Discussion Paper Details

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

Author(s): Markus Brückner and Evi Pappa

Publication Date: August 2011

Keyword(s): Anticipation, Mega Event and Natural Experiment

Programme Area(s): International Macroeconomics

Abstract: The hosting and bidding for the Olympic Games is a natural experiment to test for anticipation effects in macroeconomics. We examine these effects using panel data for 184 countries during the period 1950-2006. We find that hosting the Games generates positive investment, consumption, and output responses already before the hosting of the Games. We also detect significant anticipation effects in countries that bid for the Games. While bidding for the Games has a transitory level effect, hosting the Games has a permanent level effect.

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Bibliographic Reference

Brückner, M and Pappa, E. 2011. 'For an Olive Wreath? Olympic Games and Anticipation Effects in Macroeconomics'. London, Centre for Economic Policy Research.