Showing 1 - 7 of 7
Persistent link: https://www.econbiz.de/10008546230
We provide cross-country evidence that rejects the traditional interpretation of the natural resource curse. First, growth depends negatively on volatility of unanticipated output growth independent of initial income, investment, human capital, trade openness, natural resource dependence, and...
Persistent link: https://www.econbiz.de/10008546229
The macroeconomic effects of different ways of rolling back the welfare state are analysed. Cutting public spending on market goods induces a lower interest rate, a higher wage, a lower capital stock, and a fall in employment. Cutting public employment or the labour income tax rate leads, in...
Persistent link: https://www.econbiz.de/10005449677
This paper analyzes a small open economy with overlapping generations, endogenous growth, and a risk premium on foreign debt. A balanced-budget increase in public consumption or a rise in government debt raises the ratio of foreign debt to domestic income and the interest rate but depresses...
Persistent link: https://www.econbiz.de/10005447615
Persistent link: https://www.econbiz.de/10005746273
A simple macroeconomic model with monopolistic competition on the goods market is developed which displays Keynesian features. The model is used to study the effects of a rise in public spending on national income. The model extends the literature in two directions. First, the authors assume...
Persistent link: https://www.econbiz.de/10005578281
Persistent link: https://www.econbiz.de/10005564780