This paper (i) estimates the local effects of government stimulus spending on labor market outcomes and (ii) shows how these effects can be obtained from a firm's optimal policy in the presence of costs to hiring workers. We analyze the American Recovery and Reinvestment Act of 2009 (Recovery...

A model is constructed in which consumers and banks have incentives to fake the quality of collateral. Conventional monetary easing can exacerbate these problems, in that the mispresentation of collateral becomes more profitable, thus increasing haircuts and interest rate differentials. Central...

In this paper, we study the effects of interregional spillovers from the government spending component of the American Recovery and Reinvestment Act of 2009 (the Recovery Act). Using cross-county Census Journey to Work commuting data, we cluster U.S. counties into local labor markets, each of...

This paper outlines some of the issues that affect small and medium sized enterprises (SMEs) in three areas: regulation, procurement, and dispute resolution. The work presented herein is part of the Bank's most recent efforts to develop new approaches and instruments to strengthen its role as a...

This second presentation discusses: 1) A framework of incentives for risk management; 2) The identification of economic instruments for environmental and natural resource management; 3) Strategic actions to reduce the risk of disasters by means of environmental management economic instruments;...

The main objective of the study is to assess the extent to which participatory budgeting (OP) is fostering the efficient and democratic allocation of resources and citizen involvement in the planning and management of their localities. The report draws upon extensive field research undertaken by...

"Death of a Theory," presented in St. Louis. January 13, 2012.

"SNEAK PREVIEW: Death of a Theory." Presented at the Korea-America Economic Association, Chicago, Illinois. January 7, 2012.

Para lograr un adecuado equilibrio social y consolidar el funcionamiento del sistema democrático, los países han de contar con sistemas fiscales equitativos que favorezcan el desarrollo económico, que tengan capacidad recaudatoria para financiar un nivel adecuado de gasto público y con...

This Country Program Evaluation (RE-355) analyzes the recent performance of the Bank's portfolio of operations. Two country strategies were approved during 2000-2008, which were prepared in two very different contexts in Brazil. The 2000-2003 strategy was prepared following the 1999 crisis that...