Tag Archives: David Romer

New Evidence on the Impact of Financial Crises in Advanced Countries

New (preliminary) work from Christy and David Romer: This paper revisits the aftermath of financial crises in advanced countries in the decades before the Great Recession. We construct a new series on financial distress in 24 OECD countries for the … Continue reading

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The Dynamic Effects of Personal and Corporate Income Tax Changes in the United States

From Karel Mertens and Morten Ravn: This paper presents evidence on the aggregate effects of changes in federal tax policy in the United States in the post-WWII sample. Exogenous changes in taxes are identified in a vector autoregressive model by proxying latent … Continue reading

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Transfer Payments and the Macroeconomy: The Effects of Social Security Benefit Changes

From Christy Romer and David Romer: From the early 1950s to the early 1990s, increases in Social Security benefits in the United States varied widely in size and timing, and were generally not undertaken in response to short-run macroeconomic developments. … Continue reading

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Austerity and the Greek Depression

The NY Times has a nice feature that compares the Greek economy from 2007-2012 to that of the US from 1929-1934. Besides the disturbing similarity, the most notable feature of this figure is how different the government spending response has been. … Continue reading

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Optimal Inflation Rates – the Costs & Benefits of Inflation

I’m giving a lecture today on inflation to prep Econ 191 students for Yuriy Gorodnichenko‘s paper (ungated) on Optimal Inflation Rates next week. I compiled a list of some costs and benefits of inflation from a few sources: an old Larry … Continue reading

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