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Défiscalisation des heures supplémentaires: une perspective d'équilibre général.
Matheron, J. - Banque de France - 2010
This paper characterizes the short- and long-run effects of overtime de-taxation. A dynamic general equilibrium with overtime hours is first developed and calibrated to French data. A fiscal shock consisting of a complete de-taxation of overtime hours is then implemented in the model. Several...
Persistent link: https://www.econbiz.de/10008764809
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DSGE Models in a Data-Rich Environment.
Boivin, J.; Giannoni, M. - Banque de France - 2007
Standard practice for the estimation of dynamic stochastic general equilibrium (DSGE) models maintains the assumption … that economic variables are properly measured by a single indicator, and that all relevant information for the estimation … 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
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Dynamic Factor Models: A review of the Literature .
Barhoumi, K.; Darné, O.; Ferrara, L. - Banque de France - 2013
review of the recent literature on dynamic factor models. First we present the models used, then the parameter estimation …
Persistent link: https://www.econbiz.de/10010633268
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Leadership in Public Good Provision: a Timing Game Perspective
Kempf, H.; Rota Graziosi, G. - Banque de France - 2009
We address in this paper the issue of leadership when two governments provide public goods to their constituencies with cross border externalities as both public goods are valued by consumers in both countries. We study a timing game between two different countries: before providing public...
Persistent link: https://www.econbiz.de/10008479240
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Regional Debt in Monetary Unions: Is it Inflationary?
Cooper, R.; Kempf, H.; Peled, D. - Banque de France - 2007
This paper studies the inflationary implications of interest bearing regional debt in a monetary union. Is this debt simply backed by future taxation with no inflationary consequences? Or will the circulation of region debt induce monetization by a central bank? We argue here that both outcomes...
Persistent link: https://www.econbiz.de/10004998812
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Monetary rules and the spillover of regional fiscal policies in a federation.
Cooper, R.; Kempf, H.; Peled, D. - Banque de France - 2009
This paper studies the effects of monetary policy rules in a fiscal federation, such as the European Union. The focus of the analysis is the interaction between the fiscal policy of member countries (regions) and the monetary authority. Each of the countries structures its fiscal policy...
Persistent link: https://www.econbiz.de/10005034724
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Insulation impossible: monetary policy and regional fiscal spillovers in a federation
Cooper, R.; Kempf, H.; Peled, D. - Banque de France - 2010
This paper studies the effects of monetary policy rules in a fiscal federation, such as the European Union. The focus of the analysis is the interaction between the fiscal policy of member countries (regions) and the monetary authority. Each of the countries structures its fiscal policy...
Persistent link: https://www.econbiz.de/10008677945
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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 … to cross-equation restrictions, omitting the endogenous component of government policy at the estimation stage would lead …
Persistent link: https://www.econbiz.de/10010544322
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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
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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