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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
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Does the Euro-zone Diverge? A Stress Indicator for Analyzing Trends and Cycles in Real GDP and Inflation
Flaig, Gebhard; Wollmershäuser, Timo - CESifo - 2007
This paper presents a stress indicator for the Euro-zone that summarizes developments of trends and cycles in real GDP and inflation in the member countries. Stress in a country is defined as the difference between the country’s actual short-term interest rate and the interest rate that would...
Persistent link: https://www.econbiz.de/10005094297
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Monetary Policy and the Relative Price of Durable Goods
Cantelmo, Alessandro; Melina, Giovanni - CESifo - 2015
In a VAR model of the US, the response of the relative price of durables to a monetary contraction is either flat or mildly positive. It significantly falls only if narrowly defined as the ratio between new house and nondurables prices. These findings survive three identification strategies and...
Persistent link: https://www.econbiz.de/10011272622
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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
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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
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Optimal Harvesting of a Spatial Renewable Resource
Behringer, Stefan; Upmann, Thorsten - CESifo - 2012
In this paper we investigate optimal harvesting of a renewable natural resource. While in the standard approach the resource is located at a single point in space we allow for the resource to be distributed over the plane. Consequently, an agent who exploits the resource has to travel from one...
Persistent link: https://www.econbiz.de/10010598511
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The Euro/Dollar Exchange Rate: Chaotic or Non-Chaotic?
Federici, Daniela; Gandolfo, Giancarlo - CESifo - 2011
The aim of this paper is to develop a continuous time exchange rate model that allows for heterogeneity of the agents’ beliefs, in order to explore non-linearities and possible chaotic behaviour. The theoretical model contains an intrinsic non-linearity that gives rise to a jerk differential...
Persistent link: https://www.econbiz.de/10009020093
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Dark Clouds or Silver Linings? Knightian Uncertainty and Climate Change
Chen, Yu-Fu; Funke, Michael; Glanemann, Nicole - CESifo - 2011
This paper examines the impact of Knightian uncertainty upon optimal climate policy through the prism of a continuous-time real option modelling framework. We analytically determine optimal intertemporal climate policies under ambiguity. Additionally, numerical simulations are provided to...
Persistent link: https://www.econbiz.de/10009221550
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Risk Sharing in Defined-Contribution Funded Pension Systems
Beetsma, Roel; Bucciol, Alessandro - CESifo - 2011
This paper explores the introduction of collective risk-sharing elements in defined contri-bution pension contracts. We consider status-contingent, age-contingent and asset contingent risk-sharing arrangements. All arrangements raise aggregate welfare, as measured by equiva- lent variations....
Persistent link: https://www.econbiz.de/10009371361
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The Signalling Channel of Central Bank Interventions: Modelling the Yen / US Dollar Exchange Rate
Chen, Yu-Fu; Funke, Michael; Glanemann, Nicole - CESifo - 2011
This paper presents a theoretical framework analysing the signalling channel of exchange rate interventions as an informational trigger. We develop an implicit target zone framework with learning in order to model the signalling channel. The theoretical premise of the model is that interventions...
Persistent link: https://www.econbiz.de/10009324091