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

Author

Listed:
  • 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.

Suggested Citation

  • Markus Bruckner & Evi Pappa, 2011. "For an Olive Wreath? Olympic Games and Anticipation Effects in Macroeconomics," School of Economics and Public Policy Working Papers 2011-18, University of Adelaide, School of Economics and Public Policy.
    • Handle: RePEc:adl:wpaper:2011-18
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    File URL: https://media.adelaide.edu.au/economics/papers/doc/wp2011-18.pdf
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    References listed on IDEAS

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    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 19:04:00

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    1. Pappa, Evi & Brückner, Markus, 2011. "For an Olive Wreath? Olympic Games and Anticipation Effects in Macroeconomics," CEPR Discussion Papers 8516, C.E.P.R. Discussion Papers.
    2. Markus Brückner & Evi Pappa, 2015. "News Shocks in the Data: Olympic Games and Their Macroeconomic Effects," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 47(7), pages 1339-1367, October.
    3. Julie Clark & Ade Kearns, 2016. "Going for gold: A prospective assessment of the economic impacts of the Commonwealth Games 2014 on the East End of Glasgow," Environment and Planning C, , vol. 34(8), pages 1474-1500, December.
    4. Jeroen Schokkaert & Johan F.M. Swinnen & Thijs Vandemoortele, 2012. "Mega Events and Sports Institutional Development: The Impact of the World Cup on Football Academies in Africa," Chapters, in: Wolfgang Maennig & Andrew Zimbalist (ed.), International Handbook on the Economics of Mega Sporting Events, chapter 19, Edward Elgar Publishing.

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    More about this item

    Keywords

    mega-events; anticipation effects; demand shocks;
    All these keywords.

    JEL classification:

    • C21 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Cross-Sectional Models; Spatial Models; Treatment Effect Models
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • E65 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Studies of Particular Policy Episodes

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