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Equilibrium in a production economy with an income tax

II, Wilbur John Coleman - Federal Reserve Board (Board of Governors of the … - 1989

A state-dependent income tax is incorporated into an intertemporal production economy. Methods are developed for establishing the existence and uniqueness of an equilibrium, and for explicitly constructing this equilibrium. Some tax-policy experiments are suggested, the results of which may have...

Persistent link: https://www.econbiz.de/10005372541

German unification: what have we learned from multi-country models?

Gagnon, Joseph E.; Masson, Paul R.; McKibbin, Warwick J. - Federal Reserve Board (Board of Governors of the … - 1996

, and downward pressure on the current account balance in Germany. The model simulations also highlighted the contractionary …

Persistent link: https://www.econbiz.de/10005368375

Pricing to market in international trade: evidence from panel data on automobiles and total merchandise

Gagnon, Joseph E.; Knetter, Michael M. - Federal Reserve Board (Board of Governors of the … - 1990

This paper focuses on price discrimination in international trade that is associated with movements in exchange rates. This phenomenon is referred to as "pricing to market." We find strong evidence of pricing to market for Japanese exports of automobiles. We find moderate evidence of such...

Persistent link: https://www.econbiz.de/10005368412

The usefulness of P* measures for Japan and Germany

Kole, Linda S.; Leahy, Michael P. - Federal Reserve Board (Board of Governors of the … - 1991

This paper develops measures of long-run equilibrium price levels (P*) for Japan and Germany following the approach … in the U.S. case because the velocities of the broad monetary aggregates (M2+CDs in Japan and M3 in Germany) exhibit … money demand to construct measures of equilibrium velocity and P for Japan and Germany. We then assess the explanatory power …

Persistent link: https://www.econbiz.de/10005368454

An empirical analysis of policy coordination in the United States, Japan and Europe

Edison, Hali J.; Tryon, Ralph - Federal Reserve Board (Board of Governors of the … - 1986

Coordination of macroeconomic policy has been a major topic at recent summit meetings, and has been the subject of a number of theoretical studies. However, relatively little empirical research exists on policy coordination. This paper is an attempt to help fill this gap. The paper considers the...

Persistent link: https://www.econbiz.de/10005372624

Daily Bundesbank and Federal Reserve intervention and the conditional variance tale in DM/$-returns

Almekinders, Geert J.; Eijffinger, Sylvester C.W. - Federal Reserve Board (Board of Governors of the … - 1992

This paper reports on the results of an empirical investigation into the objectives of daily foreign exchange market intervention by the Deutsche Bundesbank and the Federal Reserve System in the U.S. dollar-deutsche mark market. Tobit analysis is implemented to estimate the intervention reaction...

Persistent link: https://www.econbiz.de/10005372632

The global economic implications of German unification

Alexander, Lewis S.; Gagnon, Joseph E. - Federal Reserve Board (Board of Governors of the … - 1990

Germanys. The fundamental assumptions are that East Germany brings relatively more labor than capital to the union than does … West Germany, and that the economic structure of a united Germany is essentially identical to that of pre-unification West … Germany. In all of the simulations economic union leads to an acceleration of growth and investment in Germany, a real …

Persistent link: https://www.econbiz.de/10005712623

The management of financial risks at German nonfinancial firms: the case of Metallgesellschaft

Frankel, Allen B.; Palmer, David E. - Federal Reserve Board (Board of Governors of the … - 1996

In late 1993 and early 1994, the wholly-owned U.S. subsidiary of a German conglomerate experienced substantial losses in connection with the implementation of a petroleum marketing strategy, triggering an emergency recapitalization of the German parent company. The rescue was overseen by the...

Persistent link: https://www.econbiz.de/10005712670

The term structure of interest rates in the onshore markets of the United States, Germany, and Japan

Popper, Helen - Federal Reserve Board (Board of Governors of the … - 1990

This paper investigates term premia behavior in U.S., German, and Japanese markets. Onshore returns are evaluated in order to focus on the co-movement of the term premia across a set of potentially heterogeneous markets. The paper extends the work of Campbell and Clarida [1987], who find that...

Persistent link: https://www.econbiz.de/10005712706

Germany and the European disease

Davis, John; Minford, Patrick - Federal Reserve Board (Board of Governors of the … - 1986

theory--'the disease'--is expounded, with empirical evidence from the Federal Republic of Germany. The disease is … of natural rates. We find that the natural rate of unemployment in Germany more than trebled its 1973 level by the end of … the 70s, reaching 1.21 million by 1982 before falling to 1.16 million in 1983. We suggest that Germany may have caught the …

Persistent link: https://www.econbiz.de/10005712810