Francesco Giavazzi
Biographic Data
| ID | 1016768 |
|---|---|
| NAME | Francesco Giavazzi |
| GIVEN NAMES | Francesco |
| FAMILY NAME | Giavazzi |
| SIGNATURE | GIAVAZZI F |
| AFFILIATIONS | Bocconi University |
| VERIFIED | No |
| TOTAL WORKS | 21 |
| TOTAL CITATIONS | 15 |
| AUTHOR COUNT | 19 |
| EDITOR COUNT | 2 |
| FIRST PUBLICATION YEAR | 1988 |
| LATEST PUBLICATION YEAR | 2024 |
| H-INDEX | 3 |
Terrorist Attacks, Cultural Incidents, and the Vote for Radical Parties: Analyzing Text from Twitter
We study the role of perceived threats from other cultures induced by terrorist attacks and criminal events on public discourse and support for radical‐right parties. We develop a rule which allocates Twitter users to electoral districts in Germany and use a machine‐learning method to compute measures of textual similarity between the tweets they produce and tweets by accounts of the main German parties. Using the exogenous timing of attacks, we …
Austerity: When It Works and When It Doesn't
Effects of Austerity: Expenditure- and Tax-based Approaches
We review the debate surrounding the macroeconomic effects of deficit reduction policies (austerity). The discussion about "austerity" in general has distracted commentators and policymakers from a very important result, namely the enormous difference, on average, between expenditure- and tax-based austerity plans. Spending-based austerity plans are remarkably less costly than tax-based plans. The former have on average a close to zero effect on …
Austerity in 2009-2013
The conventional wisdom is (i) that fiscal austerity was the main culprit for the recessions experienced by many countries, especially in Europe, since 2010 and (ii) that this round of fiscal consolidation was much more costly than past ones. The contribution of this paper is a clarification of the first point and, if not a clear rejection, at least it raises doubts on the second. In order to obtain these results we construct a new detailed "narr…
Emu: Old Flaws Revisited
Economic and monetary union (EMU) started with serious flaws. Those flaws had been carefully diagnosed and yet no attempts were made to deal with them. As an original experiment, it would have been extraordinary that its design be perfect from the start. The fact that these flaws came together to generate the euro-area crisis is an indictment of the denial that has characterized the first decade of the monetary union. The costs of this denial hav…
College Cost and Time to Complete a Degree: Evidence from Tuition Discontinuities
University tuition typically remains constant throughout the years of enrollment while delayed degree completion is increasingly a problem for academic institutions around the world. Theory suggests that if continuation tuition were raised, the probability of late graduation would be reduced. Using a regression discontinuity design on data from Bocconi University in Italy, we show that a 1,000 euro increase in continuation tuition reduces the pro…
Policy Uncertainty and Household Savings
Using German microdata and a quasi-natural experiment, we provide evidence on how households respond to an increase in uncertainty. We find that household saving increases significantly following the increase in political uncertainty observed in the run-up to the 1998 German general election. We also find evidence of a labor supply response by workers who can use the margin offered by part-time employment. Our results are suggestive of the econom…
Adjustment and Growth in the European Monetary Union
Inflation Targeting, Debt, and the Brazilian Experience, 1999 To 2003
Economic and political liberalizations
Macroeconomic Effects of Regulation and Deregulation in Goods and Labor Markets
Product and labor market deregulation reduce and redistribute rents, leading economic players to adjust to this new distribution. It typically comes with distribution and dynamic effects. To study these effects, we build a macroeconomic model on two central assumptions: monopolistic competition in the goods market, which determines the size of rents; and bargaining in the labor market, which determines the distribution of rents. Product market re…
High Yields: The Spread on German Interest Rates
This paper is a first attempt at evaluating the determinants of the interest rate differentials on government bonds between high yielders, namely Italy, Spain and Sweden, and Germany. In particular we concentrate on daily frequencies, where the relevance of economic fundamentals is rather limited, and address the question of the relative importance of local and global factors in the determination of such spread. We identify and measure three comp…
Fiscal Expansions and Adjustments in OECD Countries
