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Space and Growth
Abreu, Maria; Groot, Henri L.F. de; Florax, Raymond J.G.M. - Tinbergen Instituut - 2004
This paper reviews the empirical literature on growth and convergence that has addressed the importance of spatial …
Persistent link: https://www.econbiz.de/10011256152
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A Meta-Analysis of Beta-Convergence: The Legendary Two-Percent
Abreu, Maria; Groot, Henri L.F. de; Florax, Raymond J.G.M. - Tinbergen Instituut - 2005
The topic of convergence is at the heart of a wide-ranging debate in the growth literature. Empirical studies of … convergence differ widely in their theoretical backgrounds, empirical specifications and in their treatment of cross …-sectional heterogeneity. Despite these differences, a rate of convergence of about 2% has been found under a variety of different conditions …
Persistent link: https://www.econbiz.de/10011255754
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Spatial Patterns of Technology Diffusion: An Empirical Analysis using TFP
Abreu, Maria; Groot, Henri L.F. de; Florax, Raymond J.G.M. - Tinbergen Instituut - 2004
In this paper we employ techniques developed in spatial econometrics to analyse spatial patterns of technology diffusion, to detect clusters and to estimate theoretical models that incorporate space explicitly. These techniques correct for misspecifications resulting from the omission of spatial...
Persistent link: https://www.econbiz.de/10011256081
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Understanding the Effects of Government Spending on Consumption
Galí, Jordi; López-Salido, J. David - Barcelona Graduate School of Economics (Barcelona GSE) - 2003
Recent evidence on the effect of government spending shocks on consumption cannot be easily reconciled with existing optimizing business cycle models. We extend the standard New Keynesian model to allow for the presence of rule-of-thumb (non-Ricardian) consumers. We show how the interaction of...
Persistent link: https://www.econbiz.de/10010547269
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Optimal Monetary and Fiscal Policy in a Currency Union
Galí, Jordi; Monacelli, Tommaso - Barcelona Graduate School of Economics (Barcelona GSE) - 2005
We lay out a tractable model for fiscal and monetary policy analysis in a currency union, and analyze its implications for the optimal design of such policies. Monetary policy is conducted by a common central bank, which sets the interest rate for the union as a whole. Fiscal policy is...
Persistent link: https://www.econbiz.de/10010547367
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The Effects of a Money-Financed Fiscal Stimulus
Galí, Jordi - Barcelona Graduate School of Economics (Barcelona GSE) - 2014
I analyze the effects of an increase in government purchases financed entirely through seignorage, in both a classical and a New Keynesian framework, and compare them with those resulting from a more conventional debt-financed stimulus. My findings point to the importance of nominal rigidities...
Persistent link: https://www.econbiz.de/10010950610