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Trust in the Monetary Authority
(2013-07-01)
Trust in policy makers fluctuates significantly over the cycle and affects the transmission mechanism. Despite this it is absent from the literature. We build a monetary model embedding trust cycles; the latter emerge as ...
Saving Europe?: The Unpleasant Arithmetic of Fiscal Austerity in Integrated Economies
(2014-12-12)
Europe’s debt crisis casts doubt on the effectiveness of fiscal austerity in highly-integrated economies. Closed-economy models overestimate its effectiveness, because they underestimate tax-base elasticities and ignore ...
International Endogenous Growth, Macro Anomalies, and Asset Prices
(2016-07-20)
"This paper studies a two-country production economy with complete and frictionless financial markets and international trade in which competition in R&D leads to endogenous new firm creation and economic growth. Current ...
Technology Trade with Asymmetric Tax Regimes and Heterogeneous Labor Markets: Implications for Macro Quantities and Asset Prices
(2017-10-05)
The international diffusion of technology plays a key role in stimulating global growth and explaining co-movements of international equity returns. Existing empirical evidence suggests that countries are heterogeneous in ...
Innovation Dynamics and Fiscal Policy: Implications for Growth, Asset Prices, and Welfare
(2017-04-13)
"We study the general equilibrium implications of different fiscal policies on macroeconomic quantities, asset prices, and welfare by utilizing two endogenous growth models. The expanding variety model features only ...
MSCI TRI
MSCI Total Return Index
OECD
The Organisation for Economic Co-operation and Development (OECD) is an international organisation that works to build better policies for better lives. Our goal is to shape policies that foster prosperity, equality, ...
Eurobarometer surveys
Eurobarometer is a series of public opinion surveys conducted regularly on behalf of the European Commission and other EU Institutions since 1973. These surveys address a wide variety of topical issues relating to the ...
KLEMS
EU KLEMS project aims to create a database on measures of economic growth, productivity, employment creation, capital formation and technological change at the industry level for all European Union member states from 1970 onwards.
Discount rates, debt maturity, and the fiscal theory
(2021-10-12)
This paper examines how the transmission of government portfolio risk arising from maturity operations depends on the stance of monetary/fiscal policy. Accounting for risk premia in the fiscal theory allows the government ...