Many developments witnessed in 2005 in the world economy have important implications for African economies. There are many issues raised pertaining global imbalances and they obviously occupied center stage in the monetary and other economic policies of developing and developed countries. The...

What do we know about the output effects of fiscal policy in low income countries (LICs)? There are very few empirical studies on the subject. This paper fills this gap by estimating the output effects of government spending shocks in LICs. Our analysis-based on the local projection method-finds...

This paper estimates the dynamic aggregate effect of exogenous shocks to two key components of public expenditure in the United States: government income transfers and government spending. The identification strategy positions the structural shocks to public expenditures in an SVAR framework...

We investigate the macroeconomic effects of political risk in an information-rich SVAR. Using an external instrument based on an index of US partisan conflict for identification, we find that reduced political risk has expansionary impact: it is immediately priced into stock prices; increases...

Similar to many sub-Saharan African countries, Sudan has inherited a dual economy in the immediate post-independence era where a large agriculture-based rural traditional sector coexisted with a small non-agricultural modern sector. This functional dualism remained until the first oil shipment...

This paper studies the consumption response to an increase in the domestic value of foreign currency household debt during a large depreciation. We use detailed consumption survey data that follows households for four years around Hungary’s 2008 currency crisis. We find that, relative to...

Older workers are an increasing share of the US labor force, yet we know relatively little how their participation is impacted by macroeconomic conditions. In this paper, I use US administrative data to identify how recessions impact transitions between career employment, partial-retirement, and...

This paper shows that macroeconomic uncertainty affects the housing market in two significant ways. First, uncertainty shocks adversely a¤ect housing prices but not the quantities that are traded. Controlling for a broad set of variables in fixed-effects regressions, we find that uncertainty...

We investigate the heterogeneity in the effects of monetary policy shocks on the distribution of wages and hours worked, using unique contract-level data from the Czech labor market and identifying monetary policy shocks using a narrative approach based on market suprises in interest rate...

This paper estimates the aggregate effects of government income transfers shocks for a sample of EU countries. I construct a new measure of transfers shocks based on a dataset by public finance experts of the European System of Central Banks (ESCB). The identification strategy consists of a...