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The engine immobilizer : a non-starter for car thieves

Ours, Jan C. van; Vollaard, Ben A. - 2013

We provide evidence for a beneficial welfare impact of a crime policy that is targeted at strengthening victim precaution. Regulation made application of the electronic engine immobilizer, a simple and low-cost anti-theft device, mandatory for all new cars sold within the European Union as of...

Persistent link: https://www.econbiz.de/10009700313

Electricity and firm productivity : a general-equilibrium approach

Fried, Stephie; Lagakos, David - 2021

Many policymakers view power outages as a major constraint on firm productivity in developing countries. Yet empirical studies find modest short-run effects of outages on firm performance. This paper builds a dynamic macroeconomic model to study the long-run general-equilibrium effects of power...

Persistent link: https://www.econbiz.de/10012745254

The causal effects of global supply chain disruptions on macroeconomic outcomes : evidence and theory

Bai, Xiwen; Fernández-Villaverde, Jesús; Li, Yiliang; … - 2024

We study the causal effects and policy implications of global supply chain disruptions. We construct a new index of supply chain disruptions from the mandatory automatic identification system data of container ships, developing a novel spatial clustering algorithm that determines real-time...

Persistent link: https://www.econbiz.de/10014469003

The macroeconomic effects of funding U.S. infrastructure

Malley, James R.; Philippopulos, Apostolēs - 2022

This paper quantitatively assesses the macroeconomic effects of the recently agreed U.S. bipartisan infrastructure … types of infrastructure spending and linkages between the final and intermediate goods sectors. We find that infrastructure … multipliers above unity if infrastructure spending and rising public debt are financed by consumption, dividend and labour income …

Persistent link: https://www.econbiz.de/10012801569

How should large and small countries be represented in a currency union?

Berger, Helge (contributor); Müller, Till (contributor) - 2004

The likely extension of the euro area has triggered a debate on the organization of the ECB, in particular on the apparent mismatch between relative economic size and voting rights in the Council. We present a simple model of optimal representation in a federal central bank addressing this...

Persistent link: https://www.econbiz.de/10002521678

Fiscal and monetary interaction : the role of asymmetries of the stability and growth pact in EMU

Governatori, Matteo (contributor); … - 2004

The paper builds a simplified model describing the economy of a currency union with decentralised national fiscal policy, where the main features characterising the policy-making are similar to those in EMU. National governments choose the size of deficit taking into account the two main rules...

Persistent link: https://www.econbiz.de/10002522745

A fiscal rule that has teeth : a suggestion for a "fiscal sustainability council" underpinned by the financial markets

Hedbávný, Petr (contributor); … - 2005

In this paper, we set out to examine an efficient fiscal-policy framework for a monetary union. We illustrate that fiscal policy’s bias toward budget deficit only temporarily ceased at the end of the 20th century as European countries endeavored to qualify for euro-zone membership, which...

Persistent link: https://www.econbiz.de/10003112610

Has the stability and growth pact stabilised? : Evidence from a panel of 12 European countries and some implications for the reform of the pact

Marinheiro, Carlos Fonseca (contributor) - 2005

Ever since its inception EMU has been subject to controversy. The fiscal policy rules embedded in the Treaty on European Union, and clarified in the Stability and Growth Pact (SGP), are probably the most contentious. The SGP is being accused of being too rigid and of forcing pro-cyclicality in...

Persistent link: https://www.econbiz.de/10002734044

Exploring the international linkages of the euro area : a global VAR analysis

Dées, Stéphane; Di Mauro, Filippo; Pesaran, M. Hashem; … - 2005

This paper presents a global model linking individual country vector error-correcting models in which the domestic variables are related to the country-specific variables as an approximate solution to a global common factor model. This global VAR is estimated for 26 countries, the euro area...

Persistent link: https://www.econbiz.de/10002746106

Zooming out : the trade effect of the euro in historical perspective

Berger, Helge (contributor); Nitsch, Volker (contributor) - 2005

In 1999, eleven European countries formed the Economic and Monetary Union (EMU); they abandoned their national currencies and adopted a new common currency, the euro. Several recent papers argue that the introduction of the euro has led (by itself) to a sizable and statistically significant...

Persistent link: https://www.econbiz.de/10002756253