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Keynesian government spending multipliers and spillovers in the euro area
Cwik, Tobias; Wieland, Volker - C.E.P.R. Discussion Papers - 2009
The global financial crisis has lead to a renewed interest in discretionary fiscal stimulus. Advocates of discretionary measures emphasize that government spending can stimulate additional private spending --- the so-called Keynesian multiplier effect. Thus, we investigate whether the...
Persistent link: https://www.econbiz.de/10004964423
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Structural and Stabilization Aspects of Fiscal and Financial Policy in the Dependent Economy
Buiter, Willem H. - C.E.P.R. Discussion Papers - 1986
The paper considers the response of a small, open dependent economy to a variety of fiscal and financial shocks. It also examines the influence of alternative budget-balancing rules on the response of the economy to external shocks, such as a change in the world interest rate. The approach...
Persistent link: https://www.econbiz.de/10005498001
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Imperfect Competition, Underemployment Equilibria and Fiscal Policy
Pagano, Marco - C.E.P.R. Discussion Papers - 1989
employment are determined by optimizing choices in an imperfectly competitive setting. It turns out that underemployment …
Persistent link: https://www.econbiz.de/10005281303
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Protectionism Isn’t Counter-Cyclic (anymore)
Rose, Andrew K - C.E.P.R. Discussion Papers - 2012
Conventional wisdom holds that protectionism is counter-cyclic; tariffs, quotas and the like grow during recessions. While that may have been a valid description of the data before the Second World War, it is no longer accurate. In the post-war era, protectionism has not actually moved...
Persistent link: https://www.econbiz.de/10011083599
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Individual Mortality and Macroeconomic Conditions from Birth to Death
Lindeboom, Maarten; Portrait, France; den Berg, Gerard J van - C.E.P.R. Discussion Papers - 2004
This Paper analyses the effects of macroeconomic conditions throughout life on the individual mortality rate. We estimate flexible duration models where the individual’s mortality rate depends on current conditions, conditions earlier in life (notably during childhood), calendar time, age,...
Persistent link: https://www.econbiz.de/10005789099
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A Gains from Trade Perspective on Macroeconomic Fluctuations
Beaudry, Paul; Portier, Franck - C.E.P.R. Discussion Papers - 2011
Business cycles reflect changes over time in the amount of trade between individuals. In this paper we show that incorporating explicitly intra-temporal gains from trade between individuals into a macroeconomic model can provide new insight into the potential mechanisms driving economic...
Persistent link: https://www.econbiz.de/10009221567
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Twin Deficits, Openness and the Business Cycle
Corsetti, Giancarlo; Müller, Gernot - C.E.P.R. Discussion Papers - 2007
In this paper, we study the co-movement of the government budget balance and the trade balance at business cycle frequencies. In a sample of 10 OECD countries we find that the correlation of the two time series is negative, but less so in more open economies. Moreover, for the US the...
Persistent link: https://www.econbiz.de/10005788960
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Trade induced technical change? The impact of Chinese imports on innovation, IT and productivity
Bloom, Nicholas; Draca, Mirko; Van Reenen, John - C.E.P.R. Discussion Papers - 2011
-specific quotas following China’s entry into the World Trade Organization. Chinese import competition had two effects: first, it led … to increases in R&D, patenting, IT and TFP within firms; and second it reallocated employment between firms towards more … in employment, profits, prices and the skill share. By contrast, import competition from developed countries had no …
Persistent link: https://www.econbiz.de/10008854502
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The role of automatic stabilizers in the U.S. business cycle
McKay, Alisdair; Reis, Ricardo - C.E.P.R. Discussion Papers - 2013
Most countries have automatic rules in their tax-and-transfer systems that are partly intended to stabilize economic fluctuations. This paper measures how effective they are. We put forward a model that merges the standard incomplete-markets model of consumption and inequality with the new...
Persistent link: https://www.econbiz.de/10011084125
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Fiscal stimulus and the promise of future spending cuts
Wieland, Volker - C.E.P.R. Discussion Papers - 2009
Recent evaluations of the fiscal stimulus packages enacted in 2009 in the United States and Europe such as Cogan, Cwik, Taylor and Wieland (2009) and Cwik and Wieland (2009) suggest that the GDP effects will be modest due to crowding-out of private consumption and investment. Corsetti, Meier and...
Persistent link: https://www.econbiz.de/10008502581