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Does the Fed Respond to Oil Price Shocks?
Kilian, Lutz; Lewis, Logan - C.E.P.R. Discussion Papers - 2009
responses to the inflation triggered by oil price shocks are an important source of aggregate fluctuations in the U.S. economy …. We show that there is no evidence of systematic monetary policy responses to oil price shocks after 1987 and that this … VAR models, the Federal Reserve was not responding to the inflation triggered by oil price shocks, as commonly presumed …
Persistent link: https://www.econbiz.de/10008458291
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Money Illusion and Coordination Failure
Fehr, Ernst; Tyran, Jean-Robert - C.E.P.R. Discussion Papers - 2004
Economists long considered money illusion to be largely irrelevant. Here we show, however, that money illusion has powerful effects on equilibrium selection. If we represent pay-offs in nominal terms, choices converge to the Pareto inefficient equilibrium; however, if we lift the veil of money...
Persistent link: https://www.econbiz.de/10005791766
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Optimal Stabilization Policy in the Presence of Learning by Doing
Martin, Philippe; Rogers, Carol Ann - C.E.P.R. Discussion Papers - 1995
The paper analyses, along the transition path and in steady state, the optimal stabilization policy in an economy in which growth is driven by learning by doing. If future benefits of learning by doing are not fully internalized by workers the optimal fiscal policy is to tax labour during...
Persistent link: https://www.econbiz.de/10005124106
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Stabilization Policy, Learning by Doing, and Economic Growth
Martin, Philippe; Rogers, Carol Ann - C.E.P.R. Discussion Papers - 1995
This paper shows that fiscal policy, when used for stabilization purposes, can have a positive effect on the economy's growth, on human capital accumulation, and on welfare, along the transition path. We introduce symmetric productivity shocks into a model in which productivity is augmented...
Persistent link: https://www.econbiz.de/10005504410
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Optimal Unemployment Insurance over the Business Cycle
Landais, Camille; Michaillat, Pascal; Saez, Emmanuel - C.E.P.R. Discussion Papers - 2010
This paper analyzes optimal unemployment insurance over the business cycle in a search model in which unemployment stems from matching frictions (in booms) and job rationing (in recessions). Job rationing during recessions introduces two novel effects ignored in previous studies of optimal...
Persistent link: https://www.econbiz.de/10008784735
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Energy Policy Issues after Privatisation
Newbery, David M G - C.E.P.R. Discussion Papers - 1986
the 1973 oil shock, and the lessons learned from subsequent experience, both in terms of the issues which were thought to …
Persistent link: https://www.econbiz.de/10005666940
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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 composition. However, oil abundance causes municipal revenues and reported …
Persistent link: https://www.econbiz.de/10008509470
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Is Political Risk Company-Specific? The Market Side of the Yukos Affair
Goriaev, Alexei P.; Sonin, Konstantin - C.E.P.R. Discussion Papers - 2005
The Yukos affair, a high-profile story of the state-led assault on a private Russian company, provides an excellent opportunity for an inquiry into the nature of company-specific political risks in emerging markets. News associated primarily with law enforcement agencies’ actions against...
Persistent link: https://www.econbiz.de/10005281313
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The Geography of Inter-State Resource Wars
Caselli, Francesco; Morelli, Massimo; Rohner, Dominic - C.E.P.R. Discussion Papers - 2013
analysis shows that the presence and location of oil are significant and quantitatively important predictors of inter …
Persistent link: https://www.econbiz.de/10011083646
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The Elephant in the Ground: Managing Oil and Sovereign Wealth
Van Den Bremer, Ton; van der Ploeg, Frederick; Wills, Samuel - C.E.P.R. Discussion Papers - 2014
Oil exporters typically do not consider below-ground assets when allocating their sovereign wealth fund portfolios, and … ignore above-ground assets when extracting oil. We present a unified framework for considering both. Subsoil oil should alter … any unhedged volatility must be managed by precautionary savings. If oil prices are pro-cyclical, oil should be extracted …
Persistent link: https://www.econbiz.de/10011084308