We study the behavior of output, employment, consumption, and investment in Germany during the Great Depression of 1928-37. In this time period, real wages were countercyclical, and productivity and fiscal policy was procyclical. We use the neoclassical growth model to investigate how much these...

Obiettivo del lavoro è un primo esame di ipotesi ed evidenze per una interpretazione maggiormente articolata della crisi del 1893; appunti frammentari, che tendono ad individuare i fenomeni maggiormente significativi su cui concentrare l'attenzione. Uno shock di competitività, conseguente ad una...

In the earl y decades of the contemporar y world economy, Portugal had t o perform twice d ifficult stabilization processes: during the 1890s as a consequence of the collapse of external and public debt payments, and during the 1920s in the wake of the First World War. This paper will analyse...

In the present conception, the state budget will further ensure the achievement of major economic and social objectives. We consider that the state budget must play an increasingly important role in stabilizing the economuy, in parallel to its role of main instrument for income re-distribution....

The eurozone is in political and economic crisis. This is due to the inadequate design of the institutional structure of the eurozone and to the current poor implementation of macroeconomic policy. In designing the eurozone, well established principles of economics were ignored and major...

Does the concept of General Purpose Technologies help explain periods of faster and slower productivity advance in economies? The paper develops a new comparative data set on the usage of electricity in the manufacturing sectors of the USA, Britain, France, Germany and Japan and proceeds to...

The European Single Market created a common market for millions of Europeans. However, thirty years after its introduction, it appears that the benefits of the common European project are occasionally being questioned at least by some parts of the population. Others, by contrast, strive for...

This study analyzes how state capacity shapes the local impact of national policies by exploiting a quasi-natural experiment in the regional expansion of the state. It uses the local discontinuity created by the boundary of the largest peasant rebellion in 18th century Russia where the state...

Over the early modern period and beyond, massive amounts of silver and gold were found and mined in the Americas. In this paper, I review the consequences for the European economies. Some second-order receiver countries such as England benefited in both the short and long run. First-order...