serves as an input in private production, the government raises the marginal productivity of labor and private capital, triggering an expansion. General equilibrium models are the main methodological devices I use in this dissertation. Skip to main content, abstract, government expenditure interacts with the business cycle. I also use other methods, such as structural vector autoregressions to measure the dynamic effects of oil price shocks (first essay and the generalized method of moments to identify the response of government spending to the business cycle (third essay). The first essay focuses on oil-exporting countries and argues that government investment of oil revenue, if not adequately smoothed over time, can propagate oil price shocks and exacerbate the business cycle. The second essay argues that procyclical fiscal policy during an economic expansion may contribute to a decrease in the skill premiumthe gap between wages of high-skilled and low-skilled workers. I use this framework to rationalize the decline in income inequality within most Latin American countries in the last 10-15 years. This dissertation includes three essays that explore issues fundamentally related to that interaction. ETD Collection for Fordham University.
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This occurs if a boom is concentrated on nontradable activities that are intensive in low-skilled labor, since procyclical policy exacerbates the effects of the shock. M/dissertations/AAI3715367, download, downloads, since September 29, 2015, cOinS. The first two essays feature small open economy dynamic stochastic models that facilitate the analysis of alternative fiscal policy rules. The first two essays focus mainly on the way that different fiscal policy rules affect the macroeconomy, whereas the third and final essay in this dissertation explores how the spending side of fiscal policy responds to the business cycle. I also study whether the response of government spending is countercyclical or procyclical. I find that government spending is forward-looking in a number of countries, in the sense that it reacts to forecasts of economic activity rather than to past economic realizations. Role and Impact of Energy in the. A thesis submi tted to the School of Economics in partial fulfillment of the requirements for. This thesis analyzes development of financial and business cycles in cesee. The concordance index indicate that business cycles and financial cycles are.