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Do oil windfalls improve living standards?: evidence from Brazil

Caselli, Francesco; Michaels, Guy - London School of Economics (LSE) - 2009

We use variation in oil output among Brazilian municipalities to investigate the effects of resource windfalls. We find muted effects of oil through market channels: offshore oil has no effect on municipal non-oil GDP or its composition, while onshore oil has only modest effects on non-oil GDP...

Persistent link: https://www.econbiz.de/10010746388

The marginal product of capital

Caselli, Francesco; Feyrer, James - London School of Economics (LSE) - 2006

Whether or not the marginal product of capital (MPK) differs across countries is a question that keeps coming up in discussions of comparative economic development and patterns of capital flows. We use easily accessible macroeconomic data to shed light on this issue, and find that MPKs are...

Persistent link: https://www.econbiz.de/10010928591

Is Poland the next Spain?

Caselli, Francesco; Tenreyro, Silvana - London School of Economics (LSE) - 2005

We revisit Western Europe’s record with labor-productivity convergence, and tentatively extrapolate its implications … capital accumulation and TFP growth reflect convergence along two margins. One margin (between industry) is a massive …. Coupled with the fact that within-industry productivity gaps are enormous, this suggests that convergence will take a long …

Persistent link: https://www.econbiz.de/10010745276

The contribution of schooling in development accounting: results from a nonparametric upper bound

Caselli, Francesco; Ciccone, Antonio - London School of Economics (LSE) - 2013

How much would output increase if underdeveloped economies were to increase their levels of schooling? We contribute to the development accounting literature by describing a nonparametric upper bound on the increase in output that can be generated by more schooling. The advantage of our approach...

Persistent link: https://www.econbiz.de/10010745364

Leader behavior and the natural resource curse

Caselli, Francesco; Cunningham, Tom - London School of Economics (LSE) - 2009

We discuss political economy mechanisms which can explain the resource curse, in which an increase in the size of resource rents causes a decrease in the economy’s total value added. We identify a number of channels through which resource rents will alter the incentives of a political leader....

Persistent link: https://www.econbiz.de/10010745679

The Latin American efficiency gap

Caselli, Francesco - London School of Economics (LSE) - 2014

The average Latin American country produces about 1 fifth of the output per worker of the US. What are the sources of these enormous income gaps? I report development-accounting results for Latin America. On average Latin America’s overall physical and human capital endowment relative to the...

Persistent link: https://www.econbiz.de/10011126668

Economics and politics of alternative institutional reforms

Caselli, Francesco; Gennaioli, Nicola - London School of Economics (LSE) - 2007

We compare the economic consequences and political feasibility of reforms aimed at reducing barriers to entry (deregulation) and improving contractual enforcement (legal reform). Deregulation fosters entry, thereby increasing the number of firms (entrepreneurship) and the average quality of...

Persistent link: https://www.econbiz.de/10011071299

Fiscal discipline and the cost of public debt service: some estimates for OECD countries

Ardagna, Silvia; Caselli, Francesco; Lane, Timothy - London School of Economics (LSE) - 2005

We use a panel of 16 OECD countries over several decades to investigate the effects of government debts and deficits on long-term interest rates. In simple static specifications, a one-percentage-point increase in the primary deficit relative to GDP increases contemporaneous long-term interest...

Persistent link: https://www.econbiz.de/10010745225