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Misallocation, Economic Growth, and Input-Output Economics
Jones, Charles I. - 2011
One of the most important developments in the growth literature of the last decade is the enhanced appreciation of the role that the misallocation of resources plays in helping us understand income differences across countries. Misallocation at the micro level typically reduces total factor...
Persistent link: https://www.econbiz.de/10013130964
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Assessing International Efficiency
Heathcote, Jonathan - 2013
This paper is structured in three parts. The first part outlines the methodological steps, involving both theoretical and empirical work, for assessing whether an observed allocation of resources across countries is efficient. The second part applies the methodology to the long-run allocation of...
Persistent link: https://www.econbiz.de/10013083395
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A Positive Model of Growth and Pollution Controls
Jones, Larry; Manuelli, Rody - 2021
The most recent addition to the economics of gloom concerns the interplay between income and environmental degradation. The main question raised is whether or not continued environmental degradation is a necessary part of the process of industrialization. Will pollution continue to increase...
Persistent link: https://www.econbiz.de/10013237939
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The Political Resource Curse
Brollo, Fernanda - 2010
politicians, both with theory and data. The theory is based on a version of the career concerns model of political agency with … implications of the theory and identify the causal effect of larger federal transfers on political corruption and the observed … features of political candidates at the municipal level. In accordance with the predictions of the theory, we find that larger …
Persistent link: https://www.econbiz.de/10013148374
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In Search of the Holy Grail : Policy Convergence, Experimentation, and Economic Performance
Mukand, Sharun; Rodrik, Dani - 2021
We consider a model of policy choice in which appropriate policies depend on a country's own circumstances, but the presence of a successful leader generates an informational externality and results in too little 'policy experimentation.' Corrupt governments are reined in while honest...
Persistent link: https://www.econbiz.de/10013310806
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The Costs of Financial Crises : Resource Misallocation, Productivity and Welfare in the 2001 Argentine Crisis
Sandleris, Guido - 2011
Financial crises in emerging market countries appear to be very costly: both output and a host of partial welfare indicators decline dramatically. The magnitude of these costs is puzzling both from an accounting perspective -- factor usage does not decline as much as output, resulting in large...
Persistent link: https://www.econbiz.de/10013119037
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Macroprudential Regulation Versus Mopping Up after the Crash
Jeanne, Olivier - 2013
We study the interplay of optimal ex-ante (macroprudential) and ex-post (monetary or fiscal stimulus) measures to respond to systemic financial crises in a tractable model of fire sales. We find that it is generally optimal to use both, rejecting the Greenspan doctrine to only intervene ex post....
Persistent link: https://www.econbiz.de/10013089016
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Productivity Growth and Capital Flows : The Dynamics of Reforms
Buera, Francisco J. - 2010
Why doesn't capital flow into fast-growing countries? In this paper, we provide a quantitative framework incorporating heterogeneous producers and underdeveloped domestic financial markets to study the joint dynamics of total factor productivity (TFP) and capital flows. When an unexpected...
Persistent link: https://www.econbiz.de/10013151141
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Financial Integration and Liquidity Crises
Castiglionesi, Fabio - 2017
The paper analyzes the effects of financial integration on the stability of the banking system. Financial integration allows banks in different regions to smooth local liquidity shocks by borrowing and lending on a world interbank market. We show under which conditions financial integration...
Persistent link: https://www.econbiz.de/10012957374
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International Financial Integration and Crisis Contagion
Devereux, Michael B. - 2014
International financial integration helps to diversify risk but also may increase the trans- mission of crises across countries. We provide a quantitative analysis of this trade-off in a two-country general equilibrium model with endogenous portfolio choice and collateral con- straints....
Persistent link: https://www.econbiz.de/10013046603