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The Chinese Corporate Savings Puzzle : A Firm-Level Cross-Country Perspective

Tong, Hui - 2010

China’s high corporate savings rate is commonly claimed to be a key driver for the country’s large current account … surplus. The mainstream explanation for high corporate savings is a combination of windfall profits in state-owned firms … doubt on these views by comparing the savings of 1557 Chinese listed firms with those of 29330 listed firms from 51 other …

Persistent link: https://www.econbiz.de/10014402854

International Evidenceon the Determinants of Private Saving

Masson, Paul R. - 1995

A broad set of possible determinants of private saving behavior is examined, using data for a large sample of industrial and developing countries. Both time-series and cross-section estimates are obtained. Results suggest that there is a partial offset on private saving of changes in public...

Persistent link: https://www.econbiz.de/10014398503

Liability-Creating Versus Non-Liability-Creating Fiscal Stabilization Policies : Ricardian Equivalence, Fiscal Stabilization, and Emu

Masson, Paul R. - 1998

This paper looks at theoretical and empirical issues associated with the operation of fiscal stabilizers within an economy. It argues that such stabilizers operate most effectively at a national, rather than local, level. As differing cycles across regions tend to offset each other for the...

Persistent link: https://www.econbiz.de/10014400666

Estimating Trade Equations From Aggregate Bilateral Data

Bayoumi, Tamim - 1999

This paper uses bilateral data on 420 merchandise trade flows between 21 industrial countries are used to estimate standard trade equations. The data set of over 11,000 observations allows the underlying elasticities to be estimated with considerable precision. Remarkably, a single specification...

Persistent link: https://www.econbiz.de/10014401050

Mr. Ricardo's Great Adventure : Estimating Fiscal Multipliers in a Truly Intertemporal Model

Sgherri, Silvia - 2006

We estimate tax multipliers in a ""Blanchard-Yaari"" consumption model where Ricardian equivalence is broken because the private sector discounts the future at a faster rate than the real rate of interest. The model fits U.S. data since 1955 extremely well-entailing a discount wedge of around 20...

Persistent link: https://www.econbiz.de/10014402981

On Impatience and Policy Effectiveness

Sgherri, Silvia - 2009

An increasing body of evidence suggests that the behavior of the economy has changed in many fundamental ways over the last decades. In particular, greater financial deregulation, larger wealth accumulation, and better policies might have helped lower uncertainty about future income and lengthen...

Persistent link: https://www.econbiz.de/10014403062

Liberating Supply-Fiscal Policy and Technological innovation in a Multicountry Model

Laxton, Douglas - 1998

This paper examines how endogenizing technological progress in a multicountry macroeconometric model affects the analysis of fiscal policies. It uses an expanded version of the IMF’s multicountry model, MULTIMOD, in which total factor productivity (TFP) is endogenized as a function of domestic...

Persistent link: https://www.econbiz.de/10014403417

Monetary Magic? : How the Fed Improved the Flexibility of the U.S. Economy

Bayoumi, Tamim - 2004

Extending recent theoretical contributions on sources of inflation inertia, we argue that monetary uncertainty accounts for sluggish expectations adjustment to nominal disturbances. Estimating a model in which rational individuals learn over time about shifts in U.S. monetary policy and the...

Persistent link: https://www.econbiz.de/10014404119

Unforeseen Events Wait Lurking : Estimating Policy Spillovers From U.S. to Foreign Asset Prices

Bayoumi, Tamim - 2011

Event studies are used to analyze the impact of U.S. financial, fiscal, and monetary policies from US to foreign asset prices across a range of G20 countries and Switzerland. The initial announcement that the Administration supported tighter regulation of banks led to a generalized fall in...

Persistent link: https://www.econbiz.de/10014398520

Restraining Yourself : Fiscal Rules and Stabilization

Eichengreen, Barry J. - 1994

State budgets in the United States played a significant macroeconomic role in the 1970s and 1980s, and the level of cyclical responsiveness was affected by the severity of statutory and constitutional fiscal restraints. Moving from no fiscal restraints to the most stringent restraints lowered...

Persistent link: https://www.econbiz.de/10014395811