terça-feira, 22 de dezembro de 2009
terça-feira, 15 de dezembro de 2009
"He was an immortal among dismal scientists: one of the mighty trio, along with Kenneth Arrow and Milton Friedman, who dominated post-war economics, the great formalizer of the field. Friedman’s policy insights may have been more radical and significant; Arrow’s genius may have produced more beautiful gems of economic theory. But it was Samuelson who gave economists our toolbox — the mathematical methods that define our field — and the magnitude of that gift made him an indispensible economist."
segunda-feira, 14 de dezembro de 2009
domingo, 13 de dezembro de 2009
sábado, 12 de dezembro de 2009
sexta-feira, 11 de dezembro de 2009
We use variation in oil output among Brazilian municipalities to investigate the effects of resource windfalls. We find muted effects of oil through market channels: offshore oil has no effect on municipal non-oil GDP or its composition, while onshore oil has only modest effects on non-oil GDP composition. However, oil abundance causes municipal revenues and reported spending on a range of budgetary items to increase, mainly as a result of royalties paid by Petrobras. Nevertheless, survey-based measures of social transfers, public good provision, infrastructure, and household income increase less (if at all) than one might expect given the increase in reported spending. To explain why oil windfalls contribute little to local living standards, we use data from the Brazilian media and federal police to document that very large oil output increases alleged instances of illegal activities associated with mayors.