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Absorbing Shocks : National Rainy-Day Funds and Cross-Country Transfers in a Fiscal Union
Goodspeed, Timothy - 2016
In this paper we investigate the interplay between national rainy-day funds and supra-national transfers in a fiscal union. Given that the EU has established rules limiting deficits, national rainy-day funds could in theory provide a way for countries to obey the rules and use fiscal policy, yet...
Persistent link: https://www.econbiz.de/10012979109
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Resource Windfalls, Macroeconomic Stability and Growth : The Role of Political Institutions
Arezki, Rabah - 2011
We use a new dataset on non-resource GDP to examine the performance of commodity-exporting countries in terms of macroeconomic stability and economic growth in a panel of up to 129 countries during the period 1970-2007. Our main findings are threefold. First, we find that overall government...
Persistent link: https://www.econbiz.de/10013117356
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Cyclical Fiscal Policy, Output Volatility, and Economic Growth
Badinger, Harald - 2021
This paper provides a comprehensive empirical assessment of the relation between the cyclicality of fiscal policy, output volatility, and economic growth, using a large cross-section of 88 countries over the period 1960 to 2004. Identification of the effects of (endogenous) cyclical fiscal...
Persistent link: https://www.econbiz.de/10013316549
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How Significant are Fiscal Interactions in Federations? A Meta-Regression Analysis
Costa-Font, Joan - 2011
specification and estimation strategies …
Persistent link: https://www.econbiz.de/10013122257
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Labor Market Policy : A Comparative View on the Costs and Benefits of Labor Market Flexibility
Kahn, Lawrence M. - 2010
collective bargaining, minimum wages, employment protection laws, unemployment insurance (UI), mandated parental leave, and …
Persistent link: https://www.econbiz.de/10013139655
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Employment Growth, Inflation and Output Growth : Was Phillips Right? Evidence from a Dynamic Panel
Caporale, Guglielmo Maria - 2013
In this paper we analyse the short- and long-run relationship between employment growth, inflation and output growth in … causality tests. The empirical results strongly support the existence of a single cointegrating relationship between employment … growth, inflation and output growth with bidirectional causality between employment growth and inflation as well as output …
Persistent link: https://www.econbiz.de/10013092691
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Commodity Windfalls, Polarization, and Net Foreign Assets : Panel Data Evidence on the Voracity Effect
Arezki, Rabah - 2013
This paper examines the effects that windfalls from international commodity price booms have on net foreign assets in a panel of 145 countries during the period 1970-2007. The main finding is that windfalls from international commodity price booms lead to a significant increase in net foreign...
Persistent link: https://www.econbiz.de/10013092044
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Dissecting the PPP Puzzle : The Unconventional Roles of Nominal Exchange Rate and Price Adjustments
Cheung, Yin-Wong; Lai, Kon S.; Bergman, U. Michael - 2021
The conventional view, as expounded by sticky-price models, is that price adjustment determines the PPP reversion rate. This study examines the mechanism by which PPP deviations are corrected. Nominal exchange rate adjustment, not price adjustment, is shown to be the key engine governing the...
Persistent link: https://www.econbiz.de/10013319983
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Pegxit Pressure : Evidence from the Classical Gold Standard
Mitchener, Kris James - 2017
We develop a simple model that highlights the costs and benefits of fixed exchange rates as they relate to trade, and show that negative export-price shocks reduce fiscal revenue and increase the likelihood of an expected currency devaluation. Using a new high-frequency data set on...
Persistent link: https://www.econbiz.de/10012965714
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Supply, Demand and Monetary Policy Shocks in a Multi-Country New Keynesian Model
Dees, Stephane - 2013
. We discuss estimation of impulse response functions and variance decompositions in such large systems, and present … through error spillover effects. Bootstrapped error bands are also provided for the cross country responses of a shock to the …
Persistent link: https://www.econbiz.de/10013094653