This research investigates the multiplier effect of ferry transportation development on the medium-term economy of Samosir Island from 2016 to 2022. The study will provide insights into the implications of ferry transportation for the economies of rural or remote regions like Samosir Island. The...

A literacy-targeted approach to economic instruction draws on insights from cognitive science. It highlights that students process complex economic information by constructing and modifying schemas that represent economic material. Following this approach, we developed a set of instructional...

This article presents neo-Kaleckian macroeconomic models that are intended for under-graduate instruction at the introductory and intermediate levels. The neo-Kaleckian approach incorporates markup pricing, monopoly power, and income distribution into a demand-driven macro model for short-run...

We use plausibly exogenous variation in the redistribution of natural resource tax revenues in Peru to study whether transfers to local governments can stimulate economic activity in low-income areas. We show that resource windfalls to non-extractive municipalities between 2006 and 2018 changed...

We use plausibly exogenous variation in the redistribution of natural resource tax revenues in Peru to study whether transfers to local governments can stimulate economic activity in low income areas. We show that resource windfalls to non-extractive municipalities between 2006 and 2018 changed...

Fiscal policies are one of the most important instruments of government to guide the progress of the country's economic development. They find significant use in cases where the economy is experiencing a period of recession, such as the current one caused by COVID-19. This study aims to assess...

This paper asks whether the post-Keynesian or New Keynesian paradigm provides a more realistic description of the effects of fiscal policy on output and consumption. I establish some macro and microeconomic stylized facts on fiscal multipliers and marginal propensities to consume based on the...

A literacy-targeted approach to economic instruction draws on insights from cognitive science. It highlights that students process complex economic information by constructing and modifying schemas that represent economic material. Following this approach, we developed a set of instructional...

The paper examines the macroeconomic effects of fiscal policy under varying economic conditions. The analysis is conducted using a closed-economy agent-based model, where macroeconomic outcomes of fiscal intervention emerge from the bottom up as the result of interactions between heterogeneous...

This article employs two alternative approaches based on input-output tables to re-evaluate key Australian industries and their interconnections. The first approach utilizes traditional linkages, while the second approach employs machine learning methods. Data come from the OECD database for...

This paper estimates the fiscal multipliers of green public spending using a linear Bayesian Panel VAR and a Smooth Transition VAR framework, with quarterly data for the period 1995Q1-2022Q4 for EU member states. We group EU member states based on similar- ities in debt trajectories and green...

What are the job multipliers of the green industrialization? We tackle this question within EU regions over the period 2003-2017, building a novel measure of green manufacturing penetration that combines green production and regional employment data. We estimate local job multipliers of green...

Econometric results suggest that Qatar's strong capital spending multiplier became less impactful as the stock of capital rose to a high level, likely as the marginal impact declined. This supports Qatar's strategy to shifts the State's role to an enabler of private sector-led growth, focusing...

What are the job multipliers of the green industrialization? We tackle this question within EU regions over the period 2003-2017, building a novel measure of green manufacturing penetration that combines green production and regional employment data. We estimate local job multipliers of green...

Fiscal policy plays an important macroeconomic role in Mongolia. On the one hand, fiscal expansion is seen as a measure to boost aggregate demand. On the other hand, import leakages mitigate the impact of fiscal expansion on growth. Applying a structural vector autoregressive model, this paper...

This paper investigates dynamic relationships between U.S. government expenditure multipliers and the economy's cyclical position from 1949 to 2018 using a Time-Varying Parameter Vector Autoregression (TVP-VAR) model. We challenge the existing literature, which predominantly relies on predefined...

This paper investigates the relationship between public debt and the effectiveness of fiscal policy, presenting evidence of an inverse relationship between government debt and fiscal multipliers. To explain the results, I develop and calibrate a HANK model tailored to the U.S. economy. The model...

This paper utilizes the unique dynamics of fiscal budgeting in countries with a large hydro-carbon sector to estimate fiscal multipliers. The main identifying assumption rests on the idea that exogenously identified global hydrocarbon demand shocks can be considered plausible instruments for the...

Building on the dataset and identification strategy of Ramey and Zubairy (2018), this paper investigates the dynamic effects of fiscal shocks using a state-dependent local projection approach. By interacting fiscal shocks with a continuous state variable, the analysis captures how fiscal...

The European Union's Next Generation EU (NGEU) program and its implementation through the Recovery and Resilience Facility (RRF) were conceived with the premise of promoting a coordinated fiscal response within the European Union to address the challenges arising from the COVID-19 crisis. The...

The transmission channels of stabilizing fiscal policy remain partially unexplored, which presents a challenge for the effective management of economic policy. Using a broad dataset and vector autoregression methodology, this paper examines the relationship between selected structural...

This paper revisits the empirical analysis of Nakamura and Steinsson (2014). I reconstruct and extend the original dataset to cover the period 1966-2019, harmonizing two major sources of data: the Defense Contract Action Data System (DCADS) and USAspending.gov. I discuss how to aggregate these...

This paper analyzes the macroeconomic impact of Generative Artificial Intelligence (GenAI) on the Finnish economy, integrating recent literature and empirical evidence into a quantitative multi-sector general equilibrium model. The results indicate that, over a ten-year horizon, GenAI adoption...

What determines the effectiveness of military buildups? We introduce the concept of the military multiplier: the percentage increase in military equipment an additional dollar buys. It varies with the costs of allocating resources to military production, depending, among other things, on the...

We construct a narrative instrument for government investment from official records in Germany. Using structural vector autoregressions, we document a significant crowding-in of private investment and an output multiplier of roughly 2. Then, we match a New Keynesian dynamic stochastic general...

We study the economic effects of the interaction of nature loss and climate change in a model that incorporates important aspects of both processes. We capture the distinct ways in which they affect economic activity—with nature constituting a key factor of production and climate change...

This paper investigates how an increase in military expenditures affects an economy. It is written in the context of rising geopolitical tensions that have spurred increased military spending in the United States, Europe, and other economic areas. It draws on a large literature in...

We use restricted data from the Quarterly Census of Employment and Wages to link the universe of US establishments with the universe of contractors in the Federal Procurement Data System. Leveraging detailed institutional knowledge of federal acquisitions, we construct a new dataset of...

This research investigates the multiplier effect of ferry transportation development on the medium-term economy of Samosir Island from 2016 to 2022. The study will provide insights into the implications of ferry transportation for the economies of rural or remote regions like Samosir Island. The...

This paper provides novel empirical evidence on how political fragmentation shapes the fiscal transmission mechanism. Using data from 16 OECD countries (1978-2019) and narrative accounts to identify exogenous fiscal interventions, we show that when political fragmentation is high, the fiscal GDP...