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Why Some Times Are Different : Macroeconomic Policy and the Aftermath of Financial Crises

Romer, Christina D. - 2017

Analysis based on a new measure of financial distress for 24 advanced economies in the postwar period shows substantial variation in the aftermath of financial crises. This paper examines the role that macroeconomic policy plays in explaining this variation. We find that the degree of monetary...

Persistent link: https://www.econbiz.de/10012453783

Macro Fiscal Policy in Economic Unions : States as Agents

Carlino, Gerald - 2013

The American Recovery and Reinvestment Act (ARRA) was the US government's fiscal response to the Great Recession. An important component of ARRA's $796 billion proposed budget was $318 billion in fiscal assistance to state and local governments. We examine the historical experience of federal...

Persistent link: https://www.econbiz.de/10012459102

Good Policy or Good Luck? Country Growth Performance and Temporary Shocks

Easterly, William - 1993

Much of the new growth literature stresses country characteristics, such as education levels or political stability, as the dominant determinant of growth. However, growth rates are highly unstable over time, with a correlation across decades of .1 to .3, while country characteristics are...

Persistent link: https://www.econbiz.de/10012474472

The Economic Impact of Non-Communicable Disease in China and India : Estimates, Projections, and Comparisons

Bloom, David E. - 2013

This paper provides estimates of the economic impact of non-communicable diseases (NCDs) in China and India for the … five main NCDs will total USD 27.8 trillion for China and USD 6.2 trillion for India (in 2010 USD). For both countries, the … that the costs are much larger in China than in India mainly because of China's higher income and older population. Rough …

Persistent link: https://www.econbiz.de/10012459326

The 1991 Reforms, Indian Economic Growth, and Social Progress

Agarwal, Manmohan - 2013

This paper analyzes the effects of the reforms initiated in India following the balance of payments (BOP) crisis of … compare changes in performance since the reforms, which started in China in 1979 and in India in 1991. Such a comparison shows … in making progress towards the Millennium Development Goals (MDGs) and India lags behind other South Asian countries. The …

Persistent link: https://www.econbiz.de/10012459638

Fiscal Devaluations

Farhi, Emmanuel - 2011

We show that even when the exchange rate cannot be devalued, a small set of conventional fiscal instruments can robustly replicate the real allocations attained under a nominal exchange rate devaluation in a dynamic New Keynesian open economy environment. We perform the analysis under...

Persistent link: https://www.econbiz.de/10012460995

Government Policy, Credit Markets and Economic Activity

Christiano, Lawrence - 2011

The US government has recently conducted large scale purchases of assets and implemented policies that reduced the cost of funds to financial institutions. Arguably these policies have helped to correct credit market dysfunctions, allowing interest rate spreads to shrink and output to begin a...

Persistent link: https://www.econbiz.de/10012461516

The End of the Great Depression 1939-41 : Policy Contributions and Fiscal Multipliers

Gordon, Robert J. - 2010

This paper is about the size of fiscal multipliers and the sources of recovery from the Great Depression. Its baseline result is that 89.1 percent of the 1939:Q1-1941:Q4 recovery can be attributed to fiscal policy innovations, 34.1 percent to monetary policy innovations and the remaining -23.2...

Persistent link: https://www.econbiz.de/10012462276

Between Meltdown and Moral Hazard : The International Monetary and Financial Policies of the Clinton Administration

DeLong, J. Bradford - 2001

We review and analyze the monetary and financial policies of the Clinton administration with a focus on the strong dollar policy, the Mexican rescue, the response to the Asian crisis, and the debate over reform of the international financial architecture. While we consider the role of ideas,...

Persistent link: https://www.econbiz.de/10012470276

Political Economics and Macroeconomic Policy

Persson, Torsten - 1997

This paper surveys the recent literature on the theory of macroeconomic policy. We study the effect of various incentive constraints on the policy making process, such as lack of credibility, political opportunism, political ideology, and divided government. The survey is organized in three...

Persistent link: https://www.econbiz.de/10012472486