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Determinants of Long-Term Growth : A Bayesian Averaging of Classical Estimates (BACE) Approach

Doppelhofer, Gernot - 2000

This paper examines the robustness of explanatory variables in cross-country economic growth regressions. It employs a novel approach, Bayesian Averaging of Classical Estimates (BACE), which constructs estimates as a weighted average of OLS estimates for every possible combination of included...

Persistent link: https://www.econbiz.de/10012471000

Social Security in Theory and Practice (I) : Facts and Political Theories

Mulligan, Casey B. - 1999

166 countries have some kind of public old age pension. What economic forces create and sustain old age Social Security as a public program? We document some of the internationally and historically common features of Social Security programs including explicit and implicit taxes on labor supply,...

Persistent link: https://www.econbiz.de/10012471676

The Logic of Currency Crises

Obstfeld, Maurice - 1994

Once one recognizes that governments borrow international reserves and exercise other policy options to defend fixed exchange rates during currency crises, the question arises: What factors determine a government's decision to abandon a currency peg or hang on? In a setting of purposeful action...

Persistent link: https://www.econbiz.de/10012474296

Risk-Taking, Global Diversification, and Growth

Obstfeld, Maurice - 1992

an attendant world portfolio shift from safe, but low-yield, capital into riskier, high-yield capital. The presence of … of specialized, hence inherently risky, production inputs. A partial calibration exercise based on Penn World Table …

Persistent link: https://www.econbiz.de/10012474882

Fiscal Deficits and Relative Prices in a Growing World Economy

Obstfeld, Maurice - 1988

channel for the communication of fiscal policy shocks to world interest rates, to private saving decisions, and, ultimately …

Persistent link: https://www.econbiz.de/10012476335

Consumption Risk and International Asset Returns : Some Empirical Evidence

Cumby, Robert E. - 1987

The paper examines if real stock returns in four countries are consistent with consumption-based models of international asset pricing. The paper finds that ex-ante real stock returns exhibit statistically significant fluctuations over time and that these fluctuations cannot be explained by...

Persistent link: https://www.econbiz.de/10012476685

Capital Flows, the Current Account, and the Real Exchange Rate : Consequences of Liberalization and Stabilization

Obstfeld, Maurice - 1984

This paper develops a dynamic framework in which macroeconomic liberalization and stabilization measures of the type recently seen in Latin America can be studied. The model is sufficiently general to cover both polar cases of a closed capital account and free private capital mobility, so the...

Persistent link: https://www.econbiz.de/10012477560

Covered Interest Parity Deviations : Macrofinancial Determinants

Cerutti, Eugenio M. - 2019

For several decades until the Global Financial Crisis (GFC), Covered Interest Parity (CIP) appeared to hold quite closely--even as a broad macroeconomic relationship applying to daily or weekly data. Not only have CIP deviations significantly increased since the GFC, but potential macrofinancial...

Persistent link: https://www.econbiz.de/10012480075

Monetary Sovereignty, Exchange Rates, and Capital Controls : The Trilemma in the Interwar period

Obstfeld, Maurice - 2004

disorder in the world economy. The interwar disorder often is linked to policies inconsistent with the constraint of the open … yield. This historical analytic narrative is compelling with significant ramifications for today's world, if true but … empirically controversial. We apply theory and empirics to the interwar data and find strong support for the logic of the trilemma …

Persistent link: https://www.econbiz.de/10012468300

The Economics of Human Development and Social Mobility

Heckman, James J. - 2014

This paper distills and extends recent research on the economics of human development and social mobility. It summarizes the evidence from diverse literatures on the importance of early life conditions in shaping multiple life skills and the evidence on critical and sensitive investment periods...

Persistent link: https://www.econbiz.de/10012458740