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The Time for Austerity : Estimating the Average Treatment Effect of Fiscal Policy
Jordà, Òscar - 2013
After the Global Financial Crisis a controversial rush to fiscal austerity followed in many countries. Yet research on the effects of austerity on macroeconomic aggregates was and still is unsettled, mired by the difficulty of identifying multipliers from observational data. This paper...
Persistent link: https://www.econbiz.de/10012459247
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The Long-Run Effects of Monetary Policy
Jordà, Òscar - 2020
Is the effect of monetary policy on the productive capacity of the economy long lived? Yes, in fact we find such impacts are significant and last for over a decade based on: (1) merged data from two new international historical databases; (2) identification of exogenous monetary policy using the...
Persistent link: https://www.econbiz.de/10012479190
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State-Dependent Local Projections : Understanding Impulse Response Heterogeneity
Cloyne, James; Jordà, Òscar; Taylor, Alan M. - National Bureau of Economic Research - 2023
An impulse response is the dynamic average effect of an intervention across horizons. We use the well-known Kitagawa-Blinder-Oaxaca decomposition to explore a response's heterogeneity over time and over states of the economy. This can be implemented with a simple extension to the usual local...
Persistent link: https://www.econbiz.de/10014226168
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Local Projections
Jordà, Òscar; Taylor, Alan M. - National Bureau of Economic Research - 2024
A central question in applied research is to estimate the effect of an exogenous intervention or shock on an outcome. The intervention can affect the outcome and controls on impact and over time. Moreover, there can be subsequent feedback between outcomes, controls and the intervention. Many of...
Persistent link: https://www.econbiz.de/10015056147
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On the Gains to International Trade in Risky Financial Assets
Davis, Steven J. - 2000
enormous gains to trade when asset returns are calibrated to observed risk premia and all agents participate in asset markets …. The gains-to-trade puzzle is closely related to, but distinct from, the equity premium puzzle. High risk aversion merely … both puzzles. We also identify three reasons for limited international risk sharing. First, the requirement that asset …
Persistent link: https://www.econbiz.de/10012470954
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Stuck on Gold : Real Exchange Rate Volatility and the Rise and Fall of the Gold Standard
Chernyshoff, Natalia - 2005
absorption in a world of real shocks and nominal stickiness. A simple model shows how a lack of flexibility can be discerned in …
Persistent link: https://www.econbiz.de/10012466876
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Monetary Sovereignty, Exchange Rates, and Capital Controls : The Trilemma in the Interwar period
Obstfeld, Maurice - 2004
disorder in the world economy. The interwar disorder often is linked to policies inconsistent with the constraint of the open … yield. This historical analytic narrative is compelling with significant ramifications for today's world, if true but …
Persistent link: https://www.econbiz.de/10012468300
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Tariff Reductions, Entry, and Welfare : Theory and Evidence for the Last Two Decades
Caliendo, Lorenzo - 2015
tariff, which comprise one-quarter of the countries in the world …
Persistent link: https://www.econbiz.de/10012456903