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International Differences in Fiscal Policy During the Global Crisis
Bénétrix, Agustín S. - 2010
We examine the cross-country dispersion in fiscal outcomes during 2007-2009. In principle, international differences in fiscal policy may be related to differences in optimal fiscal positions, funding constraints, political economy factors and fiscal control problems. We find that the decline in...
Persistent link: https://www.econbiz.de/10013138322
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Macroeconomic Effects from Government Purchases and Taxes
Barro, Robert J. - 2010
For U.S. annual data that include WWII, the estimated multiplier for temporary defense spending is 0.4-0.5 contemporaneously and 0.6-0.7 over two years. If the change in defense spending is "permanent" (gauged by Ramey's defense-news variable), the multipliers are higher by 0.1-0.2. The...
Persistent link: https://www.econbiz.de/10013150906
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By How Much Does GDP Rise If the Government Buys More Output?
Hall, Robert E. - 2009
During World War II and the Korean War, real GDP grew by about half the amount of the increase in government purchases. With allowance for other factors holding back GDP growth during those wars, the multiplier linking government purchases to GDP may be in the range of 0.7 to 1.0, a range...
Persistent link: https://www.econbiz.de/10013154570
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Revealing Failures in the History of School Finance
Lindert, Peter H. - 2009
expenditures, taxes, and rates of return to explain anomalies in which richer political units deliver less education than poorer … ones. Both the anomalies of education history, and its less surprising contrasts, fit broad patterns that can be revealed … and partially explained using low-tech methods. Over most of human history, contrasts in the output of education were …
Persistent link: https://www.econbiz.de/10013155017
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Social Capital, Government Expenditures and Growth
Ponzetto, Giacomo A. M. - 2018
future returns to current spending on public education. Greater social diffusion of information makes this knowledge more … helps the selection of politicians that ensure high productivity in public education. Through this mechanism, we show that … with higher social capital spend a higher share of output on public education …
Persistent link: https://www.econbiz.de/10012920892
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A Cross-Country Study of Growth, Saving, and Government
Barro, Robert J. - 2021
Models of endogenous economic growth can generate long-term growth without relying on exogenous changes in technology or population. A general feature of these models is the presence of constant or increasing returns in the factors that can be accumulated. I use some models of this type to study...
Persistent link: https://www.econbiz.de/10013232139
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Public Finance in Models of Economic Growth
Barro, Robert J.; Sala-i-Martin, Xavier - 2021
The recent literature on endogenous economic growth allows for effects of fiscal policy on long-term growth. If the social rate of return on investment exceeds the private return, then tax policies that encourage investment can raise the growth rate and levels of utility. An excess of the social...
Persistent link: https://www.econbiz.de/10013213083
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When is Debt Odious? A Theory of Repression and Growth Traps
Acharya, Viral V.; Rajan, Raghuram G.; Shim, Jack - 2021
How is a developing country affected by its odious government’s ability to borrow in international markets? We examine the dynamics of a country’s growth, consumption, and sovereign debt, assuming that the government is myopic and wants to maximize short-term, socially unproductive,...
Persistent link: https://www.econbiz.de/10013315312
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Skill-Specific Rather then General Education : A Reason for Us-Europe Growth Differences?
Krueger, Dirk; Kumar, Krishna B. - 2021
either a concept-based, general' education or a skill-specific, vocational' education. General education is more costly to … policies favor vocational education will grow slower in equilibrium than one that favors general education. Moreover, the gap … education subsidy policy we demonstrate that the optimal subsidy for general education increases with the growth rate of …
Persistent link: https://www.econbiz.de/10013212567
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Schooling, Labor Force Quality, and Economic Growth
Hanushek, Eric A.; Kim, Dongwook - 2000
Human capital is almost always identified as a crucial ingredient for growing economies, but empirical investigations of cross-national growth have done little to clarify the dimensions of relevant human capital or any implications for policy. This paper concentrates on the importance of labor...
Persistent link: https://www.econbiz.de/10014158648