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We study the effect of monetary surprise shocks on real output and the price level, conditioned on different fiscal sustainability regimes in the period 2001Q4-2021Q4. First, we estimate time-varying fiscal sustainability coefficients based on Bohn's (1998) approach through Schlicht's (2003)...
Persistent link: https://www.econbiz.de/10014313459
In this empirical study we assess both linear and nonlinear relationship between total taxation and several tax items with real per capita GDP growth rates for 43 developing countries between 1990 and 2019. We use panel data techniques to evaluate the effects of taxation on economic growth for...
Persistent link: https://www.econbiz.de/10013255645
Persistent link: https://www.econbiz.de/10003321879
Persistent link: https://www.econbiz.de/10003305035
Intro -- Contents -- I. INTRODUCTION -- II. KEY FEATURES OF THE GLOBAL FISCAL MODEL -- III. CALIBRATING THE MODEL -- IV. THE MACROECONOMIC EFFECTS OF GOVERNMENT DEBT -- V. GOVERNMENT SPENDING SHOCKS AND PRIVATE CONSUMPTION -- VI. TAX DISTORTIONS AND THE BENEFITS OF TAX REFORM -- VII. THE EFFECTS...
Persistent link: https://www.econbiz.de/10012691006
Intro -- Contents -- I. Introduction -- II. The Model -- III. The Effects of Tax Cuts in a Small and Large Open Economy …
Persistent link: https://www.econbiz.de/10012691189
Persistent link: https://www.econbiz.de/10003545052
We study the effect of monetary policy surprise shocks on real output and the price level, conditioned on different fiscal stances in the period 2001Q4-2021Q4 for a panel of the 19 countries of the Euro Area. Applying local projection methodology, we find that the effect of monetary shocks...
Persistent link: https://www.econbiz.de/10014336399
In our article we review the secular stagnation hypothesis, firstly postulated by Hansen (1939), to describe the current macroeconomic dynamics faced by developed economies. Based in the existing literature, we elaborate on a workable definition of secular stagnation founded on four pillars:...
Persistent link: https://www.econbiz.de/10012815750
Persistent link: https://www.econbiz.de/10003322029