The Global Economic Impact of Politicians

The Global Economic Impact of Politicians; (Non) Keynesian Effects of Fiscal Authority: International Transmission of Interest Rates; The Deserving and the Undeserving: “Heuristics” or “Automatism”?
The Advantages of the Division of Labor Also Apply to Economic Policy: The Green New Deal – Clemens Fuest
Exceptional politicians influence global economic outcomes, according to our large-scale RCT survey of 843 experts in 107 countries. Researchers examined how the US president influences economic expectations of international experts, including GDP growth, unemployment, inflation and trade.
Increases in government consumption have a Keynesian effect on real per capita private consumption, say António Afonso, José Alves and João Tovar Jalles. Using a sample of 174 countries between 1970 and 2018, they assess the impact of austerity and the implications for budgetary and policy decisions in the light of Covid-19 fiscal adjustments.
Foreign government debt depreciates domestic currency – suggesting that a change in US monetary policy could impact global exchange rates. António Afonso and co-authors explore the role of international reserves and sovereign debt.
Voter attitudes towards the welfare state, its specific programs and people who “benefit” from social transfers have always been of vital interest for discussions in the public and political spheres. Peter Grand and Guido examine public sentiments and find that opinion is influenced by the supposed level of 'deservedness'.
Tackling global warming requires a transformation of the economy, but how, and with which instruments? Clemens Fuest examines the options for pursuing the goals of the Green New Deal.
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Published: ifo Institute for Economic Research at the University of Munich,
Editor: Juliet Shaw.

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