Fiscal adjustments Fiscal expansions and adjustments in OECD countries In several countries policy-makers are striving to improve the budget balance, which can be done either by raising taxes or by cutting expenditures. But the two strategies are not equivalent. Drawing on the experience of twenty OECD countries after 1960, this article shows that large fiscal expansions typically occur through increases in expenditure, while large fiscal adjustm…
Adjustment and Growth in the European Monetary Union
Journal Article Adjustment and Growth in the European Monetary Union. Get access Adjustment and Growth in the European Monetary Union. Edited by Torres Francisco and Giavazzi Francesco. (Cambridge and New York: Cambridge University Press, 1993. Pp. xxiv + 388. £37.50 hardback, US $59.95 hardback. ISBN 0 521 44019 X.)Financial Management in the New Europe. By Balling Morten. (Oxford and Cambridge, MA: Basil Blackwell, 1993. Pp. xiii + 248. £45.00 …
The European Monetary System
Limiting Exchange Rate Flexibility: The European Monetary System
Journal Article Limiting Exchange Rate Flexibility: The European Monetary System Get access Limiting Exchange Rate Flexibility: The European Monetary System. By FRANCESCO GIAVAZZI and ALBERTO GIOVANNINI. (Cambridge, Mass.: The MIT Press, 1989. Pp. xi + 230. £24.75 hardback. ISBN 0 262 07116 9.) Alec Chrystal Alec Chrystal City University Business School Search for other works by this author on: Oxford Academic Google Scholar The Economic Journal,…
Monetary Policy Interactions under Managed Exchange Rates
This paper studies a two-country monetary system where one country sets its money stock, but gives up control of the exchange rate, and the other country gives up control of its own money stock, but can set the exchange rate independently. Cournot-Nash equilibria under managed rates differ significantly from those under fixed or floating rates. The country that controls the exchange rate can effectively offset inflationary shocks by changing the …
The European Monetary System
Journal Article The European Monetary System Get access The European Monetary System. By FRANCESCO GIAVAZZI, STEFANO MICOSSI and MARCUS MILLER. (Cambridge and New York: Cambridge University Press, 1988. Pp. xx + 424. £35.00 hardback. ISBN 0521 36271 7.) J. G. Nellis J. G. Nellis Università di Pisa Search for other works by this author on: Oxford Academic Google Scholar The Economic Journal, Volume 99, Issue 396, 1 June 1989, Pages 496–497, https:…
The advantage of tying one's hands
Bargaining Structure, Corporatism and Macroeconomic Performance
Centralization of wage bargaining Lars Calmfors and John Driffill The structure of labour markets is increasingly perceived as a determinant of the macroeconomic performance of a country. This article focuses on one aspect of labour markets, the degree of centralization of wage setting. The main conclusion is that extremes work best. Either highly centralized systems with national bargaining (such as in Austria and the Nordic countries), or highl…
Modèles du SME: L'Europe n'est-elle qu'une zone deutsche mark
[eng] Models of the ems: is Europe a greater deutschmark area ? Regimes of fixed exchange rates or limited exchange-rate flexibility, like the ideal « target zone » proposai or the real European Monetary System (EMS), raise the question of symmetry. Who runs monetary policy and who sets exchange-rate parities ? If exchange rates are determined exogenously by a mechanical rule, does — or should — only one country run monetary policy, or does this …
Terrorist Attacks, Cultural Incidents, and the Vote for Radical Parties: Analyzing Text from Twitter
We study the role of perceived threats from other cultures induced by terrorist attacks and criminal events on public discourse and support for radical‐right parties. We develop a rule which allocates Twitter users to electoral districts in Germany and use a machine‐learning method to compute measures of textual similarity between the tweets they produce and tweets by accounts of the main German parties. Using the exogenous timing of attacks, we …
High Yields: The Spread on German Interest Rates
This paper is a first attempt at evaluating the determinants of the interest rate differentials on government bonds between high yielders, namely Italy, Spain and Sweden, and Germany. In particular we concentrate on daily frequencies, where the relevance of economic fundamentals is rather limited, and address the question of the relative importance of local and global factors in the determination of such spread. We identify and measure three comp…
Effects of Austerity: Expenditure- and Tax-based Approaches
