Title:Mafia and Public Spending: Evidence on the Fiscal Multiplier from a Quasi-experiment
Author(s):ACCONCIA, Antonio; CORSETTI, Giancarlo; SIMONELLI, SaverioDate:2011-01-01Type of Publication:Working PaperSeries/Report no.:EUI ECOAbstract:We estimate the multiplier by relying on differences in spending in infrastructure across Italian provinces and an instrument identifying investment changes that are large and exogenous to local cyclical conditions. We ...
Title:The International Risk-Sharing Puzzle is at Business Cycle and Lower Frequency
Author(s):CORSETTI, Giancarlo; DEDOLA, Luca; VIANI, FrancescaDate:2011-01-01Type of Publication:Working PaperSeries/Report no.:EUI ECOAbstract:We decompose the Backus-Smith [1993] statistic -- a low or negative correlation between relative consumption and the real exchange rate at odds with a high degree of international risk sharing -- in its dynamic components ...
Title:Life in the Eurozone With or Without Sovereign Default?
Author(s):ALLEN, Franklin; CARLETTI, Elena; CORSETTI, GiancarloDate:2011Type of Publication:BookAbstract:The European University Institute and the Wharton Financial Institutions Center held a conference in Florence, Italy in April 2011 that brought together leading economists, lawyers, historians and policy makers to discuss ...
Title:Optimal Monetary Policy in Open Economies
Author(s):CORSETTI, Giancarlo; DEDOLA, Luca; LEDUC, SylvainDate:2010Type of Publication:Working PaperSeries/Report no.:EUI ECOAbstract:This chapter studies optimal monetary stabilization policy in interdependent open economies, by proposing a unified analytical framework systematizing the existing literature. In the model, the combination of complete ...
Title:Debt Consolidation and Fiscal Stabilization of Deep Recessions
Author(s):CORSETTI, Giancarlo; KUESTER, Keith; MEIER, André; MÜLLER, Gernot J.Date:2010Type of Publication:Working PaperSeries/Report no.:EUI ECOAbstract:The global financial crisis of 2008–09 has sent public debt on sharply
higher trajectories. With the economic recovery gradually taking hold, the
focus is now shifting to fiscal “exit” strategies. Medium-term ...
Title:Cross-Border Spillovers from Fiscal Stimulus
Author(s):CORSETTI, Giancarlo; MEIER, André; MÜLLER, Gernot J.Date:2010Type of Publication:ArticleAbstract:The global recession of 2008–09 has revived interest in the international repercussions of domestic policy choices. This paper focuses on the case of fiscal stimulus, investigating cross-border spillovers from an increase ...
Title:Global Imbalances
Author(s):CORSETTI, GiancarloDate:2009Type of Publication:Contribution to book
Title:Fiscal Stimulus with spending reversals
Author(s):CORSETTI, Giancarlo; MEIER, André; MÜLLER, Gernot J.Date:2009Type of Publication:Working PaperSeries/Report no.:CEPR discussion paperAbstract:The impact of fiscal stimulus depends not only on short-term tax and spending policies, but also on expectations about offsetting measures in the future. This paper analyzes the effects of an increase in government spending ...
Title:Fiscal Stimulus with Spending Reversals
Author(s):CORSETTI, Giancarlo; MEIER, André; MÜLLER, Gernot J.Date:2009Type of Publication:Working PaperSeries/Report no.:IMF working paper
Title:Pensions and Children
Author(s):CORSETTI, GiancarloDate:2009Type of Publication:Contribution to book
Title:Financial Architecture
Author(s):CORSETTI, GiancarloDate:2009Type of Publication:Contribution to book
Title:New Open Economy Macroeconomics
Author(s):CORSETTI, GiancarloDate:2008-01-01Type of Publication:Contribution to bookAbstract:‘New open economy macroeconomics’ (NOEM) refers to a body of literature embracing a new theoretical framework for policy analysis in open economy, aiming to overcome the limitations of the Mundell-Fleming model while ...
Title:High exchange-rate volatility and low pass-through
Author(s):CORSETTI, Giancarlo; DEDOLA, Luca; LEDUC, SylvainDate:2008Type of Publication:ArticleAbstract:Two specifications of an open-economy model are shown to generate high exchange-rate volatility and low exchange-rate pass-through (ERPT). In the model, price discrimination causes ERPT to be incomplete in both the short ...
Title:Twin Deficits, Openness, and the Business Cycle
Author(s):CORSETTI, Giancarlo; MÜLLER, Gernot J.Date:2008Type of Publication:ArticleAbstract:In this article, we study the co-movement of the government budget balance and the trade balance at business-cycle frequencies. In a sample of 10 OECD countries we find that the correlation of the two time series is negative, ...
Title:The International Dimension of Productivity and Demand Shocks in the US Economy
Author(s):CORSETTI, Giancarlo; DEDOLA, Luca; LEDUC, SylvainDate:2008Type of Publication:Working PaperSeries/Report no.:CEPRAbstract:This paper investigates the international dimension of productivity and demand shocks to US manufacturing. Identifying shocks with sign restrictions based on standard theory predictions we find that productivity gains in ...
Title:A modern reconsideration of the theory of Optimal Currency Areas
Author(s):CORSETTI, GiancarloDate:2008Type of Publication:ArticleAbstract:What can be learnt from revisiting the Optimal Currency Areas (OCA) theory 50 years from its birth, in light of recent advances in open economy macro and monetary theory? This paper presents a stylized micro-founded model ...
Title:The EEAG Report on the European Economy 2008
Author(s):CALMFORS, Lars; CORSETTI, Giancarlo; DEVEREUX, Michael P.; SAINT-PAUL, Gilles; SINN, Hans-Werner; STURM, Jan-Egbert; VIVES, XavierDate:2008Type of Publication:Technical ReportAbstract:This edition marks the seventh annual report of the European Economic Advisory Group (EEAG) at CESifo. This year, the report focuses on the chances and challenges of globalisation. After providing a somewhat clouded business ...
