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Do Oil Windfalls Improve Living Standards? Evidence from Brazil

Caselli, Francesco; Michaels, Guy - National Bureau of Economic Research (NBER) - 2009

We use variation in oil output among Brazilian municipalities to investigate the effects of resource windfalls. We find muted effects of oil through market channels: offshore oil has no effect on municipal non-oil GDP or its composition, while onshore oil has only modest effects on non-oil GDP...

Persistent link: https://www.econbiz.de/10008610984

Is Poland the Next Spain?

Caselli, Francesco; Tenreyro, Silvana - National Bureau of Economic Research (NBER) - 2005

We revisit Western Europe's record with labor-productivity convergence, and tentatively extrapolate its implications … capital accumulation and TFP growth reflect convergence along two margins. One margin (between industry) is a massive …. Coupled with the fact that within-industry productivity gaps are enormous, this suggests that convergence will take a long …

Persistent link: https://www.econbiz.de/10005084557

The Contribution of Schooling in Development Accounting: Results from a Nonparametric Upper Bound

Caselli, Francesco; Ciccone, Antonio - National Bureau of Economic Research (NBER) - 2011

How much would output increase if underdeveloped economies were to increase their levels of schooling? We contribute to the development accounting literature by describing a non-parametric upper bound on the increase in output that can be generated by more schooling. The advantage of our...

Persistent link: https://www.econbiz.de/10009652860

The Marginal Product of Capital

Caselli, Francesco; Feyrer, James - National Bureau of Economic Research (NBER) - 2005

Whether or not the marginal product of capital (MPK) differs across countries is a question that keeps coming up in discussions of comparative economic development and patterns of capital flows. Attempts to provide an empirical answer to this question have so far been mostly indirect and based...

Persistent link: https://www.econbiz.de/10005050164

Economics and Politics of Alternative Institutional Reforms

Caselli, Francesco; Gennaioli, Nicola - National Bureau of Economic Research (NBER) - 2007

We compare the economic consequences and political feasibility of reforms aimed at reducing barriers to entry (deregulation) and improving contractual enforcement (legal reform). Deregulation fosters entry, thereby increasing the number of firms (entrepreneurship) and the average quality of...

Persistent link: https://www.econbiz.de/10005050260

Procyclical and Countercyclical Fiscal Multipliers: Evidence from OECD Countries

Vegh, Carlos; Riera-Crichton, Daniel; Vuletin, Guillermo - National Bureau of Economic Research (NBER) - 2014

Using non-linear methods, we argue that existing estimates of government spending multipliers in expansion and recession may yield biased results by ignoring whether government spending is increasing or decreasing. In the case of OECD countries, the problem originates in the fact that, contrary...

Persistent link: https://www.econbiz.de/10011212813

Tax Multipliers: Pitfalls in Measurement and Identification

Vegh, Carlos; Riera-Crichton, Daniel; Vuletin, Guillermo - National Bureau of Economic Research (NBER) - 2012

We contribute to the literature on tax multipliers by analyzing the pitfalls in identification and measurement of tax shocks. Our main focus is on disentangling the discussion regarding the identification of exogenous tax policy shocks (i.e., changes in tax policy that are not the result of...

Persistent link: https://www.econbiz.de/10011254926

The Households Effects of Government Consumption

Giavazzi, Francesco; McMahon, Michael - National Bureau of Economic Research (NBER) - 2012

This paper provides new evidence on the effects of fiscal policy by studying, using household-level data, how households respond to shifts in government spending. Our identification strategy allows us to control for time-specific aggregate effects, such as the stance of monetary policy or the...

Persistent link: https://www.econbiz.de/10009652775

Country Heterogeneity and the International Evidence on the Effects of Fiscal Policy

Favero, Carlo; Giavazzi, Francesco; Perego, Jacopo - National Bureau of Economic Research (NBER) - 2011

This paper shows how the richer frequency and variety of fiscal policy shocks available in an international sample can be analyzed recognizing the heterogeneity that exists across different countries. The main conclusion of our empirical analysis is that the question "what is the fiscal policy...

Persistent link: https://www.econbiz.de/10009225819

On Graduation from Fiscal Procyclicality

Frankel, Jeffrey Alexander; Vegh, Carlos; Vuletin, Guillermo - National Bureau of Economic Research (NBER) - 2011

In the past, industrial countries have tended to pursue countercyclical or, at worst, acyclical fiscal policy. In sharp contrast, emerging and developing countries have followed procyclical fiscal policy, thus exacerbating the underlying business cycle. We show that, over the last decade, about...

Persistent link: https://www.econbiz.de/10009372424