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Fiscal policy shocks and international spillovers
The domestic and international transmission mechanism of fiscal policy shocks are analysed in the United States and in Germany. Using a Bayesian VAR approach, we find that in both of these countries a fiscal expansion is associated with increases in output as well as in private consumption and investment. The terms of trade, which affect the international transmission of fiscal policy shocks, depreciate in response to a fiscal expansion, thus transferring some of the increased domestic purchasing power abroad. A US government spending shock is expansionary for all non-US G7 members. A German government spending shock is expansionary for most, but not all European economies, both within and outside the euro area. The dynamics of the BVAR can be rationalised using a dynamic stochastic general equilibrium model where heterogeneous households and firms face borrowing constraints.
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Policy Stringency, Political Conditions, and Public Performances of Pandemic Control: An International Comparison
What factors might explain the cross-country variations in COVID-19 public performances and what lessons can be drawn to be better-prepared for future pandemics? This study focuses on the effects of policy stringency on COVID-19 public health outcomes to gain insights into national-level state responses to COVID-19 and the conditions for their effectiveness. Using data from 136 countries comprising 91.4% of the global population, we find that more stringent policies lead to lower infection and death rates. More importantly, the negative effects of restrictive policies on infection and death rates are moderated by political trust and democracy levels, possibly through the mechanism of popular compliance with government policies. Under conditions of higher political trust and lower democracy levels, the policy effects on infection and death rates are greater. However, while the results suggest the importance of policy stringency and political trust, we should not draw the conclusion that authoritarian political systems are more conducive to policy effectiveness. When comparing the moderating effects of political trust and democracy, political trust is more important as a facilitating factor. Therefore, in addition to making scientifically-supported policies, fostering political trust should be an important goal for governments to be better prepared for future pandemics.
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Man warāʾa ḥarb al-Ḫalı̄ǧ?
World Affairs Online
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Niederlands Beschreibung: in welcher aller darinn begriffnen Landtschafften, Fuerstenthumben, Graueschafften, Herrschafften, Bisthumben, Abteyen, Stetten, Schloessern, Vestungen, Flecken und nammhafftigsten Oertern Ursprung und Auffgang eigentlich erklaert wirt
Lodovico Guicciardini (dutch: Lowijs Guicciardyn, 1521-1589) was an italian merchant, cartographer, humanist, geographer, politician and writer. He was a nephew of Francesco Guicciardini and like him an author of histories. He became famous for his historic views and descriptions of cities. One of his first works was a contemporary history of the Netherlands (Commentarii delle cose più memorabili.). He became famous through his description of Antwerp De idyllische Nederlanden: Antwerpen en de Nederlanden in de 16e eeuw (1567). His books always included intricate maps and illustrations. ; Lodovico Guicciardini, ndl. Lowijs Guicciardyn (1521-1589) war ein italienischer Kaufmann, Kartograph, Humanist, Geograph, Politiker und Schriftsteller. Er war ein Neffe Francesco Guicciardinis und besaß die gleiche Neigung zur Geschichtsdarstellung. Berühmt wurde er für seine historischen Stadtansichten und -beschreibungen. Eines seiner ersten Werke war eine zeitgenössische - damals aktuelle - Geschichte der Niederlande (Commentarii delle cose più memorabili.). Erste Berühmtheit erlangte er durch sein Meisterwerk, einer Beschreibung von Antwerpen: De idyllische Nederlanden: Antwerpen en de Nederlanden in de 16e eeuw (1567). Seine Bücher waren stets mit aufwändigen Karten und Zeichnungen versehen.
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