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Seemingly Irrelevant Events Affect Perceptions and Expectations - The FIFA World Cup 2006 as a Natural Experiment

Dohmen, Thomas J; Falk, Armin; Huffman, David; Sunde, Uwe - C.E.P.R. Discussion Papers - 2006

Prominent economic theories have emphasized the role of commonly held perceptions and expectations for determining macroeconomic outcomes. A key empirical question is how such collectively held beliefs are formed. We use the FIFA World Cup 2006 as a natural experiment. We provide direct evidence...

Persistent link: https://www.econbiz.de/10005791748

Central Bank Communication and Output Stabilization

Eijffinger, Sylvester C W; Hoeberichts, Marco; … - C.E.P.R. Discussion Papers - 2004

Some central banks have a reputation for being secretive. A justification for this behaviour that we find in the literature is that being transparent about operations and beliefs hinders the central bank in achieving the best outcome. In other words, a central bank needs flexibility and...

Persistent link: https://www.econbiz.de/10005124006

Expectation Shocks and Learning as Drivers of the Business Cycle

Milani, Fabio - C.E.P.R. Discussion Papers - 2010

Psychological factors, market sentiments, and shifts in beliefs are believed by many to play a nontrivial role in inducing and amplifying economic fluctuations. Yet, these forces are rarely considered in macroeconomic models. This paper provides an attempt to evaluate the empirical role of...

Persistent link: https://www.econbiz.de/10008468669

Fiscal Policy, Wealth Effects and Markups

Monacelli, Tommaso; Perotti, Roberto - C.E.P.R. Discussion Papers - 2008

We document that an increase in government purchases generates a rise in consumption, the real and the product wage, and a fall in the markup. This evidence is robust across alternative empirical methodologies used to identify innovations in government spending (structural VAR vs. narrative...

Persistent link: https://www.econbiz.de/10005662286

Non-Keynesian Effects of Fiscal Policy Changes: International Evidence and the Swedish Experience

Giavazzi, Francesco; Pagano, Marco - C.E.P.R. Discussion Papers - 1995

In earlier work we documented two episodes in which a sharp fiscal consolidation was associated with a surprisingly large expansion in private domestic demand. In this paper we draw on further evidence to investigate if and when fiscal policy changes can have such non-Keynesian effects. In the...

Persistent link: https://www.econbiz.de/10005136472

Non-Separable Preferences and Frisch Labor Supply: One Solution to a Fiscal Policy Puzzle

Bilbiie, Florin Ovidiu - C.E.P.R. Discussion Papers - 2009

This paper proposes a theoretical explanation of the empirical finding that private consumption increases in response to an increase in government spending. The explanation requires two ingredients. First, labor demand expands (e.g. prices are sticky). Second, general non-separable preferences...

Persistent link: https://www.econbiz.de/10008459766

Insurance companies of the poor

Bold, Tessa; Dercon, Stefan - C.E.P.R. Discussion Papers - 2014

to exist. It also predicts where formal insurance is likely to flourish: insurance groups that hold savings become more … Ethiopian funeral insurance groups and their members to motivate and test our model. Those which hold savings and collect …

Persistent link: https://www.econbiz.de/10011096095

Continued Existence of Cows Disproves Central Tenets of Capitalism?

Anagol, Santosh; Etang, Alvin; Karlan, Dean S. - C.E.P.R. Discussion Papers - 2013

We examine the returns from owning cows and buffaloes in rural India. We estimate that when valuing labor at market wages, households earn large, negative average returns from holding cows and buffaloes, at negative 64% and negative 39% respectively. This puzzle is mostly explained if we value...

Persistent link: https://www.econbiz.de/10011083843

Aggregate Fertility and Household Savings: A General Equilibrium Analysis using Micro Data

Banerjee, Abhijit; Meng, Xin; Porzio, Tommaso; Qian, Nancy - C.E.P.R. Discussion Papers - 2014

relationship between aggregate fertility and household savings. First, we document that parents perceive children as an important … source of old-age support and that in partial equilibrium, increased fertility lowers household savings. Then, we construct … equilibrium effects can substantially overstate the effect of a change in aggregate fertility on households savings. …

Persistent link: https://www.econbiz.de/10011084282

Financial Education and Access to Savings Accounts: Complements or Substitutes? Evidence from Ugandan Youth Clubs

Jamison, Julian C.; Karlan, Dean S.; Zinman, Jonathan - C.E.P.R. Discussion Papers - 2014

Evidence on the effectiveness of financial education and formal savings account access is lacking, particularly for … shows the education plus account treatment increases bank savings relative to account-only. But survey-measured total … savings shows roughly equal increases across all treatment arms. Earned income also increases in all treatment arms. We find …

Persistent link: https://www.econbiz.de/10011084404