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

Markus Brückner () and Evi Pappa ()

No 2011-18, School of Economics Working Papers from University of Adelaide, School of Economics

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.

Keywords: mega-events; anticipation effects; demand shocks (search for similar items in EconPapers)
JEL-codes: C21 E62 E65 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-spo
Date: 2011-03
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