Showing 1 - 10 of 23
This paper provides evidence that austerity shocks have long-run negative effects on GDP. Besides addressing the important gap in the growing fiscal research regarding the short time horizon of the estimations, this paper analyzes two other important assumptions made in the literature regarding...
Persistent link: https://www.econbiz.de/10014480474
This paper analyzes the effect of environmental policies on the direction of energy innovation across countries over the period 1990-2012. Our novelty is to use threshold regression models to allow for discontinuities in policy effectiveness depending on a country's relative competencies in...
Persistent link: https://www.econbiz.de/10011816765
This paper uses state-level data to estimate the effect of federal defense spending shocks on state real activity. We find moderately strong evidence that for the average state the fiscal multiplier is larger during recessions. However, there is substantial heterogeneity across the...
Persistent link: https://www.econbiz.de/10011928008
Financial shocks generate a protracted and quantitatively important effect on real economic activity and financial markets only if the shocks are both negative and large. Otherwise, their role is quite modest. Financial shocks have become more important for economic fluctuations after the 2000...
Persistent link: https://www.econbiz.de/10013373833
The responsiveness of house prices to monetary policy shocks depends both on the nature of the shock - expansionary versus contractionary - and on city-specific housing supply elasticities. We test and find supporting evidence for the hypothesis that expansionary monetary policy shocks have a...
Persistent link: https://www.econbiz.de/10012143924
uncertainty, we use Least Trimmed Squares, a robust estimation technique, to identify outliers and investigate how they affect the … the sample than previously claimed, and that outliers affect the results. Nevertheless trust seems quite important …
Persistent link: https://www.econbiz.de/10010321616
favourable for the long-living individuals, represent an equilibrium. …
Persistent link: https://www.econbiz.de/10010294532
the annuity market. First, we examine the pooling equilibrium for individual-life annuities and show that in the presence … equilibrium may exist. These results are obtained in a framework where couples are mandated to buy joint-life annuities and only …- and joint-life annuities, we find that in equilibrium couples with long-lived partners buy individual-life annuities …
Persistent link: https://www.econbiz.de/10010294618
equilibrium, and prove existence. We show how equilibria are extended naturally from lower to higher awareness levels and …
Persistent link: https://www.econbiz.de/10010276636
equilibrium, which may or may not exist, no agents have incentives to break up or form new partnerships. This paper proposes a … dynamic competitive adjustment process that always either finds an equilibrium or exclusively disproves the existence of any … equilibrium in finitely many steps. When an equilibrium exists, partnership and revenue distribution will be automatically and …
Persistent link: https://www.econbiz.de/10013208631