Welcome to the INFER Library of Economics

Please find below various options to search for INFER publications. For obtaining a certain book or article please contact the publishing house directly. Some books or articles may also be available as e-books or e-papers from or , among others. If you have any further questions, please contact us at info@infer.info

 

sort list of publications by: year | author or select:


List of all publications by year, descending

pages: 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 |

next +

Stocks or flows? New thinking about monetary transmission through the lending channel

Author: Javier Villar Burke
Vol.: 2016.04
Publishing house: i) INFER
Place: Speyer, London
year: 2016
No of pages: 22
ISBN
category INFER Working Paper Series
price Free to download EUR

The lending channel is conventionally understood to transmit monetary policy through the origination of new loans. In this paper, we postulate that the lending channel may also operate via the stock of existing loans. Monetary shocks generate two types of income effects: 1) monthly mortgage payments are impacted when rates are reset; 2) inflation erodes the real value of mortgage payments and increases the disposable income of borrowers. These income effects translate into variations in output due to the heterogeneous propensity to consume of individual economic agents. Three types of factors determine the importance of these income effects for individual households and at macro level: 1) borrowers’ features, such as income distribution, indebtedness and debt burden, 2) loan features, such as the period of rate fixation and 3) price developments. Significant differences in these factors across euro area Member States can distort a homogeneous transmission of the single monetary policy.

Files to download:

 

What is Different about Urbanization in Rich and Poor Countries? Cities in Brazil, China, India and the United States

Author: Juan Pablo Chauvin Edward Glaeser Yueran Ma Kristina Tobio
Vol.: 2016.03
Publishing house: i) INFER
Place: Speyer, London
year: 2016
No of pages: 68
ISBN
category INFER Working Paper Series
price free to download EUR

Are the well-known facts about urbanization in the United States also true for the developing world? We compare American metropolitan areas with analogous geographic units in Brazil, China and India. Both Gibrat’s Law and Zipf’s Law seem to hold as well in Brazil as in the U.S., but China and India look quite different. In Brazil and China, the implications of the spatial equilibrium hypothesis, the central organizing idea of urban economics, are not rejected. The India data, however, repeatedly rejects tests inspired by the spatial equilibrium assumption. One hypothesis is that spatial equilibrium only emerges with economic development, as markets replace social relationships and as human capital spreads more widely. In all four countries there is strong evidence of agglomeration economies and human capital externalities. The correlation between density and earnings is stronger in both China and India than in the U.S., strongest in China. In India the gap between urban and rural wages is huge, but the correlation between city size and earnings is more modest. The cross-sectional relationship between area-level skills and both earnings and area-level growth are also stronger in the developing world than in the U.S. The forces that drive urban success seem similar in the rich and poor world, even if limited migration and difficult housing markets make it harder for a spatial equilibrium to develop.

Files to download:

 

Taxing Vacant Apartments: Can fiscal policy reduce vacancy?

Author: Mariona Segú Benjamin Vignolles
Vol.: 2016.02
Publishing house: i) INFER
Place: Speyer, London
year: 2016
No of pages: 26
ISBN
category INFER Working Paper Series
price Free to download EUR

In this paper, we focus on the empirical evaluation of a supply-sided fiscal policy: taxation of vacancy. We use the quasi-experimental setting of the implementation of a tax on vacancy in France in 1999 to identify the causal direct effect of the tax on the vacancy rate. Exploiting an exhaustive fiscal dataset, which contains information on every dwelling in France from 1995 to 2013, we implement a matching Difference-in-Difference approach. The results we obtain suggest that the tax was responsible of a 13% decrease on vacancy between 1997 and 2001. This impact is twice as big for high populated municipalities. Results are robust to the introduction of controls, sample reduction and choice of control group. Results also suggest that most of the vacant apartments moved to primary residences. In terms of policy implications, these results indicate that a municipal tax on vacancy can play a role in shaping the incentives of the owners in the housing market.

Files to download:

 

Does Inequality Lead to Credit Growth? Testing the Rajan Hypothesis Using State-Level Data

Author: Steven Yamarik Makram El Shagi Guy Yamashiro
Vol.: 2016.01
Publishing house: i) INFER
Place: Speyer, London
year: 2016
No of pages: 15
ISBN na
category INFER Working Paper Series
price free to download EUR

This paper uses state-level data to test the Rajan hypothesis, from his book Fault Lines, that an increase in inequality can lead to a credit boom. Using dynamic heterogeneous panel estimation methods (i.e. MG, PMG, DFE), we find a significant negative long-run relationship between inequality and real estate lending across U.S. states. In addition, we find evidence indicating that the path of causality runs from inequality to credit.

