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Food Prices and the Multiplier Effect of Export Policy

Giordani, Paolo E.; Rocha, Nadia; Ruta, Michele - CESifo - 2012

countries give rise to a "multiplier effect": when a shock in the international food market drives up (down) its price … 29 food products for the period 2008-10, finding evidence of a multiplier effect. Global restrictions in a product (i … to restrictive measures, suggesting that the multiplier effect is mostly driven by this group. Finally, we estimate that …

Persistent link: https://www.econbiz.de/10010542015

Resource Windfalls, Macroeconmic Stability and Growth: The Role of Political Institutions

Arezki, Rabah; Hamilton, Kirk; Kazimov, Kazim - CESifo - 2011

We use a new dataset on non-resource GDP to examine the performance of commodity-exporting countries in terms of macroeconomic stability and economic growth in a panel of up to 129 countries during the period 1970-2007. Our main findings are threefold. First, we find that overall government...

Persistent link: https://www.econbiz.de/10009645234

Elections, Fiscal Policy and Growth: Revisiting the Mechanism

Economides, George; Philippopoulos, Apostolis; Price, Simon - CESifo - 2002

This short paper reconsiders the popular result that the lower the probability of getting reelected, the stronger the incumbent politicians’ incentive to follow short-sighted, inefficient policies. The set-up is a general equilibrium model of endogenous growth and optimal fiscal policy, in...

Persistent link: https://www.econbiz.de/10005765948

On the Optimal Size of Public Sector under Rent-Seeking competition from State Coffers

Park, Hyun; Philippopoulos, Apostolis; Vassilatos, Vangelis - CESifo - 2003

This paper incorporates competition for fiscal transfers (or, equivalently, rent seeking from state coffers) into a standard general equilibrium model of economic growth and endogenously chosen fiscal policy. The government generates tax revenues, but then each selfinterested individual agent...

Persistent link: https://www.econbiz.de/10005196201

Productive Government Expenditure and Economic Growth

Irmen, Andreas; Kuehnel, Johanna - CESifo - 2008

We provide a comprehensive survey of the recent literature on the link between productive government expenditure and economic growth. Starting with the seminal paper of Robert Barro (1990) we show that an understanding of the core results of the ensuing contributions can be gained from the study...

Persistent link: https://www.econbiz.de/10005196238

Separation, Weak Exogeneity and P-T Decomposition in Cointegrated VAR Systems with Common Features

Hecq, Alain; Palm, Franz; Urbain, Jean-Pierre - CESifo - 2002

The aim of this paper is to study the concept of separability in multiple nonstationary time series displaying both common stochastic trends and common stochastic cycles. When modeling the dynamics of multiple time series for a panel of several entities such as countries, sectors, firms,...

Persistent link: https://www.econbiz.de/10005196214

Essential Inputs and Unbounded Output: An Alternative Characterization of the Neoclassical Production Function

Irmen, Andreas; Maussner, Alfred - CESifo - 2014

intuitive appeal of the latter feature, we conclude that the neoclassical growth model is a theory of eventual stagnation. …

Persistent link: https://www.econbiz.de/10011099760

Revisiting the Narrative Approach of Estimating Tax Multipliers

Hebous, Shafik; Zimmermann, Tom - CESifo - 2014

A number of recent studies regress a “narratively” identified measure of a macroeconomic shock directly on an outcome variable. In this note, we argue that this approach can be viewed as the reduced-form regression of an instrumental variable approach in which the narrative time series is...

Persistent link: https://www.econbiz.de/10010948895

The Effect of Household Debt on Aggregate Demand - The Case of Spain

Jauch, Sebastian; Watzka, Sebastian - CESifo - 2012

Households in some European countries increased their indebtedness massively over the past 20 years. Besides household debt, also government debt and corporate debt are in some countries at levels not seen before. While there is a common agreement that these high debt levels are not sustainable...

Persistent link: https://www.econbiz.de/10010877972

Some Evolutionary Foundations for Price Level Rigidity

Saint-Paul, Gilles - CESifo - 2002

This paper shows that price rigidity evolves in an economy populated by imperfectly rational agents who experiment with alternative rules of thumb. In the model, firms must set their prices in face of aggregate demand shocks. Their payoff depends on the level of aggregate demand, as well as on...

Persistent link: https://www.econbiz.de/10005051547

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