Little is known about how aggregate economic shocks are mitigated by social safety nets. I use hurricanes as an exogenous shock to the economics of US counties and show that non-disaster government transfers, such as unemployment insurance and public medical spending, increase substantially in...

In this paper, we formulate and solve a New Keynesian model with monetary and fiscal policy rules whose coefficients are time-varying and interdependent. We implement time variation in the policy rules by specifying coefficients that are logistic functions of correlated latent factors and...

This paper investigates the relationship between sovereign and bank CDS spreads with reference to their ability to convey timely signals on the default risk of European sovereign countries and their banking systems. By using a sample of six major European economies, we find that sovereign and...

This paper aims at evaluating and comparing across European countries the influence of early-life circumstances, like childhood disparities and educational attainments, on incomes in later life. Using life-history data from SHARELIFE, country-specific structural relationships among childhood...

Granger (1966) describes how the spectral shape of an economic variable concentrates spectral mass at low frequencies, declining smoothly as frequency increases. Despite a discussion about how to assess robustness of his results, the empirical exercise focused on the evidence obtained from a...

This paper explores the economic policy of the Ottoman Empire during the Abdul Hamid II's reign and the Young Turks period focusing on the fiscal crisis which exposed the Empire to an increasing financial dependence on European capital markets, leading to bankruptcy in 1876 and to the subsequent...

This study undertakes an examination of asymmetric adjustment effects between electricity consumption and economic growth in South Africa using quarterly data collected from 1983Q1 to 2013:Q4. In our study, we employ a momentum-threshold co-integration method to examine the long-run equilibrium...

Our study aims to estimate the effect of fan attendance on performance in the National Basketball Association (NBA). We use game day and adverse weather as instruments for attendance. Using two-stage least squares, we fail to find a statistically significant effect of attendance on overall game...

We develop a model wherein collusive firms' decisions to keep or to destroy the hard evidence is endogenous. Unlike previous literature, we assume that the administration of the cartel crucially depends on the existence of the hard evidence. Within this framework, we explore the impact of a...

This paper presented the empirical results of the volatility transmission of overnight rate along the yield curve in case of Pakistan. The results indicate that the volatility transmission of overnight repo rate is higher at the shorter end of the yield curve while lower at the longer end. These...