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What drives vertical fiscal interactions? Evidence from the 1980 Crude Oil Windfall Act (2018)
Journal Article
Perez-Sebastian, F., & Raveh, O. (2018). What drives vertical fiscal interactions? Evidence from the 1980 Crude Oil Windfall Act. Regional Science and Urban Economics, 73, 251-268. https://doi.org/10.1016/j.regsciurbeco.2018.10.004

In economies with multi-level governments, why would a change in the fiscal rule of a government in one level lead to a fiscal response by a government in a different level? The literature focused primarily on the standard common-pool problem, while... Read More about What drives vertical fiscal interactions? Evidence from the 1980 Crude Oil Windfall Act.

The public and private marginal product of capital (2018)
Journal Article
Lowe, M., Papageorgiou, C., & Perez Sebastian, F. (2019). The public and private marginal product of capital. Economica, 86(342), 336-361. https://doi.org/10.1111/ecca.12268

Why doesn't capital flow to developing countries as predicted by the neoclassical model? What are the direction and degree of capital misallocation across nations? We revisit these questions by removing public capital from total capital to achieve a... Read More about The public and private marginal product of capital.