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In this paper we analyze the ability of an open economy version of the neoclassical model to account for the time-series evidence on fiscal policy transmission. In a first step, we identify government spending shocks within a vector autoregression model. We find that i) government spending...
Persistent link: https://www.econbiz.de/10008793608
An open economy version of the Baxter and King's [1993] model is constructed with habit formation to investigate the dynamic and steady-state effects of an expansionary budget policy. In line with empirical evidence, consumption is weakly responsive, investment is crowded out, the drop in...
Persistent link: https://www.econbiz.de/10008793996
One of the most prominent and consistent findings of the recent empirical literature on fiscal policy is that investment expenditure is crowded-out by public spending in the short-run. In this contribution, we address this empirical fact using a dynamic general equilibrium model and show that...
Persistent link: https://www.econbiz.de/10008794054
This paper investigates both the dynamic and steady-state effects of unanticipated permanent and temporary terms of trade shocks within a two-good small open economy with habit formation and capital adjustment costs. A permanent terms of trade worsening induces a deficit-surplus current account...
Persistent link: https://www.econbiz.de/10008855578
convergence of payment behaviours. We develop a model of conditional convergence concerning the use of five payment instruments …: cash, card, cheque, credit transfer, and direct debit. The tests of conditional convergence are carried out using the … techniques of instrumental variables on annual panel data in EMU. The results demonstrate that convergence occurs on demand for …
Persistent link: https://www.econbiz.de/10008792704
This paper aims to ascertain the effects of convergence in governance on investment decisions among a sample of 43 … this paper, we investigate the impact of BSEC on its member countries regarding convergence of governance institutions. We … show that convergence has occurred within the region with respect to bureaucratic quality, control over corruption, law and …
Persistent link: https://www.econbiz.de/10008804713
survival is negatively affected by real depreciation. These estimates also shed light on an international convergence process …
Persistent link: https://www.econbiz.de/10008805925
logit transformation of such bounded human development indicators to have appropriate estimates of human convergence: this …-section basis for 166 countries and over a thirty-year period (1970-99), this measure shows no evidence of absolute convergence but …
Persistent link: https://www.econbiz.de/10008805957
La consistance du projet de monnaie unique du Mercosur dépend de la réalisation par l'Argentine et le Brésil des critères d'optimalité de la théorie des ZMO. L'approche exogène qui consiste à les évaluer avant la formation d'une union monétaire donne des résultats mitigés :...
Persistent link: https://www.econbiz.de/10008789032
de concurrence ou de convergence entre les régions voisines et enfin la question des discontinuités transfrontalières. …
Persistent link: https://www.econbiz.de/10008789645