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The 1918 Influenza Pandemic and its Lessons for COVID-19
Beach, Brian - 2020
This article reviews the global health and economic consequences of the 1918 influenza pandemic, with a particular focus on topics that have seen a renewed interest because of COVID-19. We begin by providing an overview of key contextual and epidemiological details as well as the data that are...
Persistent link: https://www.econbiz.de/10012481221
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The Real Exchange Rate, Mercantilism and the Learning by Doing Externality
Aizenman, Joshua - 2008
This paper examines the degree to which the learning by doing externality [LBD] calls for an undervalued exchange rate, a policy suggested by recent empirical studies which concluded that mildly undervalued real exchange rate may enhance growth. We obtain mixed results. For an economy where LBD...
Persistent link: https://www.econbiz.de/10012464794
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Financiers vs. Engineers : Should the Financial Sector be Taxed or Subsidized?
Philippon, Thomas - 2007
I study the allocation of human capital in an economy with production externalities, financial constraints and career … choices. Agents choose to become entrepreneurs, workers or financiers. Entrepreneurship has positive externalities, but …-financial sector. When direct subsidies to investment and scientific education are not feasible, giving a preferred tax treatment to …
Persistent link: https://www.econbiz.de/10012465087
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Environmental Investment and Policy with Distortionary Taxes and Endogenous Growth
Fullerton, Don - 2006
tax revenue is more than enough to pay for public abatement R&D. Second, tax distortions and externalities substantially …
Persistent link: https://www.econbiz.de/10012466599
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Externalities and Growth
Klenow, Peter J. - 2004
Externalities play a central role in most theories of economic growth. We argue that international externalities, in … have international knowledge externalities. When calibrated, the hybrid model does a surprisingly good job of generating …
Persistent link: https://www.econbiz.de/10012467678
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Externalities and Growth Accounting
Benhabib, Jess - 1989
We reexamine several bodies of data on the growth of output, labor, and capital, within the context of a model that admits the possibility of an externality to the capital input. The model is an augmented version of Paul Romer's (1987) reformulation of the Solow model. Unlike Romer, however, we...
Persistent link: https://www.econbiz.de/10012475847
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A Re-examination of the Predictability of Economic Activity Using the Yield Spread
Hamilton, James D. - 2000
This paper revisits the yield spread's usefulness for predicting future real GDP growth. We show that the contribution of the spread can be decomposed into the effect of expected future changes in short rates and the effect of the term premium. We find that both factors are relevant for...
Persistent link: https://www.econbiz.de/10012470782
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On the Optimal Inflation Rate
Brunnermeier, Markus K. - 2016
In our incomplete markets economy financial frictions affect the optimal inflation target. Households choose portfolios consisting of risky (uninsurable) capital and money. Money is a bubbly store of value. The market outcome is constrained Pareto inefficient due to a pecuniary externality. Each...
Persistent link: https://www.econbiz.de/10012456542
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Health and Economic Growth : Reconciling the Micro and Macro Evidence
Bloom, David E. - 2019
Economists use micro-based and macro-based approaches to assess the effects of health on economic growth. The micro-based approach tends to find smaller effects than the macro-based approach, thus presenting a micro-macro puzzle regarding the economic return on health. We reconcile these two...
Persistent link: https://www.econbiz.de/10012479952
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Disease and Development : The Effect of Life Expectancy on Economic Growth
Acemoglu, Daron; Johnson, Simon - 2006
What is the effect of increasing life expectancy on economic growth? To answer this question, we exploit the international epidemiological transition, the wave of international health innovations and improvements that began in the 1940s. We obtain estimates of mortality by disease before the...
Persistent link: https://www.econbiz.de/10012466399