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Song, Zheng Michael; Storesletten, Kjetil; Zilibotti, … - C.E.P.R. Discussion Papers - 2009

This paper constructs a growth model that is consistent with salient features of the Chinese growth experience since 1992: high output growth, sustained returns on capital investments, extensive reallocation within the manufacturing sector, falling labor share and accumulation of a large foreign...

Persistent link: https://www.econbiz.de/10005123794

Is Fixed Investment the Key to Economic Growth?

Blomström, Magnus; Lipsey, Robert E; Zejan, Mario - C.E.P.R. Discussion Papers - 1993

find no evidence that fixed investment is the only or main source of ignition for economic growth. …

Persistent link: https://www.econbiz.de/10005123986

Natural Resources and Economic Growth: The Role of Investment

Gylfason, Thorvaldur; Zoega, Gylfi - C.E.P.R. Discussion Papers - 2001

and investment. When the share of output that accrues to the owners of natural resources rises, the demand for capital … allocation of capital may, however, enhance the quantity as well as the quality of new investment and sustain growth. Empirical … thereby inhibiting economic growth. The results also suggest that abundant natural resources may hurt saving and investment …

Persistent link: https://www.econbiz.de/10005504629

Post-war Growth: An Overview

Crafts, Nicholas; Toniolo, Gianni - C.E.P.R. Discussion Papers - 1995

-ante returns on investment. …

Persistent link: https://www.econbiz.de/10005661688

Optimal Monetary and Fiscal Policy in an Economy with Endogenous Public Debt

Luk, Paul; Vines, David - C.E.P.R. Discussion Papers - 2015

This paper uses a New Keynesian framework to study the coordination of fiscal and monetary policies, in response to an inflation shock when the policymaker acts with commitment. We first show that, in the simplest New Keynesian model, fiscal policy plays no part in the optimal policy response,...

Persistent link: https://www.econbiz.de/10011276383

When the North Last Headed South: Revisiting the 1930s

Reinhart, Carmen M.; Reinhart, Vincent - C.E.P.R. Discussion Papers - 2010

The U.S recession of 2007 to 2009 is unique in the post-World-War-II experience by the broad company it kept. Activity contracted around the world, with the advanced countries of the North experiencing declines in spending normally the purview of the developing economies of the South. The last...

Persistent link: https://www.econbiz.de/10008468628

Sovereign Risk Premia in the European Bond Market

Bernoth, Kerstin; Schuknecht, Ludger; von Hagen, Jürgen - C.E.P.R. Discussion Papers - 2004

This Paper provides a study of bond yield differentials among EU eurobonds issued between 1991 and 2002. Interest differentials between bonds issued by EU countries and Germany or the USA contain risk premia which increase with the debt, deficit and debt-service ratio and depend positively on...

Persistent link: https://www.econbiz.de/10005123697

Government Risk Premiums in the Bond Market: EMU and Canada

Schuknecht, Ludger; von Hagen, Jürgen; Wolswijk, Guido - C.E.P.R. Discussion Papers - 2007

This paper focuses on risk premiums paid by central governments in Europe and sub-national governments in Germany, Spain, and Canada. With regard to the European governments, we are interested in how these premiums were affected by the introduction of the euro. Using data for bond yield spreads...

Persistent link: https://www.econbiz.de/10005067641

Modelling Long Bonds - The Case of Optimal Fiscal Policy

Faraglia, Elisa; Marcet, Albert; Scott, Andrew - C.E.P.R. Discussion Papers - 2014

We show how to model portfolio models in the presence of long bonds. Specifically we study optimal fiscal policy under incomplete markets where the government issues bonds of maturity N 1. Assuming the existence of long bonds introduces an additional intertemporal mechanism that makes taxes...

Persistent link: https://www.econbiz.de/10011083295

Fiscal Consolidation Strategy

Cogan, John F.; Taylor, John B.; Wieland, Volker; … - C.E.P.R. Discussion Papers - 2012

In the aftermath of the global financial crisis and great recession, many countries face substantial deficits and growing debts. In the United States, federal government outlays as a ratio to GDP rose substantially from about 19.5 percent before the crisis to over 24 percent after the crisis. In...

Persistent link: https://www.econbiz.de/10011083793