We review the debate surrounding the macroeconomic effects of deficit reduction policies (austerity). The discussion about "austerity" in general has distracted commentators and policymakers from a very important result, namely the enormous difference, on average, between expenditure- and tax-based austerity plans. Spending-based austerity plans are remarkably less costly than tax-based plans. The former have on average a close to zero effect on …
Emu: Old Flaws Revisited
Economic and monetary union (EMU) started with serious flaws. Those flaws had been carefully diagnosed and yet no attempts were made to deal with them. As an original experiment, it would have been extraordinary that its design be perfect from the start. The fact that these flaws came together to generate the euro-area crisis is an indictment of the denial that has characterized the first decade of the monetary union. The costs of this denial hav…
Limiting Exchange Rate Flexibility: The European Monetary System
Journal Article Limiting Exchange Rate Flexibility: The European Monetary System Get access Limiting Exchange Rate Flexibility: The European Monetary System. By FRANCESCO GIAVAZZI and ALBERTO GIOVANNINI. (Cambridge, Mass.: The MIT Press, 1989. Pp. xi + 230. £24.75 hardback. ISBN 0 262 07116 9.) Alec Chrystal Alec Chrystal City University Business School Search for other works by this author on: Oxford Academic Google Scholar The Economic Journal,…
The advantage of tying one's hands
Bargaining Structure, Corporatism and Macroeconomic Performance
Centralization of wage bargaining Lars Calmfors and John Driffill The structure of labour markets is increasingly perceived as a determinant of the macroeconomic performance of a country. This article focuses on one aspect of labour markets, the degree of centralization of wage setting. The main conclusion is that extremes work best. Either highly centralized systems with national bargaining (such as in Austria and the Nordic countries), or highl…
Modèles du SME: L'Europe n'est-elle qu'une zone deutsche mark
[eng] Models of the ems: is Europe a greater deutschmark area ? Regimes of fixed exchange rates or limited exchange-rate flexibility, like the ideal « target zone » proposai or the real European Monetary System (EMS), raise the question of symmetry. Who runs monetary policy and who sets exchange-rate parities ? If exchange rates are determined exogenously by a mechanical rule, does — or should — only one country run monetary policy, or does this …
Monetary Policy Interactions under Managed Exchange Rates
This paper studies a two-country monetary system where one country sets its money stock, but gives up control of the exchange rate, and the other country gives up control of its own money stock, but can set the exchange rate independently. Cournot-Nash equilibria under managed rates differ significantly from those under fixed or floating rates. The country that controls the exchange rate can effectively offset inflationary shocks by changing the …
The European Monetary System
Journal Article The European Monetary System Get access The European Monetary System. By FRANCESCO GIAVAZZI, STEFANO MICOSSI and MARCUS MILLER. (Cambridge and New York: Cambridge University Press, 1988. Pp. xx + 424. £35.00 hardback. ISBN 0521 36271 7.) J. G. Nellis J. G. Nellis Università di Pisa Search for other works by this author on: Oxford Academic Google Scholar The Economic Journal, Volume 99, Issue 396, 1 June 1989, Pages 496–497, https:…
The European Monetary System
Limiting Exchange Rate Flexibility: The European Monetary System
Journal Article Limiting Exchange Rate Flexibility: The European Monetary System Get access Limiting Exchange Rate Flexibility: The European Monetary System. By FRANCESCO GIAVAZZI and ALBERTO GIOVANNINI. (Cambridge, Mass.: The MIT Press, 1989. Pp. xi + 230. £24.75 hardback. ISBN 0 262 07116 9.) Alec Chrystal Alec Chrystal City University Business School Search for other works by this author on: Oxford Academic Google Scholar The Economic Journal,…
Fiscal Expansions and Adjustments in OECD Countries
Fiscal adjustments Fiscal expansions and adjustments in OECD countries In several countries policy-makers are striving to improve the budget balance, which can be done either by raising taxes or by cutting expenditures. But the two strategies are not equivalent. Drawing on the experience of twenty OECD countries after 1960, this article shows that large fiscal expansions typically occur through increases in expenditure, while large fiscal adjustm…
Adjustment and Growth in the European Monetary Union
Journal Article Adjustment and Growth in the European Monetary Union. Get access Adjustment and Growth in the European Monetary Union. Edited by Torres Francisco and Giavazzi Francesco. (Cambridge and New York: Cambridge University Press, 1993. Pp. xxiv + 388. £37.50 hardback, US $59.95 hardback. ISBN 0 521 44019 X.)Financial Management in the New Europe. By Balling Morten. (Oxford and Cambridge, MA: Basil Blackwell, 1993. Pp. xiii + 248. £45.00 …
