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Habit Formation and Fiscal Transmission in Open Economies
Cardi, Olivier; Müller, Gernot - C.E.P.R. Discussion Papers - 2010
model. We find that i) government spending increases output and induces a simultaneous decline of investment and the current … account, but does not affect consumption; ii) the responses of output and investment are smaller in more open economies, while … simultaneous decline in investment and the current account. …
Persistent link: https://www.econbiz.de/10008684676
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How Trade Credits Foster International Trade
Eck, Katharina; Engemann, Martina; Schnitzer, Monika - C.E.P.R. Discussion Papers - 2012
Internationally active firms rely intensively on trade credits even though they are considered particularly expensive. This phenomenon has been little explored so far. Our theoretical analysis shows that trade credits can alleviate financial constraints arising from asymmetric information...
Persistent link: https://www.econbiz.de/10011083260
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Global Imbalances: In Midstream?
Blanchard, Olivier J; Milesi-Ferretti, Gian Maria - C.E.P.R. Discussion Papers - 2010
been significant changes in saving and investment patterns across the world and imbalances have narrowed considerably. Does …
Persistent link: https://www.econbiz.de/10008468701
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Fiscal Policy Independence in a Monetary Union
Masson, Paul R; Melitz, Jacques - C.E.P.R. Discussion Papers - 1990
Do plans for a monetary union in Europe call for limits on the freedom of the member countries to use fiscal policy? To provide a tentative answer, we simulate the IMF model MULTIMOD, given various shocks, in the case of a European Monetary Union consisting only of France and Germany. The...
Persistent link: https://www.econbiz.de/10005791854
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Fiscal Policy and the Current Account
Ali Abbas, S.M.; Bouhga-Hagbe, Jacques; Fatás, Antonio; … - C.E.P.R. Discussion Papers - 2010
This paper examines the relationship between fiscal policy and the current account, drawing on a larger country sample than in previous studies and using panel regressions, vector auto-regressions, and an analysis of large fiscal and external adjustments. On average, a strengthening in the...
Persistent link: https://www.econbiz.de/10008468562
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Simple Rules for the Open Economy: Evaluating Alternative Proposals
Tirelli, Patrizio; Vines, David - C.E.P.R. Discussion Papers - 1991
The paper evaluates some proposals for macroeconomic stabilization in an open economy, which take the form of simple rules. The first rule assigns monetary policy to inflation control and does not require fiscal intervention. The second rule adds fiscal control of a foreign wealth target to the...
Persistent link: https://www.econbiz.de/10005067614
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A Gains from Trade Perspective on Macroeconomic Fluctuations
Beaudry, Paul; Portier, Franck - C.E.P.R. Discussion Papers - 2011
Business cycles reflect changes over time in the amount of trade between individuals. In this paper we show that incorporating explicitly intra-temporal gains from trade between individuals into a macroeconomic model can provide new insight into the potential mechanisms driving economic...
Persistent link: https://www.econbiz.de/10009221567
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Fiscal Policy, Profits and Investment
Alesina, Alberto F; Ardagna, Silvia; Perotti, Roberto; … - C.E.P.R. Discussion Papers - 1999
This paper evaluates the effects of fiscal policy on investment using a panel of OECD countries. In particular, we … investigate how different types of fiscal policy affect profits and, as a result, investment. We find a sizeable negative effect … of public spending - and in particular of its public wage component - on business investment. This result is consistent …
Persistent link: https://www.econbiz.de/10005791207
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Fiscal Policy and Economic Growth: An Empirical Investigation
Easterly, William; Rebelo, Sérgio - C.E.P.R. Discussion Papers - 1994
of growth. We employ historical data, recent cross-section data, and newly constructed public investment series. Our main … influenced by the scale of the economy, measured by its population; and third, investment in transport and communication is …
Persistent link: https://www.econbiz.de/10005791535
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The Foreign Service and Foreign Trade: Embassies as Export Promotion
Rose, Andrew K - C.E.P.R. Discussion Papers - 2005
information-gathering. Accordingly, foreign services are increasingly marketing themselves as agents of export promotion. I …-section of data covering 22 large exporters and 200 import destinations. Bilateral exports rise by approximately 6-10% for each …
Persistent link: https://www.econbiz.de/10005791718