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Title:Mafia and Public Spending: Evidence on the Fiscal Multiplier from a Quasi-experiment Author(s):ACCONCIA, Antonio; CORSETTI, Giancarlo; SIMONELLI, SaverioDate:2011Type:Working PaperSeries/Number:EUI ECO; 2011/12Abstract: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:Working PaperSeries/Number:EUI ECO; 2011/16Abstract: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:The Simple Geometry of Transmission and Stabilization in Closed and Open Economies Author(s):CORSETTI, Giancarlo; PESENTI, PaoloDate:2005Type:Working PaperSeries/Number:CEPR Discussion Paper; 5080Abstract:This paper provides an introduction to the recent literature on macroeconomic stabilization in closed and open economies. We present a stylized theoretical framework, and illustrate its main properties with the help of an ...
Title:The Simple Geometry of Transmission and Stabilization in Closed and Open Economies Author(s):CORSETTI, Giancarlo; PESENTI, PaoloDate:2005Type:Working PaperSeries/Number:NBER Working papers; 11341Abstract:This paper provides an introduction to the recent literature on macroeconomic stabilization in closed and open economies. We present a stylized theoretical framework, and illustrate its main properties with the help of an ...
Title:Optimal Monetary Policy in Open Economies Author(s):CORSETTI, Giancarlo; DEDOLA, Luca; LEDUC, SylvainDate:2010Type:Working PaperSeries/Number:EUI ECO; 2010/35Abstract: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:A Modern Reconsideration of the Theory of Optimal Currency Areas Author(s):CORSETTI, GiancarloDate:2008Type:Working PaperSeries/Number:EUI ECO; 2008/12Abstract: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 International Dimension of Productivity and Demand Shocks in the US Economy Author(s):CORSETTI, Giancarlo; DEDOLA, Luca; LEDUC, SylvainDate:2008Type:Working PaperSeries/Number:CEPR; DP7003Abstract: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:Productivity, External Balance and Exchange Rates: Evidence on the Transmission Mechanism among G7 Countries Author(s):CORSETTI, Giancarlo; DEDOLA, Luca; LEDUC, SylvainDate:2006Type:Working PaperSeries/Number:EUI ECO; 2006/39Abstract:This paper investigates the international transmission of productivity shocks
in a sample of ve G7 countries. For each country, using long-run restrictions,
we identify shocks that increase permanently domestic labor ...
Title:Productivity, External Balance and Exchange Rates: Evidence on the Transmission Mechanism Among G7 Countries Author(s):CORSETTI, Giancarlo; DEDOLA, Luca; LEDUC, SylvainDate:2006Type:Working PaperSeries/Number:NBER Working Paper; 2006/12483
Title:New Open Economy Macroeconomics Author(s):CORSETTI, GiancarloDate:2007Type:Working PaperSeries/Number:EUI RSCAS; 2007/27Abstract:The New Open Economy Macroeconomics refers to a vast body of literature embracing a new
theoretical framework for policy analysis in open economy, with the goal of overcoming the
limitations of the Mundell-Fleming model, ...