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This paper presents a novel framework to estimate the elasticity between nighttime lights and quarterly economic activity. The relationship is identified by accounting for varying degrees of measurement errors in nighttime light data across countries. The estimated elasticity is 1.55 for...
Persistent link: https://www.econbiz.de/10015060380
This paper provides new empirical evidence of the impact of an unanticipated change in public debt on real GDP. Using public debt forecast errors, we identify exogenous changes in public debt to assess the impact of a change in the debt to GDP ratio on real GDP. By analyzing data on gross public...
Persistent link: https://www.econbiz.de/10015060462
estimate the income growth implied by the evolution of food demand and durable good ownership in post-reform Brazil and Mexico …
Persistent link: https://www.econbiz.de/10012677643
Over the last thirty years Burundi's low economic growth has led to a significant decline in per capita GDP. The … explain a large part of the weak growth performance for the last thirty years …
Persistent link: https://www.econbiz.de/10012677702
The purpose of this paper is to examine factors that have constrained South Africa's growth since the end of apartheid … study finds that sluggish investment has undermined growth since 1996 and that the underinvestment is in part explained by … growth in South Africa …
Persistent link: https://www.econbiz.de/10012677704
shortcomings, which are often manifested as overestimated growth rates. In cases where official data are not adequate for …
Persistent link: https://www.econbiz.de/10015059057
Intro -- Contents -- I. MOTIVATION AND RELATED STUDIES -- II. OUTPUT DROPS -- III. SHOCKS -- IV. MULTIVARIATE PROBIT ANALYSIS -- V. ROBUSTNESS AND EXTENSIONS -- VI. CONCLUSIONS -- APPENDIX TABLES AND FIGURES -- APPENDIX I. HODRICK-PRESCOTT-FILTER BASED DEFINITION OF EVENTS -- APPENDIX II. KERNEL...
Persistent link: https://www.econbiz.de/10012691074
Persistent link: https://www.econbiz.de/10012691029
In this paper, we first introduce investment-specific technology (IST) shocks to an otherwise standard international real business cycle model and show that a thoughtful calibration of them along the lines of Raffo (2009) successfully addresses the "quantity", "international comovement",...
Persistent link: https://www.econbiz.de/10008671290
-year periods using a two-dimensional state space based on growth regimes and political institutions. We then model the joint … evolution of output growth and political institutions as a finite state Markov chain, and study how countries move between … states. We find that growth is more likely to be sustained under democracy than under autocracy; output collapses are more …
Persistent link: https://www.econbiz.de/10015059959