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An Evaluation of the Swedish Active Labor Market Policy : New and Received Wisdom
Forslund, Anders - 2010
About 3% of GNP is spent on government labor market programs in Sweden, compared to 2% in Germany and less than 0.5% in … the U.S. In Sweden these programs include extensive job training, public sector relief work, recruitment subsidies, youth … training programs have small effects on wages and re-employment in Sweden, but precise inferences are difficult because of …
Persistent link: https://www.econbiz.de/10013150778
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What - or Who - Started the Great Depression?
Ohanian, Lee E. - 2010
Herbert Hoover. I develop a theory of labor market failure for the Depression based on Hoover's industrial labor program that provided industry with protection from unions in return for keeping nominal wages fixed. I find that the theory accounts for much of the depth of the Depression and for...
Persistent link: https://www.econbiz.de/10013151056
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Economic Policy for Artificial Intelligence
Agrawal, Ajay K. - 2018
Recent progress in artificial intelligence (AI) – a general purpose technology affecting many industries - has been focused on advances in machine learning, which we recast as a quality-adjusted drop in the price of prediction. How will this sharp drop in price impact society? Policy will...
Persistent link: https://www.econbiz.de/10012916896
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Consumer Spending and the Economic Stimulus Payments of 2008
Parker, Jonathan A. - 2011
We measure the response of household spending to the economic stimulus payments (ESPs) disbursed in mid-2008, using special questions added to the Consumer Expenditure Survey and variation arising from the randomized timing of when the payments were disbursed. We find that, on average,...
Persistent link: https://www.econbiz.de/10013131507
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How Big (Small?) are Fiscal Multipliers?
Ilzetzki, Ethan - 2010
We contribute to the debate on the macroeconomic effects of fiscal stimuli by showing that the impact of government expenditure shocks depends crucially on key country characteristics, such as the level of development, exchange rate regime, openness to trade, and public indebtedness. Based on a...
Persistent link: https://www.econbiz.de/10013136746
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Fiscal Multipliers in Recession and Expansion
Auerbach, Alan J. - 2011
In this paper, we estimate government purchase multipliers for a large number of OECD countries, allowing these multipliers to vary smoothly according to the state of the economy and using real-time forecast data to purge policy innovations of their predictable components. We adapt our previous...
Persistent link: https://www.econbiz.de/10013120206
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The Fiscal Stimulus of 2009-10 : Trade Openness, Fiscal Space and Exchange Rate Adjustment
Aizenman, Joshua - 2011
This paper studies the cross-country variation of the fiscal stimulus and the exchange rate adjustment propagated by the global crisis of 2008-9, identifying the role of economic structure in accounting for the heterogeneity of response. We find that greater de facto fiscal space prior to the...
Persistent link: https://www.econbiz.de/10013120288
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External Adjustment and the Global Crisis
Lane, Philip R. - 2011
The period preceding the global financial crisis was characterized by a substantial widening of current account imbalances across the world. Since the onset of the crisis, these imbalances have contracted to a significant extent. In this paper, we analyze the ongoing process of external...
Persistent link: https://www.econbiz.de/10013121032
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"Getting the Biggest Bang for the Buck in Fiscal Policy"
Kimball, Miles S. - 2012
In ranking fiscal stimulus programs, it is useful to focus on the ratio of extra aggregate demand to extra national debt that results. This note argues that (because of repayment after the end of a recession) "national lines of credit"-that is, government-issued credit cards with countercyclical...
Persistent link: https://www.econbiz.de/10013104993
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Large Changes in Fiscal Policy : Taxes Versus Spending
Alesina, Alberto F. - 2010
We examine the evidence on episodes of large stances in fiscal policy, both in cases of fiscal stimuli and in that of fiscal adjustments in OECD countries from 1970 to 2007. Fiscal stimuli based upon tax cuts are more likely to increase growth than those based upon spending increases. As for...
Persistent link: https://www.econbiz.de/10013150446