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For an Olive Wreath? Olympic Games and Anticipation Effects in Macroeconomics

Brückner, Markus; Pappa, Evi - C.E.P.R. Discussion Papers - 2011

The hosting and bidding for the Olympic Games is a natural experiment to test for anticipation effects in macroeconomics. We examine these effects using panel data for 184 countries during the period 1950-2006. We find that hosting the Games generates positive investment, consumption, and output...

Persistent link: https://www.econbiz.de/10009201118

Trust in Public Institutions over the Business Cycle

Stevenson, Betsey; Wolfers, Justin - C.E.P.R. Discussion Papers - 2011

We document that trust in public institutions--and particularly trust in banks, business and government--has declined over recent years. U.S. time series evidence suggests that this partly reflects the pro-cyclical nature of trust in institutions. Cross-country comparisons reveal a clear legacy...

Persistent link: https://www.econbiz.de/10008925712

The "Austerity Myth": Gain without Pain?

Perotti, Roberto - C.E.P.R. Discussion Papers - 2011

-- undertaken under fixed exchange rates (the most relevant case for many Eurozone countries today) and two -- Finland and Sweden … appreciated. In Finland and Sweden the currency experienced an extremely large depreciation after floating. In all consolidations …. In Finland and Sweden, the adoption of inflation targeting at the same time of the consolidation helped the decline in …

Persistent link: https://www.econbiz.de/10009365650

Asset Market Participation, Monetary Policy Rules and the Great Inflation

Bilbiie, Florin Ovidiu; Straub, Roland - C.E.P.R. Discussion Papers - 2011

This paper argues that limited asset market participation is crucial in explaining U.S. macroeconomic performance and monetary policy before the 1980s, and their changes thereafter. We develop an otherwise standard sticky-price DSGE model, whereby at low enough asset market participation,...

Persistent link: https://www.econbiz.de/10009293982

Which Terror at Which Cost? On the Economic Consequences of Terrorist Attacks

Llussá, Fernanda; Tavares, José - C.E.P.R. Discussion Papers - 2010

We assess the cost of different types of terrorist attacks on the growth of output and of its components. Private Consumption and Investment are significantly and negatively affected by all terror indicators, and the largest impact is respectively associated with the number of victims or the...

Persistent link: https://www.econbiz.de/10008680754

Lessons from the 1930s' Great Depression

Crafts, Nicholas; Fearon, Peter - C.E.P.R. Discussion Papers - 2010

This paper provides a survey of the Great Depression comprising both a narrative account and adetailed review of the empirical evidence focusing especially on the experience of the United States. We examine the reasons for and the flawed resolution of the American banking crisis as well as the...

Persistent link: https://www.econbiz.de/10008682882

The Fiscal Theory of the Price Level - identification and testing for the UK in the 1970s

Fan, Jingwen; Minford, Patrick; Ou, Zhirong - C.E.P.R. Discussion Papers - 2013

We investigate whether the Fiscal Theory of the Price Level (FTPL) can explain UK inflation in the 1970s. We confront the identification problem involved by setting up the FTPL as a structural model for the episode and pitting it against an alternative Orthodox model; the models have a reduced...

Persistent link: https://www.econbiz.de/10011083765

The role of fiscal policy in Britain's Great Inflation

Fan, Jingwen; Minford, Patrick; Ou, Zhirong - C.E.P.R. Discussion Papers - 2014

Persistent link: https://www.econbiz.de/10011083838

Chronicle of a War Foretold: The Macroeconomic Effects of Anticipated Defense Spending Shocks

Ben Zeev, Nadav; Pappa, Evi - C.E.P.R. Discussion Papers - 2014

We identify US defense news shocks as shocks that best explain future movements in defense spending over a five-year horizon and are orthogonal to current defense spending. Our identified shocks are strongly correlated with the Ramey (2011) news shocks, but explain a larger share of...

Persistent link: https://www.econbiz.de/10011083922

The Euro Area Crisis: Politics over Economics

Orphanides, Athanasios - C.E.P.R. Discussion Papers - 2014

This paper explores the dominant role of politics in decisions made by euro area governments during the crisis. Decisions that appear to have been driven by local political considerations to the detriment of the euro area as a whole are discussed. The domination of politics over economics has...

Persistent link: https://www.econbiz.de/10011084126