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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

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

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

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

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

Effective Tax Rates in Macroeconomics: Cross-Country Estimates of Tax Rates on Factor Incomes and Consumption

Mendoza, Enrique G.; Razin, Assaf; Tesar, Linda L. - National Bureau of Economic Research (NBER) - 1994

This paper proposes a method for computing tax rates using national accounts and revenue statistics. Using this method we construct time-series of tax rates for large industrial countries. The method identifies the revenue raised by different taxes at the general government level and defines...

Persistent link: https://www.econbiz.de/10005714188

Supply-Side Economics in a Global Economy

Mendoza, Enrique G.; Tesar, Linda L. - National Bureau of Economic Research (NBER) - 1995

Recent quantitative studies predict large welfare gains from reducing tax distortions in a closed economy, despite costly transitional dynamics to more efficient tax systems. This paper examines transitional dynamics and gains of tax reforms for countries in a global economy, and provides...

Persistent link: https://www.econbiz.de/10005720590

Fiscal Policy and Macroeconomic Uncertainty in Developing Countries: The Tale of the Tormented Insurer

Mendoza, Enrique G.; Oviedo, P. Marcelo - National Bureau of Economic Research (NBER) - 2006

Governments in emerging markets often behave like a "tormented insurer," trying to use non-state-contingent debt instruments to avoid cuts in payments to private agents despite large fluctuations in public revenues. In the data, average public debt-GDP ratios decline as the variability of...

Persistent link: https://www.econbiz.de/10005774994

International Evidence on Fiscal Solvency: Is Fiscal Policy "Responsible"?

Mendoza, Enrique G.; Ostry, Jonathan David - National Bureau of Economic Research (NBER) - 2007

This paper looks at fiscal solvency and public debt sustainability in both emerging market and advanced countries. Evidence of fiscal solvency, in the form of a robust positive conditional relationship between public debt and the primary fiscal balance, is established in both groups of...

Persistent link: https://www.econbiz.de/10005089255

Saving Europe?: The Unpleasant Arithmetic of Fiscal Austerity in Integrated Economies

Mendoza, Enrique G.; Tesar, Linda L.; Zhang, Jing - National Bureau of Economic Research (NBER) - 2014

What are the macroeconomic effects of tax adjustments in response to large public debt shocks in highly integrated economies? The answer from standard closed-economy models is deceptive, because they underestimate the elasticity of capital tax revenues and ignore cross-country spillovers of tax...

Persistent link: https://www.econbiz.de/10010821936