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Essays on Trade, Fiscal Policy and Gender Equality
Chapter 1 introduces a new data set containing daily trade policy statements issued by government agencies between 2007 and 2019. Entries are classified along several dimensions: the direction of the policy change, the stage of the reform, and the initiating country. I argue that combining this narrative information with stock market data allows to identify unanticipated trade policy shocks. Stock returns generated around statement releases vary by firms' trade exposure and provide timely signals on the sign and size of trade policy changes. Furthermore, US exporters' stocks only respond to official statements but not to trade-related tweets by Donald Trump, demonstrating the ability to filt...
Contagion as a Dealmaker? The Effect of Financial Spillovers on Regional Lending Programs
The recent European sovereign debt crisis highlighted the critical role of regional lending arrangements. For the first time, European mechanisms were called to design financing programmes for member countries in trouble. This paper analyses how the risk of contagion, an essential characteristic of interlinked economies, shapes borrowing conditions. We focus on the role of spillovers as a channel of bargaining power that a country might have when asking for financial support from regional lending institutions. We build and present a new database that records both the dates on which official meetings took place, relevant statements were released and the timing of the announcements regarding l...
Fiscal Policy after the Financial Crisis
The recent recession has brought fiscal policy back to the forefront, with economists and policy makers struggling to reach a consensus on highly political issues like tax rates and government spending. At the heart of the debate are fiscal multipliers, whose size and sensitivity determine the power of such policies to influence economic growth. Fiscal Policy after the Financial Crisis focuses on the effects of fiscal stimuli and increased government spending, with contributions that consider the measurement of the multiplier effect and its size. In the face of uncertainty over the sustainability of recent economic policies, further contributions to this volume discuss the merits of alternate means of debt reduction through decreased government spending or increased taxes. A final section examines how the short-term political forces driving fiscal policy might be balanced with aspects of the long-term planning governing monetary policy. A direct intervention in timely debates, Fiscal Policy after the Financial Crisis offers invaluable insights about various responses to the recent financial crisis.
Fiscal Adjustments in OECD Countries
This paper studies how the composition of fiscal adjustments influences their likelihood of “success”, defined as a long lasting deficit reduction, and their macroeconomic consequences. We find that fiscal adjustments which rely primarily on spending cuts on transfers and the government wage bill have a better chance of being successful and are expansionary. On the contrary fiscal adjustments which rely primarily on tax increases and cuts in public investment tend not to last and are contractionary. We discuss alterative explanations for these findings by studying both a full sample of OECD countries and by focusing on three case studies: Denmark, Ireland and Italy.
The Encyclopedia of Central Banking
The Encyclopedia of Central Banking, co-edited by Louis-Philippe Rochon and Sergio Rossi, contains some 250 entries written by over 200 economists on topics related to monetary macroeconomics, central bank theory and policy, and the history of monetary
The Limits of Transnationalism
Transnationalism means many things to many people, from crossing physical borders to crossing intellectual ones. The Limits of Transnationalism reassesses the overly optimistic narratives often associated with this malleable term, revealing both the metaphorical and very real obstacles for transnational mobility. Nancy L. Green begins her wide-ranging examination with the story of Frank Gueydan, an early twentieth-century American convicted of manufacturing fake wine in France who complained bitterly that he was neither able to get a fair trial there nor to enlist the help of US officials. Gueydan’s predicament opens the door for a series of inquiries into the past twenty-five years of transnational scholarship, raising questions about the weaknesses of global networks and the slippery nature of citizenship ties for those who try to live transnational lives. The Limits of Transnationalism serves as a cogent reminder of this topic’s complexity, calling for greater attention to be paid to the many bumps in the road.
Grave Matters
Examines the embalming process and the impact the standard funeral has on the environment while also discussing alternative eco-friendly burials.
