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Do Oil Windfalls Improve Living Standards? Evidence from Brazil
Caselli, Francesco; Michaels, Guy - National Bureau of Economic Research (NBER) - 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/10008610984
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Is Poland the Next Spain?
Caselli, Francesco; Tenreyro, Silvana - National Bureau of Economic Research (NBER) - 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/10005084557
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The Contribution of Schooling in Development Accounting: Results from a Nonparametric Upper Bound
Caselli, Francesco; Ciccone, Antonio - National Bureau of Economic Research (NBER) - 2011
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 non-parametric upper bound on the increase in output that can be generated by more schooling. The advantage of our...
Persistent link: https://www.econbiz.de/10009652860
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The Marginal Product of Capital
Caselli, Francesco; Feyrer, James - National Bureau of Economic Research (NBER) - 2005
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. Attempts to provide an empirical answer to this question have so far been mostly indirect and based...
Persistent link: https://www.econbiz.de/10005050164
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Economics and Politics of Alternative Institutional Reforms
Caselli, Francesco; Gennaioli, Nicola - National Bureau of Economic Research (NBER) - 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/10005050260
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Effects of Fiscal Shocks in a Globalized World
Auerbach, Alan; Gorodnichenko, Yuriy - National Bureau of Economic Research (NBER) - 2015
While theoretical models consistently predict that government spending shocks should lead to appreciation of the domestic currency, empirical studies have been stubbornly finding depreciation. Using daily data on U.S. defense spending (announced and actual payments), we document that the dollar...
Persistent link: https://www.econbiz.de/10011262911
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The Bush Tax Cut and National Saving
Auerbach, Alan - National Bureau of Economic Research (NBER) - 2002
Following through on pledges made during his election campaign, President Bush proposed and Congress passed a substantial tax cut in 2001, the Economic Growth and Tax Relief Reconciliation Act (EGTRRA). Much has been written about the size of the tax cut, its impact on the federal budget, its...
Persistent link: https://www.econbiz.de/10005248766
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Is There a Role for Discretionary Fiscal Policy?
Auerbach, Alan - National Bureau of Economic Research (NBER) - 2002
This paper reviews the state of discretionary fiscal policy. Among its findings are: (1) In recent years, U.S. discretionary fiscal policy appears to have become more active in response to both cyclical conditions and a simple measure of budget balance. (2) Considerable uncertainty remains about...
Persistent link: https://www.econbiz.de/10005085146
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Optimal Long-Run Fiscal Policy: Constraints, Preferences and the Resolution of Uncertainty
Auerbach, Alan; hassett, kevin allen - National Bureau of Economic Research (NBER) - 2002
We construct a computational dynamic stochastic overlapping generations general equilibrium model with uncertain lifetimes and explore the impact of policy stickiness (specifically, a major reform will preclude future reforms for a generation) on optimal long-run fiscal policy. Under such...
Persistent link: https://www.econbiz.de/10005085231
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Fiscal Multipliers in Recession and Expansion
Auerbach, Alan; Gorodnichenko, Yuriy - National Bureau of Economic Research (NBER) - 2011
In this paper, we estimate government purchase multipliers for a large number of OECD countries, allowing these multipliers to vary smoothly according to the state of the economy and using real-time forecast data to purge policy innovations of their predictable components. We adapt our previous...
Persistent link: https://www.econbiz.de/10009323437