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Government Spending Cyclicality: Evidence from Rainfall Shocks as an Instrument for Cyclical Income
Brückner, Markus; Gradstein, Mark - C.E.P.R. Discussion Papers - 2011
This research revisits the cyclicality of fiscal policies. To identify and estimate more precisely the magnitude of a …
Persistent link: https://www.econbiz.de/10009351516
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Fiscal Multipliers in Recessions
Canzoneri, Matthew B; Collard, Fabrice; Dellas, Harris; … - C.E.P.R. Discussion Papers - 2015
The Great Recession, and the fiscal response to it, has revived interest in the size of fiscal multipliers. Standard business cycle models have difficulties generating multipliers greater than one. And they also cannot produce any significant state-dependence in the size of the multipliers over...
Persistent link: https://www.econbiz.de/10011145463
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Bank and Sovereign Risk Interdependence in the Euro Area
Kollintzas, Tryphon; Tsoukalas, Konstantinos - C.E.P.R. Discussion Papers - 2015
We develop a dynamic stochastic general equilibrium model to study bank risk and sovereign risk interdependence in the Euro Area. We find that an increase in capital investment risk shock, results in a considerably deeper recession when sovereign risk is also present. This result has three...
Persistent link: https://www.econbiz.de/10011201352
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Fiscal Policy: Institutions versus Rules
Wyplosz, Charles - C.E.P.R. Discussion Papers - 2002
a priority towards consolidation. It then argues that rules, for example the Stability and Growth Pact, are less likely …
Persistent link: https://www.econbiz.de/10005791671
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Fiscal Adjustment to Cyclical Developments in the OECD: An Empirical Analysis Based on Real-Time Data
Beetsma, Roel; Giuliodori, Massimo - C.E.P.R. Discussion Papers - 2008
We explore how fiscal policies in the OECD have responded to unexpected information about the economy during the period 1995-2006. In particular, we first estimate standard fiscal rules using ex-ante data (i.e. forecasts). We then estimate how fiscal policy reacts to new information, especially...
Persistent link: https://www.econbiz.de/10005791832
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Religion and Innovation
Bénabou, Roland; Ticchi, Davide; Vindigni, Andrea - C.E.P.R. Discussion Papers - 2015
In earlier work (Bénabou, Ticchi and Vindigni 2013) we uncovered a robust negative association between religiosity and patents per capita, holding across countries as well as US states, with and without controls. In this paper we turn to the individual level, examining the relationship between...
Persistent link: https://www.econbiz.de/10011213308
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The Geography of Development: Evaluating Migration Restrictions and Coastal Flooding
Desmet, Klaus; Nagy, David Krisztián; Rossi-Hansberg, … - C.E.P.R. Discussion Papers - 2015
We study the relationship between geography and growth. To do so, we first develop a dynamic spatial growth theory with … realistic geography. We characterize the model and its balanced growth path and propose a methodology to analyze equilibria with …
Persistent link: https://www.econbiz.de/10011252617
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Growth, Colonization, and Institutional Development: In and Out of Africa
Bertocchi, Graziella - C.E.P.R. Discussion Papers - 2011
This essay investigates the determinants of the growth performance of Africa. I start by illustrating a broader … institutional development. After reporting results from standard growth regressions, I analyze the role of Africa’s peculiar history …, which has been marked by its colonization experience. Next I discuss the potential growth impact of state fragility, a …
Persistent link: https://www.econbiz.de/10009225960
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Learning From Stock Prices and Economic Growth
Peress, Joël - C.E.P.R. Discussion Papers - 2011
A competitive stock market is embedded into a neoclassical growth economy to analyze the interplay between the … economic growth by raising total factor productivity, but its impact is only transitory. Several predictions on the evolution …
Persistent link: https://www.econbiz.de/10009293661
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Unconditional Convergence
Rodrik, Dani - C.E.P.R. Discussion Papers - 2011
Unlike economies as a whole, manufacturing industries exhibit unconditional convergence in labor productivity. The paper documents this finding for 4-digit manufacturing sectors for a large group of developed and developing countries over the period since 1990. The coefficient of unconditional...
Persistent link: https://www.econbiz.de/10009359488