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Globalization and Business Cycle Transmission
Artis, Michael J; Okubo, Toshihiro - C.E.P.R. Discussion Papers - 2008
separate periods, those of the first globalization wave (1870 to 1914), the period of the “bloc economy” (1915 to 1959) and for … the period of the second globalization (1960-2001). Cluster analysis is applied and the McNemar test is used to test for … that features some well-defined sub-global clusters, where the second globalization period does not, the first …
Persistent link: https://www.econbiz.de/10005792022
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Non-Keynesian Effects of Fiscal Policy Changes: International Evidence and the Swedish Experience
Giavazzi, Francesco; Pagano, Marco - C.E.P.R. Discussion Papers - 1995
In earlier work we documented two episodes in which a sharp fiscal consolidation was associated with a surprisingly large expansion in private domestic demand. In this paper we draw on further evidence to investigate if and when fiscal policy changes can have such non-Keynesian effects. In the...
Persistent link: https://www.econbiz.de/10005136472
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Non-Separable Preferences and Frisch Labor Supply: One Solution to a Fiscal Policy Puzzle
Bilbiie, Florin Ovidiu - C.E.P.R. Discussion Papers - 2009
This paper proposes a theoretical explanation of the empirical finding that private consumption increases in response to an increase in government spending. The explanation requires two ingredients. First, labor demand expands (e.g. prices are sticky). Second, general non-separable preferences...
Persistent link: https://www.econbiz.de/10008459766
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Fiscal Policy, Wealth Effects and Markups
Monacelli, Tommaso; Perotti, Roberto - C.E.P.R. Discussion Papers - 2008
We document that an increase in government purchases generates a rise in consumption, the real and the product wage, and a fall in the markup. This evidence is robust across alternative empirical methodologies used to identify innovations in government spending (structural VAR vs. narrative...
Persistent link: https://www.econbiz.de/10005662286
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Weathering the crisis and beyond: Perspectives for the Euro Area
Schmidt, Christoph M; Weigert, Benjamin - C.E.P.R. Discussion Papers - 2013
The euro area is experiencing a severe and highly complex crisis. It comprises three problem areas, the difficulties of some highly indebted European sovereigns to ascertain funding at palatable cost, the disconcerting fragility of the European banking system and disappointing growth prospects...
Persistent link: https://www.econbiz.de/10011083564
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Business Groups in the United States: A Revised History of Corporate Ownership, Pyramids and Regulation, 1930-1950
Kandel, Eugene; Kosenko, Konstantin; Morck, Randall; … - C.E.P.R. Discussion Papers - 2013
The extent to which business groups ever existed in the United States and, if they did exist, the reasons for their disappearance are poorly understood. In this paper we use hitherto unexplored historical sources to construct a comprehensive data set to address this issue. We find that (1)...
Persistent link: https://www.econbiz.de/10011083947
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A New Index of Currency Mismatch and Systemic Risk
Rancière, Romain; Tornell, Aaron; Vamvakidis, Athanasios - C.E.P.R. Discussion Papers - 2011
unhedged borrowers. This measure explicitly takes into account the indirect exchange rate risk that banks undertake when they … lend to borrowers that will not be able to repay in the event of a sharp depreciation. Such systemic risk taking is not …
Persistent link: https://www.econbiz.de/10008854496
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Outsourcing, Offshoring and Innovation: Evidence from Firm-level Data for Emerging Economies
Fritsch, Ursula; Görg, Holger - C.E.P.R. Discussion Papers - 2013
It is striking that by far the lion's share of empirical studies on the impact of outsourcing on firms considers industrialized countries. However, outsourcing by firms from emerging economies is far from negligible and growing. This paper investigates the link between outsourcing and innovation...
Persistent link: https://www.econbiz.de/10011084498
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Explaining the Migration of Stocks from Exchanges in Emerging Economies to International Centres
Claessens, Stijn; Klingebiel, Daniela; Schmukler, Sergio - C.E.P.R. Discussion Papers - 2002
We study the determinants of stock market development and the growing migration of capital raising, listing and trading activity to international exchanges. Economies with higher income per capita, sounder macro policies, more efficient legal systems with better shareholder protection, and more...
Persistent link: https://www.econbiz.de/10005666902
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Finance and Growth: When Does Credit Really Matter?
Coricelli, Fabrizio; Roland, Isabelle - C.E.P.R. Discussion Papers - 2008
The paper provides a simple theory and empirical evidence on the asymmetric effect of credit markets on output decline and output growth. When credit markets are underdeveloped and enterprise activity is financed outside the banking sector, exogenous shocks may induce a break-up of both credit...
Persistent link: https://www.econbiz.de/10005789097