Similar Search Results

Stabilization Policy, Learning by Doing, and Economic Growth

Martin, Philippe; Rogers, Carol Ann - C.E.P.R. Discussion Papers - 1995

This paper shows that fiscal policy, when used for stabilization purposes, can have a positive effect on the economy's growth, on human capital accumulation, and on welfare, along the transition path. We introduce symmetric productivity shocks into a model in which productivity is augmented...

Persistent link: https://www.econbiz.de/10005504410

Comparisons of Business Cycles in Greece and the EC: Idiosyncracies and Regularities

Christodoulakis, Nikos; Dimelis, Sophia; Kollintzas, Tryphon - C.E.P.R. Discussion Papers - 1993

terms of trade. We take this evidence to suggest that the propagation mechanism for business cycles in Greece is fairly …

Persistent link: https://www.econbiz.de/10005498026

The Transmission Mechanism in a Changing World

Artis, Michael J; Galvão, Ana Beatriz C; Marcellino, … - C.E.P.R. Discussion Papers - 2003

This Paper aims at improving the understanding of the transmission of shocks across countries and how this transmission may have changed over time. By employing a model that allows for parameter changes across regimes, we show that transmission of shocks from the US to European countries may...

Persistent link: https://www.econbiz.de/10005498077

Hot and Cold Housing Markets: International Evidence

Ceron, Jose A.; Suarez, Javier - C.E.P.R. Discussion Papers - 2006

This paper examines the experience of 14 developed countries for which there are about 30 years of quarterly inflation-adjusted housing price data. Price dynamics is modelled as a combination of a country-specific component and a cyclical component. The cyclical component is a two-state Markov...

Persistent link: https://www.econbiz.de/10005792537

Optimal Stabilization Policy in the Presence of Learning by Doing

Martin, Philippe; Rogers, Carol Ann - C.E.P.R. Discussion Papers - 1995

The paper analyses, along the transition path and in steady state, the optimal stabilization policy in an economy in which growth is driven by learning by doing. If future benefits of learning by doing are not fully internalized by workers the optimal fiscal policy is to tax labour during...

Persistent link: https://www.econbiz.de/10005124106

Income and Consumption Smoothing Among US States: Regions or Clubs?

Sørensen, Bent E; Yosha, Oved - C.E.P.R. Discussion Papers - 1997

We measure the amount of income insurance and cross-sectional consumption smoothing (lending and borrowing) achieved within subgroups of states, such as regions or clubs, e.g. the club of rich states. We find that there is as much income insurance between, as well as within, regions. By...

Persistent link: https://www.econbiz.de/10005504778

International Capital Flows and the Boom-Bust Cycle in Spain

In 'T Veld, Jan; Kollmann, Robert; Pataracchia, Beatrice; … - C.E.P.R. Discussion Papers - 2014

We study the joint dynamics of foreign capital flows and real activity during the recent boom-bust cycle of the Spanish economy, using a three-country New Keynesian model with credit constrained households and firms, a construction sector and a government. We estimate the model using...

Persistent link: https://www.econbiz.de/10011083472

The Transmission Mechanism in Good and Bad Times

Mumtaz, Haroon; Surico, Paolo - C.E.P.R. Discussion Papers - 2014

Does the transmission of economic policies and structural shocks vary with the state of the economy? We answer this question using a strategy based on quantile regressions, which account for both endogeneous regressors and state-dependent parameters. An application to U.S. real activity and...

Persistent link: https://www.econbiz.de/10011083570

The Precautionary Saving Effect of Government Consumption

Ercolani, Valerio; Pavoni, Nicola - C.E.P.R. Discussion Papers - 2014

household consumption dispersion, wealth and saving. According to our model, this result is explained by a change in the level … of precautionary saving, with public health care acting as a form of consumption insurance. We compute the implied … saving is positive and sizable. When we include the effect of taxation, the sign of the impact multiplier depends on a few …

Persistent link: https://www.econbiz.de/10011083638

Wealth, Credit Conditions and Consumption: Evidence from South Africa

Aron, Janine; Muellbauer, John - C.E.P.R. Discussion Papers - 2012

There is widespread disagreement about the role of housing wealth in explaining consumption. This paper exploits liquid and illiquid wealth time series from household balance sheet data for South Africa, previously constructed by the authors, to explain fluctuations in the ratios of consumption...

Persistent link: https://www.econbiz.de/10011084339