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For an Olive Wreath? Olympic Games and Anticipation Effects in Macroeconomics

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Author Info

  • Markus Bruckner

    ()
    (School of Economics, University of Adelaide)

  • Evi Pappa

    ()
    (Universitat Autonoma de Barcelona)

Abstract

We examine the effects that hosting and bidding for the Olympic Games has on macroeconomic outcomes in a panel of 184 countries spanning the period 1950-2006. Actual hosting of the Games generates positive investment, consumption, and output responses before, during, and after hosting. We detect anticipation effects: (i) bidding for the Olympic Games generates positive investment, consumption, and output responses at the time of the bidding; (ii) bidding for the Games has a transitory level effect. We confirm the presence of legacy effects: hosting the Games has a permanent level effect.

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Bibliographic Info

Paper provided by University of Adelaide, School of Economics in its series School of Economics Working Papers with number 2011-18.

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Length: 39 pages
Date of creation: Mar 2011
Date of revision:
Handle: RePEc:adl:wpaper:2011-18

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Keywords: mega-events; anticipation effects; demand shocks;

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References

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  1. Pranab Bardhan, 1997. "Corruption and Development: A Review of Issues," Journal of Economic Literature, American Economic Association, vol. 35(3), pages 1320-1346, September.
  2. Andrew K. Rose & Mark M. Spiegel, 2011. "The Olympic Effect," Economic Journal, Royal Economic Society, vol. 121(553), pages 652-677, 06.
  3. Hardouvelis, Gikas A., 1988. "Economic news, exchange rates and interest rates," Journal of International Money and Finance, Elsevier, vol. 7(1), pages 23-35, March.
  4. Refet S. Gürkaynak & Brian Sack & Eric Swanson, 2005. "The Sensitivity of Long-Term Interest Rates to Economic News: Evidence and Implications for Macroeconomic Models," American Economic Review, American Economic Association, vol. 95(1), pages 425-436, March.
  5. Hardouvelis, Gikas A, 1987. " Reserves Announcements and Interest Rates: Does Monetary Policy Matter?," Journal of Finance, American Finance Association, vol. 42(2), pages 407-22, June.
  6. Refet Gurkaynak & Brian Sack & Eric Swanson, 2005. "Do Actions Speak Louder than Words? The Response of Asset Prices to Monetary Policy Actions and Statements," Macroeconomics 0504013, EconWPA.
  7. Leonardo Bartolini & Linda Goldberg & Adam Sacarny, 2008. "How economic news moves markets," Current Issues in Economics and Finance, Federal Reserve Bank of New York, vol. 14(Aug).
  8. Karel Mertens & MortenO. Ravn, 2010. "Measuring the Impact of Fiscal Policy in the Face of Anticipation: A Structural VAR Approach," Economic Journal, Royal Economic Society, vol. 120(544), pages 393-413, 05.
  9. Markus Bruckner & Evi Pappa, 2011. "For an Olive Wreath? Olympic Games and Anticipation Effects in Macroeconomics," School of Economics Working Papers 2011-18, University of Adelaide, School of Economics.
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Blog mentions

As found by EconAcademics.org, the blog aggregator for Economics research:
  1. Does hosting Olympic Games matter after all?
    by Economic Logician in Economic Logic on 2011-05-04 14:04:00
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Cited by:
  1. Markus Bruckner & Evi Pappa, 2011. "For an Olive Wreath? Olympic Games and Anticipation Effects in Macroeconomics," School of Economics Working Papers 2011-18, University of Adelaide, School of Economics.

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