Showing 1 - 10 of 51
Persistent link: https://www.econbiz.de/10012036335
, natural resources (including raw materials), energy, climate, Arctic issues, social sector, and research/innovation. The …
Persistent link: https://www.econbiz.de/10011799503
forest fires have been influenced by forest management, extreme weather events and climate change, territorial planning/development …
Persistent link: https://www.econbiz.de/10009638564
This paper presents new evidence on the social returns to education within a macroeconomic growth regression framework … dynamic human capital spillovers: the human capital stock increases prospective economic growth. The empirical results are … growth and jobs. Finally, the paper discusses discrepancies between private and social returns to education. …
Persistent link: https://www.econbiz.de/10009640173
This paper investigates the average impact of government debt on per-capita GDP growth in twelve euro area countries … over a period of about 40 years starting in 1970. It finds a non-linear impact of debt on growth with a turning point …—beyond which the government debt-to-GDP ratio has a deleterious impact on long-term growth—at about 90-100% of GDP. Confidence …
Persistent link: https://www.econbiz.de/10009640303
The number of variables related to long-run economic growth is large compared with the number of countries. Bayesian … model averaging is often used to impose parsimony in the cross-country growth regression. The underlying prior is that many …. The positive relationship between measures of trade openness and growth is much stronger than found in the literature. …
Persistent link: https://www.econbiz.de/10009640306
We explore a view of the crisis as a shock to investor sentiment that led to the collapse of a bubble or pyramid scheme in financial markets. We embed this view in a standard model of the financial accelerator and explore its empirical and policy implications. In particular, we show how the...
Persistent link: https://www.econbiz.de/10009640837
Societies provide institutions that are costly to use, but able to enforce long-run relationships. We study the optimal decision problem of using self-governance for risk sharing or governance through enforcement provided by these institutions. Third-party enforcement is modelled as a costly...
Persistent link: https://www.econbiz.de/10009635888
In the “perpetual youth” overlapping-generations model of Blanchard and Yaari, if leisure is a “normal” good then some agents will have negative labour supply. We suggest a solution to this problem by using a modified version of Greenwood, Hercowitz and Huffman’s utility function. The...
Persistent link: https://www.econbiz.de/10009639400
Economic theory predicts that the consumption path of unconstrained homeowners responds to the interest rate, while the consumption path of credit constrained homeowners is determined by the size and timing of payments (mortgage maturity). We exploit the rapid expansion of mort-gage markets...
Persistent link: https://www.econbiz.de/10009640630