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On Macroeconomic Policy and Macroeconometric Models.

Wallis, K.F. - Research School of Economics, College of Business and … - 1992

Persistent link: https://www.econbiz.de/10005032854

Are State Elections Affected by the National Economy? Evidence from Australia

Leigh, Andrew; McLeish, Mark - Research School of Economics, College of Business and … - 2009

Using data from 191 Australian state elections, we test how voters respond to economic conditions. We find that unemployment has a strong impact on election outcomes, with each additional percentage point of unemployment reducing the incumbent’s re-election probability by 3-5 per cent....

Persistent link: https://www.econbiz.de/10004970073

Output Fluctuations and Fiscal Policy: US State and Local Governments 1978-1994

Sørensen, Bent E; Yosha, Oved - C.E.P.R. Discussion Papers - 1999

What are the cyclical properties of US state and local government fiscal policy? The budget surplus of local and, in particular, state governments is procyclical, smoothing disposable income and consumption of state residents. This happens over both short- and medium-term horizons. Procyclical...

Persistent link: https://www.econbiz.de/10005067363

Central Banking as a Political Principal-Agent Problem

Fratianni, Michele; von Hagen, Jürgen; Waller, Christopher - C.E.P.R. Discussion Papers - 1993

An inflation and stabilization bias may arise as a result of the principal-agent nature of monetary policy. Both depend on the degree of political uncertainty and the type of relationship between central bankers and the incumbent political leaders. Specifically, our analysis indicates how a...

Persistent link: https://www.econbiz.de/10005067589

Political Cycles in OECD Economies

Alesina, Alberto F; Roubini, Nouriel - C.E.P.R. Discussion Papers - 1990

This paper studies whether the dynamic behaviour of GNP growth, unemployment and inflation is systematically affected by the timing of elections and changes of government. The sample includes the last three decades in 18 OECD economies. We test explicitly the implications of several models of...

Persistent link: https://www.econbiz.de/10005067672

Optimum Electoral Areas

Sapir, André; Sekkat, Khalid - C.E.P.R. Discussion Papers - 1995

The paper lies at the intersection between the literature on macroeconomics and politics and the literature on coordination. It uses models of political business cycles in an open economy setting to investigate the costs and benefits of forming electoral areas, i.e. regions where countries share...

Persistent link: https://www.econbiz.de/10005656399

The Use of SDRs in the Financing of Official Safety-net Mechanisms

De Cecco, Marcello; Giavazzi, Francesco - C.E.P.R. Discussion Papers - 1996

The question addressed in this paper is whether the IMF should be involved in Mexico-style crises and, if the answer is … positive, whether the existing IMF financing mechanisms are adequate – both in terms of the volume of funds that can be … countries, and the justification for IMF intervention lies in the ability of this institution, compared with international …

Persistent link: https://www.econbiz.de/10005123583

The Bail-In Problem: Systematic Goals, Ad Hoc Means

Eichengreen, Barry; Ruehl, Christoph - C.E.P.R. Discussion Papers - 2000

In this paper we analyse the recent efforts of the international financial institutions to limit the moral hazard created by their assistance to crisis countries. We question the wisdom of the case-by-case approach taken in Pakistan, Ecuador, Romania and Ukraine. We show that because default and...

Persistent link: https://www.econbiz.de/10005124195

Would Collective Action Clauses Raise Borrowing Costs?

Eichengreen, Barry; Mody, Ashoka - C.E.P.R. Discussion Papers - 1999

We examine the implications for borrowing costs of including collective-action clauses in loan contracts. For a sample of some 2,000 international bonds, we compare the spreads on bonds subject to UK governing law, which typically include collective-action clauses, with spreads on bonds subject...

Persistent link: https://www.econbiz.de/10005067390

Which International Institutions Promote International Trade?

Rose, Andrew K - C.E.P.R. Discussion Papers - 2003

International Monetary Fund (IMF); and 3) the Organization for Economic Cooperation and Development (OECD). I use a standard … indicate that OECD membership (but neither GATT/WTO nor IMF membership) has had a consistently large positive effect on trade. …

Persistent link: https://www.econbiz.de/10005504751