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Optimal Fiscal Action in an Economy with Sovereign Premia and without Monetary Independence: An Application to Italy

Philippopoulos, Apostolis; Varthalitis, Petros; … - CESifo - 2013

We welfare rank various tax-spending policies. The setup is a New Keynesian model of a semi-small open economy featuring sovereign risk premia and loss of monetary policy independence. The model is calibrated to match data from the Italian economy 2001-2011. We compute various optimized...

Persistent link: https://www.econbiz.de/10010639426

Cross-Border Effects of Fiscal Consolidations: Estimates Based on Narrative Records

Hebous, Shafik; Zimmermann, Tom - CESifo - 2013

We estimate cross-border spillover effects of fiscal consolidation episodes on output, bilateral trade flows, interest rate, and the exchange rate, employing the new IMF action-based fiscal consolidation data. Results indicate a negative effect of foreign fiscal consolidation policies on...

Persistent link: https://www.econbiz.de/10010674455

Estimating the Effects of Coordinated Fiscal Actions in the Euro Area

Hebous, Shafik; Zimmermann, Tom - CESifo - 2012

We estimate spillover effects of a fiscal shock in one member country in the euro area on outputs of the rest of the members, using a Global Vector Autoregression (GVAR) model. We compare the effects of a domestic fiscal shock with those of a similar size area-wide shock expressed as a weighted...

Persistent link: https://www.econbiz.de/10010568610

Do Foreign Aid Transfers Distort Incentives and Hurt Growth? Theory and Evidence from 75 Aid-recipient Countries

Economides, George; Kalyvitis, Sarantis; … - CESifo - 2004

In this paper, foreign aid transfers can distort individual incentives, and hence hurt growth, by encouraging rent … this framework, the growth impact of aid is examined jointly with the determination of rent-seeking behavior. We test the … that aid has a direct positive effect on growth, which is however significantly mitigated by the adverse indirect effects …

Persistent link: https://www.econbiz.de/10005766001

Welfare Implications of Public Education Spending Rules

Angelopoulos, Konstantinos; Malley, Jim; … - CESifo - 2008

only when the policy instrument is successful in smoothing the growth rate of human capital. …

Persistent link: https://www.econbiz.de/10005405961

Pollution and Resource Extraction: Do they Matter for the Dynamics of Growth?

Economides, George; Philippopoulos, Apostolis - CESifo - 2000

growth-environment-policy link. The context is a dynamic general equilibrium model of endogenous growth, in which private … observed persistent differences in growth among LDCs with similar fundamentals and endowments. …

Persistent link: https://www.econbiz.de/10005406053

Public Providers, versus Private Providers, of Public Goods: A General Equilibrium Study of the Role of the State

Economides, George; Philippopoulos, Apostolis; … - CESifo - 2011

This paper studies the difference between public production and public finance of public goods in a dynamic general equilibrium setup. By public finance, we mean that the public good is produced by private providers with the government financing their costs. When the model is calibrated to match...

Persistent link: https://www.econbiz.de/10009150635