”. This study demonstrates that, during a seven day stay in the UK, an American family of four contributes £331 (just under £50 per day) to the Exchequer. This does no ...
Should the European Central Bank and the
... -3A natural way to proceed is to decompose fiscal policy into a component that responds systematically to economic conditions and the structural primary deficit: (1) fiscal deficit = [automatic stabilizers + interest payments] + structural primary deficit = ["y + interest payments] + structural pri ...
... -3A natural way to proceed is to decompose fiscal policy into a component that responds systematically to economic conditions and the structural primary deficit: (1) fiscal deficit = [automatic stabilizers + interest payments] + structural primary deficit = ["y + interest payments] + structural pri ...
Measuring the Benefits of Tourism
... changes in their own consumption, income and level of effort, as well as through how they are affected by government consumption. Firms can gain if profits are increased, consumers gain from price reductions or quality improvements, workers can gain from additional wages less any costs of additional ...
... changes in their own consumption, income and level of effort, as well as through how they are affected by government consumption. Firms can gain if profits are increased, consumers gain from price reductions or quality improvements, workers can gain from additional wages less any costs of additional ...
Can heterogeneity, undiversified risk, and trading frictions solve the
... government expenditures per capita. When immigrants retire, these e ects are reversed. A general equilibrium analysis is required since the government budget is also a ected through increases in interest rates and decreases in wages, due to a rise in the labor-capital ratio (assuming capital does no ...
... government expenditures per capita. When immigrants retire, these e ects are reversed. A general equilibrium analysis is required since the government budget is also a ected through increases in interest rates and decreases in wages, due to a rise in the labor-capital ratio (assuming capital does no ...
Sustaining Fiscal Policy through Immigration
... were instead admitted in family units, the minimum number of immigrants required would increase to 1.08 percent of the population annually, with the head of the family assumed to be high-skilled and 45–49 years old. While admitting 1.6 million immigrants annually might seem like a considerable polic ...
... were instead admitted in family units, the minimum number of immigrants required would increase to 1.08 percent of the population annually, with the head of the family assumed to be high-skilled and 45–49 years old. While admitting 1.6 million immigrants annually might seem like a considerable polic ...
EUROPEAN COMMISSION Brussels, 26.2.2016 SWD(2016) 78 final
... euro area governance framework, this broke the link between the financial sector and the sovereign debt and paved the way for a return of capital inflows and improved financial conditions. Substantial external adjustment also took place, also supported by cost-competitiveness gains. All these elemen ...
... euro area governance framework, this broke the link between the financial sector and the sovereign debt and paved the way for a return of capital inflows and improved financial conditions. Substantial external adjustment also took place, also supported by cost-competitiveness gains. All these elemen ...
Analyzing the Debate over Offshore Outsourcing in the Service Industry: Gwyn VanderWeerdt
... economy and have expressed concern over the number of high-paying jobs that are filled by non-American workers in other countries. Other people see this type of outsourcing as a form of trade and believe that trade generally benefits society. Implementing any restrictions harms the economy. Both sid ...
... economy and have expressed concern over the number of high-paying jobs that are filled by non-American workers in other countries. Other people see this type of outsourcing as a form of trade and believe that trade generally benefits society. Implementing any restrictions harms the economy. Both sid ...
Will China Escape the Middle-income Trap?
... largely of state sector workers and private entrepreneurs, are the beneficiaries and supporters of the regime. This is because state workers receive high wages, and entrepreneurs benefit from the cheap and abundant labor in the private sector. Chen and Lu (2011) and Tsai (2007) document that the Chi ...
... largely of state sector workers and private entrepreneurs, are the beneficiaries and supporters of the regime. This is because state workers receive high wages, and entrepreneurs benefit from the cheap and abundant labor in the private sector. Chen and Lu (2011) and Tsai (2007) document that the Chi ...
Paying off government debt
... since the government must pay interest or retire bonds. In some cases, short-run deficits can be justified. Just as consumers or businesses may wish to smooth out the cost of consumption over time, so can government. If the government is building infrastructure which has long-term benefits, it may b ...
... since the government must pay interest or retire bonds. In some cases, short-run deficits can be justified. Just as consumers or businesses may wish to smooth out the cost of consumption over time, so can government. If the government is building infrastructure which has long-term benefits, it may b ...