Similar Search Results

Debt and Deficit Fluctuations and the Structure of Bond Markets

Marcet, Albert; Scott, Andrew - Barcelona Graduate School of Economics (Barcelona GSE) - 2003

This paper tests for the market environment within which US fiscal policy operates, that is we test for the incompleteness of the US government bond market. We document the stochastic properties of US debt and deficits and then consider the ability of competing optimal tax models to account for...

Persistent link: https://www.econbiz.de/10010547115

Debt and Deficit Fluctuations and the Structure of Bond Markets

Marcet, Albert; Scott, Albert - Barcelona Graduate School of Economics (Barcelona GSE) - 2007

We analyse the implications of optimal taxation for the stochastic behaviour of debt. We show that when a government pursues an optimal fiscal policy under complete markets, the value of debt has the same or less persistence than other variables in the economy and it declines in response to...

Persistent link: https://www.econbiz.de/10010547468

Judicial Presence and Rent Extraction

Litschig, Stephan; Zamboni, Yves - Barcelona Graduate School of Economics (Barcelona GSE) - 2014

as irregularities related to waste or corruption uncovered by auditors. Our unique dataset at the level of individual … inspections with irregularities related to waste or corruption by about 10 percent or 0.3 standard deviations. …

Persistent link: https://www.econbiz.de/10010961554

The Social Contracts with Endogenous Sentiments

Esteban, Joan; Kranich, Laurence - Barcelona Graduate School of Economics (Barcelona GSE) - 2003

We present a model in which an individual's sentiments toward others are determined endogenously on the basis of how they perform relative to the societal average. This, in turn, affects the individual's own behavior and hence other agent's sentiments toward her. We focus on stationary patterns...

Persistent link: https://www.econbiz.de/10010547402

Macroeconomic Uncertainty Indices Based on Nowcast and Forecast Error Distributions

Rossi, Barbara; Sekhposyan, Tatevik - Barcelona Graduate School of Economics (Barcelona GSE) - 2015

We propose new indices to measure macroeconomic uncertainty. The indices measure how unexpected a realization of a representative macroeconomic variable is relative to the unconditional forecast error distribution. We use forecast error distributions based on the nowcasts and forecasts of the...

Persistent link: https://www.econbiz.de/10011269054

Audit Risk and Rent Extraction: Evidence from a Randomized Evaluation in Brazil

Zamboni, Yves; Litschig, Stephan - Barcelona Graduate School of Economics (Barcelona GSE) - 2014

audit risk by about 20 percentage points reduced the proportion of procurement processes with evidence of corruption by … about 15 percentage points and the share of audited resources involved in corruption by about 10 percentage points. We show … that these results are invariant to alternative corruption codings that have been used in prior literature. In contrast, we …

Persistent link: https://www.econbiz.de/10010950611

A Foundation for Strategic Agenda Voting

Apesteguia, Jose; Ballester, Miguel Angel; Masatlioglu, … - Barcelona Graduate School of Economics (Barcelona GSE) - 2012

We offer complete characterizations of the equilibrium outcomes of two prominent agenda voting institutions that are widely used in the democratic world: the amendment, also known as the Anglo-American procedure, and the successive, or equivalently the Euro-Latin procedure. Our axiomatic...

Persistent link: https://www.econbiz.de/10011253112

Heterogeneous Information and Trade Policy

Ponzetto, Giacomo - Barcelona Graduate School of Economics (Barcelona GSE) - 2011

Protectionism enjoys surprising popular support, in spite of deadweight losses. At the same time, trade barriers appear to decline with public information about protection. This paper develops an electoral model with heterogeneously informed voters which explains both facts and predicts the...

Persistent link: https://www.econbiz.de/10010692002

Top monotonicity: A common root for single peakedness, single crossing and the median voter result

Barberà, Salvador; Moreno, Bernardo - Barcelona Graduate School of Economics (Barcelona GSE) - 2010

When the members of a voting body exhibit single peaked preferences, majority winners exist. Moreover, the median(s) of the preferred alternatives of voters is (are) indeed the majority (Condorcet) winner(s). This important result of Duncan Black has been crucial in the development of public...

Persistent link: https://www.econbiz.de/10010773129

Partisan Competition, Growth and the Franchise

Llavador, Humberto; Oxoby, Robert J. - Barcelona Graduate School of Economics (Barcelona GSE) - 2004

The nineteenth century was a time of substantial changes in the patterns of economic growth. This was also a period of significant fluctuations in the structure of and allocation of political rights. Through successive franchise extensions, democracy expanded dramatically, giving birth to the...

Persistent link: https://www.econbiz.de/10010851332