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Public investment: a remedy or a curse? Examining the Role of Public Investment for Macroeconomic Performance
Ismihan, Mustafa; Ozkan, F Gulcin - C.E.P.R. Discussion Papers - 2007
This paper explores the implications of public investment for macroeconomic performance within a simple two-period policymaking model. We show that under the balanced-budget rule, the contribution of public investment to future output plays a key role in determining its effects on macroeconomic...
Persistent link: https://www.econbiz.de/10005791555
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Macroeconomic Shocks, the ERM, and Tri-Polarity
Bayoumi, Tamim; Taylor, Mark P - C.E.P.R. Discussion Papers - 1992
We analyse the importance of ERM membership for macroeconomic performance by comparing the behaviour of real output growth and inflation of members and non-members of the ERM. Taking the traditional aggregate supply and demand model as the basis for the analysis, we propose and implement an...
Persistent link: https://www.econbiz.de/10005792086
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Lending Booms: Latin America and the World
Gourinchas, Pierre-Olivier; Landerretche, Oscar; … - C.E.P.R. Discussion Papers - 2001
Recent theories on the origins of crises put lending booms at the root of financial collapses. Yet lending booms may be a natural consequence of economic development and fluctuations. So, are lending booms dangerous? In this Paper, we investigate this question empirically using a broad sample of...
Persistent link: https://www.econbiz.de/10005136756
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Weather shocks and English wheat yields, 1690-1871
Brunt, Liam - C.E.P.R. Discussion Papers - 2015
reconcile the conflicting primal and dual estimates of productivity growth over the period. …
Persistent link: https://www.econbiz.de/10011249371
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The Margins of Global Sourcing: Theory and Evidence from U.S. Firms
Antràs, Pol; Fort, Teresa C; Tintelnot, Felix - C.E.P.R. Discussion Papers - 2014
multi-country sourcing model in which heterogeneous firms self-select into importing based on their productivity and country …
Persistent link: https://www.econbiz.de/10011145398
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Robots at Work
Graetz, Georg; Michaels, Guy - C.E.P.R. Discussion Papers - 2015
panel of industries in 17 countries from 1993-2007. We find that industrial robots increased both labor productivity and ….37 percentage points. We also find that robots increased both wages and total factor productivity. While robots had no significant …
Persistent link: https://www.econbiz.de/10011196027
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Industrial Catching Up in the Poor Periphery 1870-1975
Williamson, Jeffrey G - C.E.P.R. Discussion Papers - 2011
This paper documents industrial output and labor productivity growth around the poor periphery 1870-1975 (Latin America … catching up? Productivity growth certainly made their industries more competitive in home and foreign markets, but other forces …
Persistent link: https://www.econbiz.de/10008915805
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British Relative Economic Decline Revisited
Crafts, Nicholas - C.E.P.R. Discussion Papers - 2011
This paper examines the role of competition in productivity perfromance in Britain over the period from the late … 1930s to the 1970s undermined productivity growth but since the 1970s stronger competition has been a key ingredient in … ending relative economic decline. The productivity implications of the retreat from competition resulted in large part from …
Persistent link: https://www.econbiz.de/10009024927
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Sovereigns, Upstream Capital Flows, and Global Imbalances
Alfaro, Laura; Kalemli-Ozcan, Sebnem; Volosovych, Vadym - C.E.P.R. Discussion Papers - 2011
The paper presents new stylized facts on the direction of capital flows. We find (i) international capital flows net of government debt and/or official aid are positively correlated with growth; (ii) sovereign debt flows are negatively correlated with growth only if debt is financed by another...
Persistent link: https://www.econbiz.de/10009364326
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How Big are the Gains from International Financial Integration?
Hoxha, Indrit; Kalemli-Ozcan, Sebnem; Vollrath, Dietrich - C.E.P.R. Discussion Papers - 2011
The literature has shown that the implied welfare gains from international financial integration are very small. We revisit the existing findings and document that welfare gains can be substantial if capital goods are not perfect substitutes. We use a model of optimal savings that includes a...
Persistent link: https://www.econbiz.de/10009364327