Narrow search
Showing 1 - 10 of 126
Cover Image
A Pitfall with DSGE-Based, Estimated, Government Spending Multipliers
Fève, P.; Matheron, J.; Sahuc, J.G. - Banque de France - 2012
This paper examines issues related to the estimation of the government spending multiplier (GSM) in a Dynamic Stochastic General Equilibrium context. We stress a potential source of bias in the GSM arising from the combination of Edgeworth complementarity/substitutability between private...
Persistent link: https://www.econbiz.de/10010544322
Cover Image
On the Size of the Government Spending Multiplier in the Euro Area
Fève, P.; Sahuc, J-G. - Banque de France - 2015
This article addresses the existence of a wide range of estimated government spending multipliers in a dynamic stochastic general equilibrium model of the euro area. Our estimation results and counterfactual exercises provide evidence that omitting the interactions of key ingredients at the...
Persistent link: https://www.econbiz.de/10011166880
Cover Image
Strict Fiscal Rules and Macroeconomic Stability: The Case of Social VAT.
Fève, P.; Matheron, J.; Sahuc, J-G. - Banque de France - 2013
This paper studies the local dynamic properties of a simple general equilibrium model with Social VAT. Strict balanced budget rules often lead to real indeterminacy of aggregate equilibrium, leaving room for «sunspots» fluctuations. In a closed-economy setup, social VAT escapes this property...
Persistent link: https://www.econbiz.de/10010815974
Cover Image
Procyclical Debt as Automatic Stabilizer.
Wesselbaum, D. - Banque de France - 2013
This paper shows that government debt creates a so far neglected wealth effect that has sizable effects on business cycle fluctuations. We present a new channel through which governments can influence cyclical fluctuations generated by any type of shock and contribute to macroeconomic stability....
Persistent link: https://www.econbiz.de/10010816023
Cover Image
Did Tax Policies mitigate US Business Cycles?
Jimborean, R.; Ferroni, F. - Banque de France - 2010
I study whether US Tax Policies affected economic volatility during the post World War II period. I employ a Real Business Cycle model with distorting taxation on household income and tax rules, and assume that taxes respond to the cyclical conditions of the economy. I estimate the deep...
Persistent link: https://www.econbiz.de/10008682874
Cover Image
Interpreting the Hours-Technology time-varying relationship
Cantore, C.; Ferroni, F.; León-Ledesma, M A. - Banque de France - 2011
We investigate the time varying relation between hours and technology shocks using a structural business cycle model. We propose an RBC model with a Constant Elasticity of Substitution (CES) production function that allows for capital- and labor-augmenting technology shocks. We estimate the...
Persistent link: https://www.econbiz.de/10009371433
Cover Image
Common business and housing market cycles in the Euro area from a multivariate decomposition.
Ferrara, L.; Koopman, S J. - Banque de France - 2010
The 2007 sub-prime crisis in the United States, prolonged by a severe economic recession spread over many countries around the world, has led many economic researchers to focus on the recent fluctuations in housing prices and their relationships with macroeconomics and monetary policies. The...
Persistent link: https://www.econbiz.de/10008503197
Cover Image
Minimum Distance Estimation and Testing of DSGE Models from Structural VARs
Fève, P.; Matheron, J.; Sahuc, J-G. - Banque de France - 2009
The aim of this paper is to complement the MDE--SVAR approach when the weighting matrix is not optimal. In empirical studies, this choice is motivated by stochastic singularity or collinearity problems associated with the covariance matrix of Impulse Response Functions. Consequently, the...
Persistent link: https://www.econbiz.de/10008479239
Cover Image
Deux indicateurs probabilistes de retournement cyclique pour l’économie française.
Adanero-Donderis, M.; Darné, O.; Ferrara, L. - Banque de France - 2007
qualitative information by comparison with more classical quantitative tools aiming at estimating the GDP growth rate. …
Persistent link: https://www.econbiz.de/10004998816
Cover Image
DSGE Models in a Data-Rich Environment.
Boivin, J.; Giannoni, M. - Banque de France - 2007
that economic variables are properly measured by a single indicator, and that all relevant information for the estimation … information contained in large data sets is relevant for the evolution of important macroeconomic series. This suggests that … empirical framework for the estimation of DSGE models that exploits the relevant information from a data-rich environment. This …
Persistent link: https://www.econbiz.de/10004998848