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A consensus has not yet emerged about the relationship between the budget deficit, external deficit and national saving. In general, the mechanisms through which a budget deficit could cause a current account deficit are not highlighted in the works about this theme. Basing on the Post Keynesian...
Persistent link: https://www.econbiz.de/10005086382
The volume collects the essays presented at the 15th Workshop on Public Finance organised by Banca d'Italia in Perugia from 4 to 6 April 2013. The workshop focused on the link between fiscal policy and macroeconomic imbalances and comprised four sessions. The first session concentrated on the...
Persistent link: https://www.econbiz.de/10011277938
Persistent link: https://www.econbiz.de/10005820210
We identify the major public debt overhang episodes in the advanced economies since the early 1800s, characterized by public debt to GDP levels exceeding 90% for at least five years. Consistent with Reinhart and Rogoff (2010) and other more recent research, we find that public debt overhang...
Persistent link: https://www.econbiz.de/10011227915
The Israeli economy business cycle properties are different from those of most OECD countries in four main dimensions. Aggregate consumption is twenty percent more volatile than output, the trade balance is much more volatile than output and is procyclical, investment is almost five times more...
Persistent link: https://www.econbiz.de/10005647288
This paper makes three contributions: First, I construct annual time series of gross domestic investment and national saving in the U.S. for the 1897–1949 period using historical component series. I compare the qualitative and quantitative properties of the newly constructed series with the...
Persistent link: https://www.econbiz.de/10005408170
This paper examines the effect of exogenous shocks to savings on world capital markets. Using the exogenous shocks to US tax policy identified by Romer & Romer, we trace the impact of an exogenous shock to savings through the income accounting identities of the US and the rest of the world. We...
Persistent link: https://www.econbiz.de/10005036810
This paper makes three contributions: First, I construct annual time series of gross domestic investment and national saving in the U.S. for the 1897-1949 period using historical component series. I compare the qualitative and quantitative properties of the newly constructed series with the...
Persistent link: https://www.econbiz.de/10005091012
We use a two-good dynamic intertemporal general equilibrium model to formalize the economic intuition of Krugman about the explanation of the J-curve phenomenon in terms of habit persistence in consumption and sluggishness in capital adjustment. The results differ markedly according to the...
Persistent link: https://www.econbiz.de/10005043408
This paper makes three contributions: First, I construct annual time series of gross domestic investment and national saving in the U.S. for the 1897–1949 period using historical component series. I compare the qualitative and quantitative properties of the newly constructed series with the...
Persistent link: https://www.econbiz.de/10012140554