In this paper, we re-examine the magnitude of the impact of government spending on private consumption by a new Keynesian approach, focusing on the role of military spending. For this reason, we separate civilian and military spending in the U.S. economy and analyse their respective effects. Our...

This paper accounts for informational frictions when modelling the time-varying relationship between crude oil prices, traditional fundamentals and expectations. Informational frictions force a wedge between oil prices and supply and/or demand shocks, especially during periods of elevated risk...

We examine the connectedness in the energy commodities sector and the Russian stock market over the period 2005-2020 using the variance decomposition approach. Our analysis identifies the booms and busts in the correspondence of political and war episodes that are related to spillover effects in...

In this paper, we show that civilian and military government spending have specific characteristics that can affect differently private consumption. Our VAR estimates for the US economy show that civilian expenditure induces a positive and significant response on private consumption whereas...

In this paper, we show that civilian and military government spending have specific characteristics that can affect differently private consumption. Our VAR estimates for the US economy show that civilian expenditure induces a positive and significant response on private consumption whereas...

This paper contributes to the literature on the costs of conflict, focusing on the important channel of its effect on food security. It does this by examining whether people in conflict zones lack sufficient food and whether this can be directly attributed to armed conflicts. It uses the...

This paper evaluates the wage effects of a tax credit policy on new hirings in Southern Italy. We use high-quality administrative data and propose a latent class inverse probability weighting method as a strategy to account for workers' unobserved heterogeneity. We find an unexpected negative...

The predictions that economic freedom is beneficial in reducing corruption have not been found to be universally robust in empirical studies. The present work reviews this relationship by using firms' data in a cross-country survey and argues that approaches using aggregated macro data have not...

The predictions that economic freedom is beneficial in reducing corruption have not been found to be universally robust in empirical studies. The present work reviews this relationship by using firms' data in a cross-country survey and argues that approaches using aggregated macro data have not...

The predictions that economic freedom is beneficial in reducing corruption have not been found to be universally robust in empirical studies. The present work reviews this relationship by using firms’ data in a cross-country survey and argues that approaches using aggregated data have not been...