Narrow search
Showing 1 - 10 of 103
Cover Image
Appropriate Fiscal Policy over the Business Cycle: Proper Stimulus Policies Can Work
Graves, Philip E. - CESifo - 2010
being a contentious recent example. Some pundits go so far as to take the position that macroeconomic theory has failed to …
Persistent link: https://www.econbiz.de/10008498997
Cover Image
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. On the other hand, whether Keynesian theory has substantially altered …
Persistent link: https://www.econbiz.de/10005094361
Cover Image
The Transitional Dynamics of Fiscal Policy in Small Open Economies
Heijdra, Ben J.; Ligthart, Jenny - CESifo - 2006
The paper studies the dynamic macroeconomic effects of fiscal shocks of various duration (permanent and temporary) under different financing methods (lump-sum tax and government debt). To this end, we develop an intertemporal macroeconomic model for a small open economy, featuring monopolistic...
Persistent link: https://www.econbiz.de/10005094387
Cover Image
Top Incomes, Rising Inequality, and Welfare
Lansing, Kevin J.; Markiewicz, Agnieszka - CESifo - 2012
This paper develops a general-equilibrium model of skill-biased technological change that approximates the observed shifts in the shares of wage and non-wage income going to the top decile of U.S. households since 1980. Under realistic assumptions, we find that all agents can benefit from the...
Persistent link: https://www.econbiz.de/10010877730
Cover Image
Synchronization and Changes in International Inflation Uncertainty
Henzel, Steffen; Wieland, Elisabeth - CESifo - 2013
We investigate the international linkages of inflation uncertainty in the G7. In a first step, we document that inflation uncertainty in the G7 is intertwined. Moreover, the degree of synchronization has increased during the recent two decades. Second, based on a Factor-Structural Vector...
Persistent link: https://www.econbiz.de/10010877745
Cover Image
Short-Term and Long-Term Growth Effects of Exchange Rate Adjustment
Kocenda, Evžen; Maurel, Mathilde; Schnabl, Gunther - CESifo - 2012
The European sovereign debt crisis revived the discussion concerning the pros and cons of exchange rate adjustment in the face of asymmetric shocks. Exit from the euro area is to regain rapidly international competitiveness. Exchange rate stability with structural reforms could be beneficial for...
Persistent link: https://www.econbiz.de/10010877847
Cover Image
Endogenous Wage Indexation and Aggregate Shocks
Carrillo, Julio A.; Peersman, Gert; Wauters, Joris - CESifo - 2014
Empirical and institutional evidence finds considerable time variation in the degree of wage indexation to past inflation, a finding that is at odds with the assumption of constant indexation parameters in most New-Keynesian DSGE models. We build a DSGE model with endogenous wage indexation in...
Persistent link: https://www.econbiz.de/10010877850
Cover Image
Macroeconomic Fluctuations in a Stylized DSGE Model with Disequilibrium Dynamics
Aarle, Bas van - CESifo - 2012
This study develops a stylised DSGE model, that departs in one aspect: it replaces the general equilibrium approach by disequilibrium economics. In this way, richer macroeconomic adjustment dynamics result, as it is not necessary to assume that goods and labour markets continuously clear. The...
Persistent link: https://www.econbiz.de/10010877936
Cover Image
Land Collateral and Labor Market Dynamics in France
Kaas, Leo; Pintus, Patrick A.; Ray, Simon - CESifo - 2014
The value of land in the balance sheet of French firms correlates positively with their hiring and investment flows. To explore the relationship between these variables, we develop a macroeconomic model with firms that are subject to both credit and labor market frictions. The value of...
Persistent link: https://www.econbiz.de/10010948812
Cover Image
Dimensions of Macroeconomic Uncertainty: A Common Factor Analysis
Henzel, Steffen; Rengel, Malte - CESifo - 2014
Uncertainty about the future course of the economy is a possible driver of aggregate fluctuations. To identify the different dimensions of uncertainty in the macroeconomy we construct a large dataset covering all types of economic uncertainty. We then identify two fundamental factors which...
Persistent link: https://www.econbiz.de/10010948818