 | Potential Output and Output Gap in Central America, Panama and Dominican Republic Author/Editor: Christian A Johnson. Release Date:June, 2013 Potential Output is a key factor for debt sustaintability analysis and for developing strategies for growth, but unfortunately it is an unobservable variable. Using three methodologies (production more...
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| Does Public-Sector Employment Fully Crowd Out Private-Sector Employment? Author/Editor: Alberto Behar, Junghwan Mok. Release Date:June, 2013 We quantify the extent to which public-sector employment crowds out private-sector employment using specially assembled datasets for a large cross-section of developing and advanced countries, and more...
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| Investing Volatile Oil Revenues in Capital-Scarce Economies: An Application to Angola Author/Editor: Christine J Richmond, Irene Yackovlev, Shu-Chun S Yang. Release Date:June, 2013 Natural resource revenues are an increasingly important financing source for public investment in many developing economies. Investing volatile resource revenues, however, may subject an economy to more...
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| Fiscal Sustainability, Public Investment, and Growth in Natural Resource-Rich, Low-Income Countries: The Case of Cameroon Author/Editor: Issouf Samaké, Priscilla S Muthoora, Bruno Versailles. Release Date:June, 2013 This paper assesses the implications of the use of oil revenue for public investment on growth and fiscal sustainability in Cameroon. We develop a dynamic stochastic general equilibrium model to more...
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| Bank Leverage and Monetary Policy's Risk-Taking Channel: Evidence from the United States Author/Editor: Giovanni Dell'Ariccia, Luc Laeven, Gustavo Suarez. Release Date:June, 2013 We present evidence of a risk-taking channel of monetary policy for the U.S. bankingsystem. We use confidential data on the internal ratings of U.S. banks on loans tobusinesses over the period 1997 more...
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| The Comovement in Commodity Prices: Sources and Implications Author/Editor: Ron Alquist, Olivier Coibion. Release Date:June, 2013 We present a simple macroeconomic model with a continuum of primary commodities used in the production of the final good, such that the real prices of commodities have a factor structure. One factor more...
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| Fiscal Policy and Lending Relationships Author/Editor: Giovanni Melina, Stefania Villa. Release Date:June, 2013 This paper studies how fiscal policy affects loan market conditions in the US. First, itconducts a Structural Vector-Autoregression analysis showing that the bank spread respondsnegatively to an more...
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| Risk Exposures and Financial Spillovers in Tranquil and Crisis Times: Bank-Level Evidence Author/Editor: Hélène Poirson, Jochen M Schmittmann. Release Date:June, 2013 For a sample of 83 financial institutions during 2003–2011, this paper attempts to answer three questions: first, what is the evolution of banks’ stock price exposure to country-level and global more...
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| Inclusive Growth: An Application of the Social Opportunity Function to Selected African Countries Author/Editor: Olumuyiwa Adedeji, Huancheng Du, Maxwell Opoku-Afari. Release Date:June, 2013 The inclusiveness of growth depends on the extent of access to economic and social opportunities. This paper applies the concept of social opportunity function to ascertain the inclusiveness of more...
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| The Economic Effects of Fiscal Consolidation with Debt Feedback Author/Editor: Marcello M Estevão, Issouf Samaké. Release Date:May, 2013 The past several years of recession and slow recovery have raised much interest on the effect of fiscal stimulus on economic activity, even as high public debts in many countries would call for more...
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