Files to download:

 

Fiscal policy and economic growth: Empirical evidence from the European Union.

Author: Dimitrios Paparas Christian Richter
Vol.: 2015.06
Publishing house: i) INFER
Place: Speyer, London
year: 2015
No of pages: 36
ISBN na
category INFER Working Paper Series
price free to download EUR

The role of Fiscal policy in the long run growth process has been crucial in macroeconomics since the appearance of endogenous growth models. Additionally, a significant debate among economists involves whether several types of spending or taxation enhance economic growth. The main objective of this paper is to highlight the relationship between fiscal policy and economic growth in the EU-15, and to make an attempt to determine which of the fiscal policy instruments enhance economic growth.  We deployed panel data techniques and included both sides of budget, spending and taxation, in our regressions and used the most recent dataset data for fiscal variables from Eurostat. We made a new classification of public expenditures into homogeneous groups in order to reduce the explanatory variables and increase the efficiency of our model and results since we have data for only 14 years. In our empirical analysis we included OLS, fixed effects models, random effects models and GMM estimators, the Arellano and Bond (1991) and the Arellano and Bover (1995) - Blundell and Bond (1998) estimators. On the first round of our regressions we find a negative impact of spending on human capital accumulation on economic growth. Our empirical results also indicate that an increase in government spending on infrastructure has a significant positive impact on the economic growth of a country. Additionally, in our regressions the variable government spending on property rights protections include spending on defence and spending on public order safety. Our empirical results from the first round of regressions imply a strongly negative relationship between t hese two variables. However, on the second round of our regressions we aggregate defence spending from spending on property right protection and we did not find any relationship between economic growth and defence spending. Moreover, we found a non-significant relationship between government spending on social protection and economic growth. On the second round of regressions, when we allow for non-linear growth effects we find a positive relationship with deficits and economic growth, which is in contrast with Ricardian Equivalence. We also included the employment growth and business investment in our model because labour and capital are very important factors of production in growth models. In our empirical results we do not find a significant impact of employment on economic growth, but when we allow for non-linear growth effects we find a strongly positive impact. However, we found that gross fixed capital formation of the private sector as a percentage of GDP in both rounds of our regressions, has no significant impact on economic growth. Finally, our empirical results do not support any evidence of a relationship between openness and economic growth.

Files to download:

 

Do debt and growth dance together? A DSGE model of a small open economy with sovereign debt

Author: Zixi Liu
Vol.: 2015.05
Publishing house: i) INFER
Place: Speyer, London
year: 2015
No of pages: 30
ISBN na
category INFER Working Paper Series
price free to download EUR

Regarding the financial crisis since 2008, one heated debate lies in the relationships between public debt and economic growth. The present paper develops a theoretical model in a small open economy with sovereign risk based on Galí  and Monacelli (2005, 2008). A country- specific sovereign risk parameter is inserted into the sovereign interest rate equation to analyze its influence to the links between debt and growth. This paper shows that there is no single threshold and additionally, the relationship between debt and growth is country-specific and it varies depending on the degree of sovereign risk. Three scenarios are considered conditional on one set of randomly drawn simulated exogenous shocks. In a country with a high sovereign risk, there is a negative relationship between debt and growth whereby debt- GDP ratio is above 90%. With an extremely high sovereign risk, the relationship turns out to be rather negative and the turning point is quite low. In some countries that sovereign risk is not that high, fiscal stimulus could be effective to improve the economic growth. Moreover, the relationships between debt and growth under the three scenarios are all hump-shaped.

Files to download:

 

Optimal monetary policy in a currency union with labour market heterogeneity

Author: Nikolas Kontogiannis
Vol.: 2015.04
Publishing house: i) INFER
Place: Speyer, London
year: 2015
No of pages: 33
ISBN na
category INFER Working Paper Series
price free to download EUR

I construct a New Keynesian, two-country model with labour market frictions in the search and matching process and real wage rigidity. Following a linear-quadratic approach, I analyse quantitatively the welfare-based optimal monetary policy in a currency union. I allow for labour market heterogeneity among the member states captured by an index based on the real wage rigidity differential. I show that when the optimal monetary policy is conducted, in the presence of productivity shocks, thewelfare loss in the currency union increasesmonotonically with the value of the labour market heterogeneity index. That is based on the key role of the terms of trade which intensify the effects of the shocks. I also draw the implications of labour market heterogeneity for the optimal regime choice by the central bank.

