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Appropriate Fiscal Policy over the Business Cycle: Proper Stimulus Policies Can Work

Graves, Philip E. - CESifo - 2010

Fiscal policy has become quite controversial in the post-Keynesian era, the debate over the Obama stimulus package being a contentious recent example. Some pundits go so far as to take the position that macroeconomic theory has failed to meaningfully progress in terms of providing useful...

Persistent link: https://www.econbiz.de/10008498997

The EU Budget Dispute – A Blessing in Disguise?

Schneider, Ondrej - CESifo - 2007

This paper analyses the European budget and the position of the ten new member states. We argue that the EU budget … should be reconsidered, as the Union has expanded to 27 member states and has become more heterogeneous. The budget … that the current EU budget setting is, at best, neutral with respect to the EU-wide long-term growth potential and may …

Persistent link: https://www.econbiz.de/10005765736

Quoted Spreads and Trade Imbalance Dynamics in the European Treasury Bond Market

Caporale, Guglielmo Maria; Girardi, Alessandro; … - CESifo - 2010

documents the existence of an asymmetric relationship between market liquidity and trading imbalances: when quoted spreads rise … (fall) and liquidity falls (increases) buy (sell) orders tend to prevail. Risk-averse market-makers, with inventory … characteristics, stock market volatility, macroeconomic releases and liquidity management operations of the monetary authorities. …

Persistent link: https://www.econbiz.de/10008833903

Using Military Build-Ups to Capture Fiscal Shocks: A Reassessment

Yang, Weonho; Fidrmuc, Jan; Ghosh, Sugata - CESifo - 2014

Ramey (2011a) and others argue that increases in government spending associated with wars and military build-ups constitute a good instrument for measuring the macroeconomic effects of fiscal shocks. We argue that this instrument has two important drawbacks: the composition of government...

Persistent link: https://www.econbiz.de/10010752160

Tax Smoothing in a Business Cycle Model with Capital-Skill Complementarity

Angelopoulos, Konstantinos; Asimakopoulos, Stylianos; … - CESifo - 2014

This paper undertakes a normative investigation of the quantitative properties of optimal tax smoothing in a business cycle model with state contingent debt, capital-skill complementarity, endogenous skill formation and stochastic shocks to public consumption as well as total factor and capital...

Persistent link: https://www.econbiz.de/10010757726

Ageing and Productivity Growth: Are there Macro-level Cohort Effects of Human Capital?

Werding, Martin - CESifo - 2008

Slower growth of the labour force and an increase in old-age dependency will reduce the growth of aggregate output and output per capita in many developed countries. However, a major question is whether there is any systematic link between demographics and the productivity of those who will...

Persistent link: https://www.econbiz.de/10005406417

Macroeconomic Effects of Government Spending Shocks: New Evidence Using Natural Disaster Relief in Korea

Yang, Weonho; Fidrmuc, Jan; Ghosh, Sugata - CESifo - 2012

We investigate the macroeconomic effects of government spending shocks in Korea. We compare results obtained with two alternative approaches: the narrative approach and Structural Vector-Autoregressive model (SVAR). We propose a new methodology for identifying exogenous and unexpected fiscal...

Persistent link: https://www.econbiz.de/10010578151

Global Climate Change and the Resurgence of Tropical Disease: An Economic Approach

Gollin, Douglas; Zimmermann, Christian - CESifo - 2010

We study the impact of global climate change on the prevalence of tropical diseases using a heterogeneous agent dynamic general equilibrium model. In our framework, households can take actions (e.g., purchasing bednets or other goods) that provide partial protection from disease. However, these...

Persistent link: https://www.econbiz.de/10008572562

Macroeconomic Effects of Fiscal Adjustment: A Tale of two Approaches

Yang, Weonho; Fidrmuc, Jan; Ghosh, Sugata - CESifo - 2013

We investigate the short-term effects of fiscal adjustment on economic activity in 20 OECD countries from 1970 to 2009. We compare two approaches: the traditional approach based on changes in cyclically adjusted primary balance (CAPB) and the narrative approach based on historical records....

Persistent link: https://www.econbiz.de/10010693461

Searching for Keynes: An Essay on the Political Economy of Fiscal Policy, with Application to Canada, 1870-2000 - revised version

Winer, Stanley L.; Ferris, J Stephen - CESifo - 2003

Keynes' General Theory (1936) is arguably one of the most important books of the twentieth century. His ideas for stabilizing the aggregate economy have profoundly influenced economic theory as well as popular opinion about what governments can and should do with respect to the business cycle....

Persistent link: https://www.econbiz.de/10005094361