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the most suffered the biggest loss in confidence in institutions, particularly in trust in government and the financial …We document that trust in public institutions--and particularly trust in banks, business and government--has declined … sector. Finally, analysis of several repeated cross-sections of confidence within U.S. states yields similar qualitative …
Persistent link: https://www.econbiz.de/10008925712
half of 2013 GDP from the island to cover losses elsewhere. In the absence of a federal government, no institution can …
Persistent link: https://www.econbiz.de/10011084126
This paper analyzes performance of the transition economies in the Central and Eastern European (CEE) countries in terms of their convergence in selected macroeconomic fundamentals. The analysis uses monthly data on industrial output, money aggregate (M1), consumer prices and producer prices...
Persistent link: https://www.econbiz.de/10005124389
In this paper we present stylized facts of the Greek economy that characterize the causes and the consequences of its ongoing crisis. Then, we offer an explanation that can account for those causes and consequences. This explanation is based on the view of Greek society as consisting of two...
Persistent link: https://www.econbiz.de/10011083245
by 1998. Growth remained high in the subsequent decade, and the government debt ratio was reduced by almost 50 percent of …
Persistent link: https://www.econbiz.de/10011084359
Between 2000 and 2012, the Portuguese economy grew less than the United States during the Great Depression and less than Japan during its lost decade. This paper asks why this happened, with a particular focus on the slump between 2000 and 2007. It describes the main facts of Portugal's recent...
Persistent link: https://www.econbiz.de/10011084366
This paper argues that limited asset market participation is crucial in explaining U.S. macroeconomic performance and monetary policy before the 1980s, and their changes thereafter. We develop an otherwise standard sticky-price DSGE model, whereby at low enough asset market participation,...
Persistent link: https://www.econbiz.de/10009293982
We assess the cost of different types of terrorist attacks on the growth of output and of its components. Private Consumption and Investment are significantly and negatively affected by all terror indicators, and the largest impact is respectively associated with the number of victims or the...
Persistent link: https://www.econbiz.de/10008680754
This survey discusses the effect of macroeconomic fluctuations on long-run growth from both a theoretical and empirical perspective. It emphasizes the ‘opportunity cost’ approach, which states that firms will intertemporally substitute productivity-enhancing activities for regular production...
Persistent link: https://www.econbiz.de/10005791240
We develop a model of growth driven by successive improvements in `General Purpose Technologies' (GPTs), such as the steam engine, electricity, or micro-electronics. Each new generation of GPTs prompts investments in complementary inputs and impacts the economy after enough such compatible...
Persistent link: https://www.econbiz.de/10005124059