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Browsing Working Papers CREI (Centre de Recerca en Economia Internacional) by Title

Browsing Working Papers CREI (Centre de Recerca en Economia Internacional) by Title

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  • The dracula effect: voter information and trade policy
    Ponzetto, Giacomo A. M.; Petrova, Maria; Enikolopov, Ruben (2020-10-07)
    Trade barriers cause substantial deadweight losses, yet they enjoy surprising voter support. We develop an electoral model that accounts for this puzzling popularity of protectionism. Producers have incentives to acquire ...
  • The global financial resource curse
    Benigno, Gianluca; Fornaro, Luca; Wolf, Martin (2021-12)
    Since the late 1990s, the United States has received large capital flows from developing countries - a phenomenon known as the global saving glut - and experienced a productivity growth slowdown. Motivated by these facts, ...
  • The optimal inflation target and the natural rate of interest
    Andrade, Philippe; Galí, Jordi, 1961-; Le Bihan, Hervé; Matheron, Julien (2019-10-07)
    We study how changes in the steady-state real interest rate (henceforth, r*) affect the optimal inflation target in a New Keynesian DSGE model with trend inflation and a lower bound on the nominal interest rate. In this ...
  • The scars of supply shocks
    Fornaro, Luca; Wolf, Martin (2021-04)
    We study the effects of supply disruptions - for instance caused by the emergence of a pandemic - in an economy with Keynesian unemployment and endogenous productivity growth. By negatively affecting investment, even ...
  • The scars of supply shocks: implications for monetary policy
    Fornaro, Luca; Wolf, Martin (2023-03)
    We study the effects of supply disruptions - for instance due to energy price shocks or the emergence of a pandemic - in an economy with Keynesian unemployment and endogenous productivity growth. By temporarily disrupting ...
  • Uncertainty and unemployment
    Schaal, Edouard (2017-05)
    This paper studies the impact of time-varying idiosyncratic risk at the establishment level on aggregate unemployment fluctuations and on the labor market over the period 1972-2009. I build a tractable search-and-matching ...
  • Uncertainty traps
    Fajgelbaum, Pablo; Schaal, Edouard; Taschereau-Dumouchel, Mathieu (2019)
    We develop a theory of endogenous uncertainty and business cycles in which short-lived shocks can generate long-lasting recessions. In the model, higher uncertainty about fundamentals discourages investment. Since agents ...

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