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The Poor Stay Poor: Non-Convergence Across Countries and Regions

Canova, Fabio; Marcet, Albert - C.E.P.R. Discussion Papers - 1995

We study the issue of income convergence across countries and regions with a Bayesian model which allows us to use … information in an efficient and flexible way. We argue that the very slow convergence rates to a common level of per-capita income … introduces in the results. Our approach permits the estimation of different convergence rates to different steady states for each …

Persistent link: https://www.econbiz.de/10005067447

Regional Policies and EU Enlargement

Boldrin, Michele; Canova, Fabio - C.E.P.R. Discussion Papers - 2003

examines what is the best way for candidate countries to fuel real convergence. The experience from earlier EU enlargements and … should be terminated as soon as possible. Second, labour and capital mobility are good for growth and economic convergence …

Persistent link: https://www.econbiz.de/10005789211

Cross-border spillovers from fiscal stimulus

Corsetti, Giancarlo; Meier, André; Müller, Gernot - C.E.P.R. Discussion Papers - 2009

The global recession of 2008-09 has revived interest in the international repercussions of domestic policy choices. This paper focuses on the case of fiscal stimulus, investigating cross-border spillovers from an increase in exhaustive government spending on the basis of a two-country business...

Persistent link: https://www.econbiz.de/10008496454

Debt consolidation and fiscal stabilization of deep recessions

Corsetti, Giancarlo; Kuester, Keith; Meier, André; … - C.E.P.R. Discussion Papers - 2010

The global financial crisis of 2008-09 has sent public debt on sharply higher trajectories. With the economic recovery gradually taking hold, the focus is now shifting to fiscal "exit" strategies. Medium-term consolidation efforts are likely to include not only tax increases but also sizeable...

Persistent link: https://www.econbiz.de/10008468677

Fiscal Stimulus with spending reversals

Corsetti, Giancarlo; Meier, André; Müller, Gernot - C.E.P.R. Discussion Papers - 2009

The impact of fiscal stimulus depends not only on short-term tax and spending policies, but also on expectations about offsetting measures in the future. This paper analyzes the effects of an increase in government spending under a plausible debt-stabilizing policy that systematically reduces...

Persistent link: https://www.econbiz.de/10004976796

Habit Formation and Fiscal Transmission in Open Economies

Cardi, Olivier; Müller, Gernot - C.E.P.R. Discussion Papers - 2010

In this paper we analyze the ability of an open economy version of the neoclassical model to account for the time-series evidence on fiscal policy transmission. In a first step, we identify government spending shocks within a vector autoregression model. We find that i) government spending...

Persistent link: https://www.econbiz.de/10008684676

Does austerity pay off?

Born, Benjamin; Müller, Gernot; Pfeifer, Johannes - C.E.P.R. Discussion Papers - 2015

We ask whether cuts of government consumption lower or raise the sovereign default premium. To address this question, we set up a new data set for 38 emerging and advanced economies which contains quarterly time-series observations for sovereign default premia, government consumption, and...

Persistent link: https://www.econbiz.de/10011168905

The Structural Dynamics of Output Growth and Inflation: Some International Evidence

Canova, Fabio; Gambetti, Luca; Pappa, Evi - C.E.P.R. Discussion Papers - 2006

We examine the dynamics of output growth and inflation in the US, Euro area and UK using a structural time varying coefficient VAR. There are important similarities in structural inflation dynamics across countries; output growth dynamics differ. Swings in the magnitude of inflation and output...

Persistent link: https://www.econbiz.de/10005114193

Sovereign Risk, Fiscal Policy, and Macroeconomic Stability

Corsetti, Giancarlo; Kuester, Keith; Meier, André; … - C.E.P.R. Discussion Papers - 2012

This paper analyzes the impact of strained government finances on macroeconomic stability and the transmission of fiscal policy. Using a variant of the model by Curdia and Woodford (2009), we study a 'sovereign risk channel' through which sovereign default risk raises funding costs in the...

Persistent link: https://www.econbiz.de/10011083641

What Determines Government Spending Multipliers?

Corsetti, Giancarlo; Meier, André; Müller, Gernot - C.E.P.R. Discussion Papers - 2012

This paper studies how the effects of government spending vary with the economic environment. Using a panel of OECD countries, we identify fiscal shocks as residuals from an estimated spending rule and trace their macroeconomic impact under different conditions regarding the exchange rate...

Persistent link: https://www.econbiz.de/10011083665