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Austerity Plans and Tax Evasion : Theory and Evidence from Greece.

Pappadà, F.; Zylberberg, Y. - Banque de France - 2015

The unprecedented tax hikes implemented in Greece in 2010 generated a much lower than expected increase in tax revenues. In this paper, we document a new stylized fact explaining this gap: the strong increase of tax evasion. We then analyze the response of the economy to tax hikes in a stylized...

Persistent link: https://www.econbiz.de/10011250895

Labour Force Participation and Tax-Benefit Systems: A Cross-Country Comparative Perspective

Galušcák, K.; Kátay, G. - Banque de France - 2015

This paper investigates the extent to which cross-country differences in aggregate participation rates can be explained by divergence in tax-benefit systems. We take the example of two countries, the Czech Republic and Hungary, which – despite a lot of similarities – differ markedly in...

Persistent link: https://www.econbiz.de/10011156829

Income Taxation, Transfers and Labour Supply at the Extensive Margin

Benczúr, P.; Kátay, G.; Kiss, A.; Rácz, O. - Banque de France - 2014

This paper estimates the effect of income taxation and transfers on labour supply at the extensive margin, i.e., the labour force participation. We extend existing structural form methodologies by considering the effect of both taxes and transfers. Non-labour income contains the (hypothetical)...

Persistent link: https://www.econbiz.de/10010891766

Optimal Price Setting During a Currency Changeover: Theory and Evidence from French Restaurants

Berardi, N.; Eife, T. A.; Gautier, E. - Banque de France - 2012

This paper studies firms' price-setting decision during a currency changeover. Buyers' difficulties with the new nominal price level create incentives to raise prices temporarily but doing so comes at the risk of damaging a seller's reputation in the long run. We model firms' trade-off and study...

Persistent link: https://www.econbiz.de/10010534896

Measuring the NAIRU: a complementary approach

De la Serve, M-E.; Lemoine, M. - Banque de France - 2011

assumption improves the fit of the inflation equation. Third, this assumption is necessary for getting an important reduction of …

Persistent link: https://www.econbiz.de/10009293540

Debt enforcement and the return on money

Rojas-Breu, M. - Banque de France - 2011

return on assets is determined by incentives eliciting voluntary debt repayment. I show that the inflation rate or, more …, money is used in equilibrium and the optimal inflation rate is positive. …

Persistent link: https://www.econbiz.de/10009320820

Financial Regulation in General Equilibrium

Goodhart, Ch. A. E.; Kashyap, A. K.; Tsomocos, D. P.; … - Banque de France - 2012

This paper explores how different types of financial regulation could combat many of the phenomena that were observed in the financial crisis of 2007 to 2009. The primary contribution is the introduction of a model that includes both a banking system and a “shadow banking system” that each...

Persistent link: https://www.econbiz.de/10010815967

The changing role of expectations in US monetary policy: A new look using the Livingston Survey

Banerjee, A.; Malik, S. - Banque de France - 2012

monetary policy in the United States, in particular its interaction with the formation of inflation expectations and the … linkages between monetary policy, inflation expectations and the behaviour of CPI inflation. We use Livingston Survey data for … expected inflation, measured at a bi-annual frequency, actual inflation, unemployment and a nominal interest rate to estimate …

Persistent link: https://www.econbiz.de/10010816004

More Facts about Prices: France Before and During the Great Recession.

Berardi, N.; Gautier, E.; Le Bihan, H. - Banque de France - 2013

sales; (iv) price changes related to sales and product replacements are less driven by inflation variations than regular … price changes; (v) the monthly inflation rate is correlated to the frequencies of price decreases and increases. The …

Persistent link: https://www.econbiz.de/10010816022

Assessing GMM Estimates of the Federal Reserve Reaction Function.

Florens, C.; Jondeau, E.; Le Bihan, H. - Banque de France - 2001

Estimating a forward-looking monetary policy rule by the Generalized Method of Moments (GMM) has become a popular approach since the influential paper by Clarida, Gali, and Gertler (1998). However, an abundant econometric literature underlines the unappealing small-samples properties of GMM...

Persistent link: https://www.econbiz.de/10005671910