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Depression econometrics : a FAVAR model of monetary policy during the great depression

Ahmadi, Pooyan Amir; Ritschl, Albrecht - 2009

The prominent role of monetary policy in the U.S. interwar depression has been conventional wisdom since Friedman and Schwartz [1963]. This paper presents evidence on both the surprise and the systematic components of monetary policy between 1929 and 1933. Doubts surrounding GDP estimates for...

Persistent link: https://www.econbiz.de/10003904615

Do Government Spending Multipliers Depend on the Sign of the Shock?

Ben Zeev, Nadav; Ramey, Valerie A.; Zubairy, Sarah - National Bureau of Economic Research - 2023

We analyze whether government spending multipliers differ by the sign of the shock. Using aggregate historical U.S. data, we apply Ben Zeev's (2020) nonlinear diagnostic tests and find evidence of nonlinearities in the impulse response functions of both government spending and GDP. We then...

Persistent link: https://www.econbiz.de/10014247936

Moonshot : Public R&D and Growth

Kantor, Shawn Everett; Whalley, Alexander T. - National Bureau of Economic Research - 2023

We estimate the long-term effect of public R&D on growth in manufacturing by analyzing new data from the Cold War era Space Race. We develop a novel empirical strategy that leverages US-Soviet rivalry in space technology to isolate windfall R&D spending. Our results demonstrate that public R&D...

Persistent link: https://www.econbiz.de/10014322858

An inquiry into the development of science and technology parks in China

Zhang, Haiyang; Sonobe, Tetsushi - 2010

agglomeration and congestion. The main finding is that the negative effect of congestion on productivity is highly likely to … outweigh the positive productivity effect of agglomeration economies within the STIPs but not among high-tech firms outside the … STIPs. The paper also finds that the productivity of high-tech firms, whether within or outside the STIPs, are positively …

Persistent link: https://www.econbiz.de/10008697467

Quantitative easing and corporate innovation

Grimm, Niklas; Laeven, Luc; Popov, Alexander - 2021

To what extent can Quantitative Easing impact productivity growth? We document a strong and heterogeneous response of …

Persistent link: https://www.econbiz.de/10012705397

Fixed exchange-rate policy and real wage growth : quasi-experimental evidence

Andini, Corrado - 2014

Using Difference-in-Differences estimation and data from the European Community Household Panel, this paper suggests that the fixed exchange-rate policy adopted by Italy in the 1997-2000 period has reduced the real hourly wage growth of Italian fulltime workers with permanent contracts, on...

Persistent link: https://www.econbiz.de/10010457884