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Fiscal policies, the current account and Ricardian equivalence
Nickel, Christiane (contributor);  … - 2008
This paper analyses the empirical relationship between fiscal policy and the current account of the balance of payments and considers how Ricardian equivalence changes this relationship. To do so, we estimate a dynamic panel threshold model for 22 industrialised countries in which the...
Persistent link: https://www.econbiz.de/10003790939
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The COVID-19 consumption game-changer : evidence from a large-scale multi-country survey
Hodbod, Alexander; Hommes, Cars H.; Huber, Stefanie J.; … - 2021
in consumption in five key sectors: tourism, hospitality, services, retail, and public transports. We identify a large …-term sectoral consumption shifts may occur. …
Persistent link: https://www.econbiz.de/10012643267
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Tracking growth in the euro area subject to a dimensionality problem
Comunale, Mariarosaria; Mongelli, Francesco Paolo - 2021
We investigate which variables have supported growth in the euro area over the last 30 years. This is a challenging task due to dimensionality problems: a large set of potential determinants, limited data, and the prospect that some variables could be non-stationary. We assemble a set of 35...
Persistent link: https://www.econbiz.de/10012625874
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Cyclical drivers of euro area consumption : what can we learn from durable goods?
Casalis, André; Krustev, Georgi - 2020
We study the cyclical dynamics of consumption in the euro area (EA) and the large EA countries by distinguishing … cross-country heterogeneity in how different factors (including durable-specific ones) explain consumption; (iii) the … strength of spillovers from durable to nondurable consumption, as predicted by theory, is empirically correlated with how much …
Persistent link: https://www.econbiz.de/10012197836
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Monetary and fiscal policy interactions in a New Keynesian model with capital accumulation and non-Ricardian consumers
Leith, Campbell B. (contributor);  … - 2006
This paper develops a small New Keynesian model with capital accumulation and government debt dynamics. The paper discusses the design of simple monetary and fiscal policy rules consistent with determinate equilibrium dynamics in the absence of Ricardian equivalence. Under this assumption,...
Persistent link: https://www.econbiz.de/10003337474
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Natural Disasters and the Effect of Trade on Income : A New Panel IV Approach
Felbermayr, Gabriel J. - 2011
Does trade openness cause higher GDP per capita? Since the seminal instrumental variables (IV) estimates of Frankel and Romer [F&R](1999) important doubts have surfaced. Is the correlation spurious and driven by omitted geographical and institutional variables? In this paper, we generalize F&R's...
Persistent link: https://www.econbiz.de/10013121825
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Heterogeneous Technology Diffusion and Ricardian Trade Patterns
Kerr, William - 2019
Migration and trade are often linked through ethnic networks boosting bilateral trade. This study uses migration to quantify the importance of Ricardian technology differences for international trade. The framework provides the first panel estimates connecting country-industry productivity and...
Persistent link: https://www.econbiz.de/10012902445
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The asymmetric adjustment of global imbalances : myth or fact?
Dausà, Neus; Stracca, Livio - 2023
We revisit the so-called "secular international problem", whereby the adjustment of current account imbalances purportedly falls entirely on the shoulders of deficit countries. We introduce a stylised model to rationalise an asymmetric counter-cyclical policy reaction that is stronger for...
Persistent link: https://www.econbiz.de/10013552616
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Fiscal policy and growth : do financial crises make a difference?
Afonso, António; Grüner, Hans Peter; Kolerus, Christina - 2010
In this paper we assess to what extent in the existence of a financial crisis, government spending can contribute to mitigate economic downturns in the short run and whether such impact differs in crisis and non crisis times. We use panel analysis for a set of OECD and non-OECD countries for the...
Persistent link: https://www.econbiz.de/10003983667
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Harnessing Windfall Revenues : Optimal Policies for Resource-Rich Developing Economies
van der Ploeg, Rick - 2009
, investment, and the distribution of funds for consumption, particularly if the windfall is both anticipated and temporary. We … show that the permanent income hypothesis prescription of an ever-lasting increase in consumption financed by borrowing … is large relative to initial foreign debt, is it optimal to build a SWF. The optimal time profile of consumption is …
Persistent link: https://www.econbiz.de/10012764524