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Policy Evaluation in Uncertain Economic Environments

Brock, William A.; Durlauf, Steven N.; West, Kenneth D. - 2021

This paper develops a decision-theoretic approach to policy analysis. We argue that policy evaluation should be conducted on the basis of two factors: the policymaker's preferences, and the conditional distribution of the outcomes of interest given a policy and available information. From this...

Persistent link: https://www.econbiz.de/10013226952

Why Some Times are Different : Macroeconomic Policy and the Aftermath of Financial Crises

Romer, Christina D. - 2017

Analysis based on a new measure of financial distress for 24 advanced economies in the postwar period shows substantial variation in the aftermath of financial crises. This paper examines the role that macroeconomic policy plays in explaining this variation. We find that the degree of monetary...

Persistent link: https://www.econbiz.de/10012945611

Misallocation, Establishment Size, and Productivity

Bento, Pedro - 2016

We consider a tractable model of heterogeneous production units that features endogenous entry and productivity investment to assess the quantitative impact of policy distortions on aggregate output and establishment size. Relative to the standard factor misallocation framework, policy...

Persistent link: https://www.econbiz.de/10012979762

International Coordination of Economic Policies : Scope, Methods, and Effects

Frenkel, Jacob A.; Goldstein, Morris; Masson, Paul R. - 2021

actual evolution of the world economy over the 1974-87 period. Our findings suggest that simple mechanistic rule …

Persistent link: https://www.econbiz.de/10013232745

Economic Convergence and Economic Policies

Sachs, Jeffrey D.; Warner, Andrew M. - 2021

Many of the crucial debates in development economics are encapsulated in the question of economic convergence. Is there a tendency for the poorer countries to grow more rapidly than the richer countries, and thereby to converge in living standards? Some recent research on endogenous growth has...

Persistent link: https://www.econbiz.de/10013234056

Political Instability, Political Weakness and Inflation : An Empirical Analysis

Edwards, Sebastian; Tabellini, Guido - 2021

In this paper we analyze empirically the most important implications of two family political economy models of inflation: the "myopic? government approach and the "weak" government approach. In myopic government models inflation is the deliberate outcome of politicians strategic behavior, while...

Persistent link: https://www.econbiz.de/10013244087

Political Economy in a Changing World

Acemoglu, Daron - 2013

We provide a general framework for the analysis of the dynamics of institutional change (e.g., democratization, extension of political rights or repression of different groups), and how these dynamics interact with (anticipated and unanticipated) changes in the distribution of political power...

Persistent link: https://www.econbiz.de/10013080197

The International Transmission of Credit Bubbles : Theory and Policy

Ventura, Jaume - 2015

We live in a new world economy characterized by financial globalization and historically low interest rates. This … propagated abroad. In previous work, we built on the theory of rational bubbles to develop a framework to think about the origins … in this world. The interest-rate and terms-of-trade spillovers produce policy externalities that make the noncooperative …

Persistent link: https://www.econbiz.de/10013028542

Modern Macroeconomics in Practice : How Theory is Shaping Policy

Chari, Varadarajan V. - 2010

policy changes that are precisely what macroeconomic theory of the last 30 years suggests. The three key developments that …

Persistent link: https://www.econbiz.de/10012760693

Theory, General Equilibrium and Political Economy in Development Economics

Acemoglu, Daron - 2010

I discuss the role of economic theory in empirical work in development economics with special emphasis on general … equilibrium and political economy considerations. I argue that economic theory plays (should play) a central role in formulating …

Persistent link: https://www.econbiz.de/10013144167

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