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Do Oil Windfalls Improve Living Standards? Evidence from Brazil

Caselli, Francesco; Michaels, Guy - C.E.P.R. Discussion Papers - 2009

We use variation in oil output among Brazilian municipalities to investigate the effects of resource windfalls. We find muted effects of oil through market channels: offshore oil has no effect on municipal non-oil GDP or its composition, while onshore oil has only modest effects on non-oil GDP...

Persistent link: https://www.econbiz.de/10008509470

Capital is Back: Wealth-Income Ratios in Rich Countries, 1700-2010

Piketty, Thomas; Zucman, Gabriel - C.E.P.R. Discussion Papers - 2013

recovery (itself driven by changes in capital policies since the world wars) and by the slowdown of productivity and population …-income ratio β is about 300% if g= 3% and 600% if g= 1.5%. Our results have important implications for capital taxation and … regulation and shed new light on the changing nature of wealth, the shape of the production function, and the rise of capital …

Persistent link: https://www.econbiz.de/10011083398

Mafia and Public Spending: Evidence on the Fiscal Multiplier from a Quasi-experiment

Acconcia, Antonio; Corsetti, Giancarlo; Simonelli, Saverio - C.E.P.R. Discussion Papers - 2011

We estimate the multiplier relying on differences in spending in infrastructure across Italian provinces and an instrument identifying investment changes that are large and exogenous to local cyclical conditions. We derive our instrument from the Law mandating the interruption of public work on...

Persistent link: https://www.econbiz.de/10008925709

Privatization, Public Deficit Finance, and Investment in Infrastructure

Christodoulakis, Nikos; Katsoulacos, Yannis - C.E.P.R. Discussion Papers - 1993

The paper presents a theoretical analysis of the relationship between privatization and public deficit finance. We examine the optimal magnitude of public asset sales and the extent to which privatization can be used to reduce taxes, or, to retire public debt, for two cases. In the first,...

Persistent link: https://www.econbiz.de/10005497891

Expanding the Welfare System: A Proposal for Reform

Orszag, Mike; Snower, Dennis J. - C.E.P.R. Discussion Papers - 1997

: a retirement account (covering pensions), an unemployment account (covering unemployment support), a human capital …

Persistent link: https://www.econbiz.de/10005661484

Public Investment and Welfare: Theory and Empirical Implications

Jappelli, Tullio; Ripa di Meana, Andrea - C.E.P.R. Discussion Papers - 1994

This paper analyses the determinants of public expenditures allocated to investment. We perform welfare analysis in an overlapping generations model with public consumption, public investment, debt and taxes. The optimal public investment share depends positively on the productive contribution...

Persistent link: https://www.econbiz.de/10005666978

Political Budget Cycles and Fiscal Decentralization

Gonzalez, Paula; Hindriks, Jean J.G.; Lockwood, Ben; … - C.E.P.R. Discussion Papers - 2006

In this paper, we study a model a la Rogoff (1990) where politicians distort fiscal policy to signal their competency, but where fiscal policy can be centralized or decentralized. Our main focus is on how the equilibrium probability that fiscal policy is distorted in any region (the political...

Persistent link: https://www.econbiz.de/10005124313

The End of the Great Depression 1939-41: Policy Contributions and Fiscal Multipliers

Gordon, Robert J; Krenn, Robert - C.E.P.R. Discussion Papers - 2010

This paper is about the size of fiscal multipliers and the sources of recovery from the Great Depression. Its contributions begin with a new quarterly data set for the interwar period that allows development of a VAR model of the U. S. economy over the period 1920-41. The quarterly data...

Persistent link: https://www.econbiz.de/10008677236

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

The Political Economy of Capital Controls

Alesina, Alberto F; Grilli, Vittorio; Milesi-Ferretti, … - C.E.P.R. Discussion Papers - 1993

This paper studies the institutional and political determinants of capital controls in a sample of 20 OECD countries … for the period 1950<196>89. One of the most interesting results is that capital controls are more likely to be imposed by … independent. By imposing capital controls these governments raise more seigniorage revenue and keep interest rates artificially …

Persistent link: https://www.econbiz.de/10005114361

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