High Yields: The Spread on German Interest Rates
This paper is a first attempt at evaluating the determinants of the interest rate differentials on government bonds between high yielders, namely Italy, Spain and Sweden, and Germany. In particular we concentrate on daily frequencies, where the relevance of economic fundamentals is rather limited, and address the question of the relative importance of local and global factors in the determination of such spread. We identify and measure three comp…
Macroeconomic Effects of Regulation and Deregulation in Goods and Labor Markets
Product and labor market deregulation reduce and redistribute rents, leading economic players to adjust to this new distribution. It typically comes with distribution and dynamic effects. To study these effects, we build a macroeconomic model on two central assumptions: monopolistic competition in the goods market, which determines the size of rents; and bargaining in the labor market, which determines the distribution of rents. Product market re…
Inflation Targeting, Debt, and the Brazilian Experience, 1999 To 2003
Economic and political liberalizations
Adjustment and Growth in the European Monetary Union
College Cost and Time to Complete a Degree: Evidence from Tuition Discontinuities
University tuition typically remains constant throughout the years of enrollment while delayed degree completion is increasingly a problem for academic institutions around the world. Theory suggests that if continuation tuition were raised, the probability of late graduation would be reduced. Using a regression discontinuity design on data from Bocconi University in Italy, we show that a 1,000 euro increase in continuation tuition reduces the pro…
Policy Uncertainty and Household Savings
Using German microdata and a quasi-natural experiment, we provide evidence on how households respond to an increase in uncertainty. We find that household saving increases significantly following the increase in political uncertainty observed in the run-up to the 1998 German general election. We also find evidence of a labor supply response by workers who can use the margin offered by part-time employment. Our results are suggestive of the econom…
Austerity in 2009-2013
The conventional wisdom is (i) that fiscal austerity was the main culprit for the recessions experienced by many countries, especially in Europe, since 2010 and (ii) that this round of fiscal consolidation was much more costly than past ones. The contribution of this paper is a clarification of the first point and, if not a clear rejection, at least it raises doubts on the second. In order to obtain these results we construct a new detailed "narr…
Emu: Old Flaws Revisited
Economic and monetary union (EMU) started with serious flaws. Those flaws had been carefully diagnosed and yet no attempts were made to deal with them. As an original experiment, it would have been extraordinary that its design be perfect from the start. The fact that these flaws came together to generate the euro-area crisis is an indictment of the denial that has characterized the first decade of the monetary union. The costs of this denial hav…
Austerity: When It Works and When It Doesn't
Effects of Austerity: Expenditure- and Tax-based Approaches
We review the debate surrounding the macroeconomic effects of deficit reduction policies (austerity). The discussion about "austerity" in general has distracted commentators and policymakers from a very important result, namely the enormous difference, on average, between expenditure- and tax-based austerity plans. Spending-based austerity plans are remarkably less costly than tax-based plans. The former have on average a close to zero effect on …
Terrorist Attacks, Cultural Incidents, and the Vote for Radical Parties: Analyzing Text from Twitter
We study the role of perceived threats from other cultures induced by terrorist attacks and criminal events on public discourse and support for radical‐right parties. We develop a rule which allocates Twitter users to electoral districts in Germany and use a machine‐learning method to compute measures of textual similarity between the tweets they produce and tweets by accounts of the main German parties. Using the exogenous timing of attacks, we …
Economics (17 works) · Political science (13 works) · Monetary economics (9 works) · Global Financial Crisis and Policies (8 works) · European Monetary and Fiscal Policies (6 works) · Fiscal Policies and Political Economy (6 works) · Monetary policy (6 works) · Law (5 works) · Macroeconomics (5 works) · Computer Science (4 works)