Files to download:

 

What Determines Farmers’ Decision to Buy Irrigation Water in Water Abundant Regions? A Study of Groundwater Markets in Assam in Eastern India

Author: Jitu Tamuli Mrinal Kanti Dutta
Vol.: 2015.03
Publishing house: i) INFER
Place: Speyer, London
year: 2015
No of pages: 32
ISBN na
category INFER Working Paper Series
price free to download EUR

Development of groundwater based irrigation technology has resulted in emergence of groundwater markets in many parts of India. Due to the localised nature of these markets, the decision to buy water by farmers is influenced not only by factors such as capital scarcity, size of operational holdings, number of fragmented plots, availability of institutional credit etc. but also by location of the site. The present study is carried out to unearth the factors influencing water buying decisions of farmers under groundwater market in water abundant regions of India taking the case of Assam in eastern India. Using field data from two districts of the state and with the help of logit regression analysis, the study examines the determinants of water buying decision of farmers. The results have shown that large own farm size, access to institutional credit, age and better contact with extension agencies significantly reduce the probability of water buying decision of a farmer. For a tenant farmer, the probability of buying water is found to be higher. The study notes that groundwater market in the study area resembles most of the characteristics of water markets reported by studies from the water scarce regions of Asian counties. The results, on the whole, indicate that water buying decision of a farmer in water abundant regions is the result of a combined effect of a number of socio-economic, farm specific and tube well specific factors. 

Files to download:

 

Asymmetric cartel formation under trade liberalization: Heterogeneous firms with capacity constraints

Author: Aya Ahmed
Vol.: 2015.02
Publishing house: i) INFER
Place: Speyer, London
year: 2015
No of pages: 20
ISBN na
category INFER Working Paper Series
price free to download EUR

In a context of trade liberalization , this paper is interested in studying the impact of a decline in trade costs on cartel formation between foreign and domestic firms. In a model that endogenizes the cartel formation be- tween heterogeneous firms in their capacities and their marginal costs, the paper investigates how the decrease in trade tariffs affects the formation of such a cartel. Contrary to previous works in this area, the paper does not study how trade liberalization affects cartel stability, however it is in- terested in testing whether the cartel becomes more or less inclusive after this openness. The model predicts that the price prevailing on the mar- ket following trade liberalization depends on capacity distribution of the foreign firms. If they are large enough, price may increase after openness.

Files to download:

 

Household saving rates in the EU: Why do they differ so much?

Author: Stijn Rocher Michael Stierle
Vol.: 2015.01
Publishing house: i) INFER
Place: Speyer, London
year: 2015
No of pages: 29
ISBN na
category INFER Working Paper Series
price free to download EUR

This paper investigates what can contribute to explaining why household saving rate levels are persistently so dispersed across EU countries, ranging from –10% of household income in Romania to +16% in Germany in 2013. Factors explaining changes over time or forecasting of household savings fall out of the scope of this paper.  First, we argue that caution is needed when comparing household saving rates across countries. Institutional differences and data reliability are likely to hinder the international comparability of saving rates.  Second, we discuss various determinants of household saving behaviour. We find that traditional explanatory variables like income levels, age dependency and uncertainty can explain more than half of the cross section variance in saving rates. However, large unobserved country fixed effects (e.g. because of institutional differences and measurement error) appear to be present.

Files to download:

 

pages: 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 |

next +



CALL FOR PAPERS

INFER Workshop in Kaifeng - Extended deadline


event starting date: 2016-03-18

read more +

NEWS


2017-02-14

Extended deadline news

read more +


2017-01-19

Extended deadline news

read more +


2017-01-06

News in 2017

read more +

PUBLICATIONS

Stocks or flows? New thinking about monetary transmission through the lending channel

Author: Javier Villar Burke
Publishing house: i) INFER
year: 2016

read more +

What is Different about Urbanization in Rich and Poor Countries? Cities in Brazil, China, India and the United States

Author: Juan Pablo Chauvin Edward Glaeser Yueran Ma Kristina Tobio
Publishing house: i) INFER
year: 2016

read more +

Taxing Vacant Apartments: Can fiscal policy reduce vacancy?

Author: Mariona Segú Benjamin Vignolles
Publishing house: i) INFER
year: 2016

read more +