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Government Spending Shocks and the Multiplier: New Evidence from the U.S. Based on Natural Disasters
Yang, Weonho; Fidrmuc, Jan; Ghosh, Sugata - CESifo - 2012
, the expenditure associated with military build-ups affects primarily the defense sector so that the resulting multiplier … powerful instrument for identifying government spending shocks. Furthermore, we show that the multiplier pertaining to non …-defense government spending is higher than the defense-spending multiplier estimated in the literature using military build-ups. …
Persistent link: https://www.econbiz.de/10010877863
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Debt Sustainability and Financial Crises: Evidence from the GIIPS
Legrenzi, Gabriella Deborah; Milas, Costas - CESifo - 2011
We assess the sustainability of the public finances of Greece, Ireland, Italy, Portugal and Spain (GIIPS), allowing for possible non-linearities in the form of threshold behaviour of the fiscal authorities. We provide some evidence of fiscal sustainability when debt gets “too high” relative...
Persistent link: https://www.econbiz.de/10009320775
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The Efficiency and Equity of the Tax and Transfer System in France
Egert, Balazs - CESifo - 2013
Taxes and cash transfers reduce income inequality more in France than elsewhere in the OECD, because of the large size of the flows involved. But the system is complex overall. Its effectiveness could be enhanced in many ways, for example so as to achieve the same amount of redistribution at...
Persistent link: https://www.econbiz.de/10010641417
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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
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Welfare Policy in the Presence of Unionised Labour and Internationally Mobile Firms
Rocha-Akis, Silvia; Schöb, Ronnie - CESifo - 2010
In oligopolistic industries, increased cost saving opportunities via offshoring have a moderating effect on trade unions. In order to discourage mobile firms from leaving the country, unions accept lower sector wages. In effect, the negotiated wage becomes independent of workers’ bargaining...
Persistent link: https://www.econbiz.de/10008534009
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The 2008 Financial Crisis and Taxation Policy
Hemmelgarn, Thomas; Nicodème, Gaëtan J.A. - CESifo - 2010
The 2008 financial crisis is the worst economic crisis since the Great Depression of 1929. It has been characterised by a housing bubble in a context of rapid credit expansion, high risk-taking and exacerbated financial leverage, leading to deleveraging and credit crunch when the bubble burst....
Persistent link: https://www.econbiz.de/10008534034
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Political Competition and Convergence to Fundamentals: With Application to the Political Business Cycle and the Size of Government
Ferris, J Stephen; Park, Soo-Bin; Winer, Stanley L. - CESifo - 2006
We address the problem of how to investigate whether economics, or politics, or both, matter in the explanation of public policy. The problem is first posed in a particular context by uncovering a political business cycle (using Canadian data for 130 years) and by taking up the challenge to make...
Persistent link: https://www.econbiz.de/10005181287
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The Economic Effects of Direct Democracy – A First Global Assessment
Blume, Lawrence; Müller, Jens; Voigt, Stefan - CESifo - 2007
This is the first study that assesses the economic effects of direct democratic institutions on a cross country basis. Its results are based on up to six new measures produced to reflect the legislative basis for using direct democratic institutions as well as their factual use. In addition, a...
Persistent link: https://www.econbiz.de/10005405898
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Modelling the Fiscal Reaction Functions of the GIPS Based on State-Varying Thresholds
Legrenzi, Gabriella Deborah; Milas, Costas - CESifo - 2013
We extend previous literature on fiscal policy sustainability by introducing non-linear fiscal reaction functions with endogenously estimated state-varying thresholds to capture the behaviour of fiscal policy authorities during “good” and “bad” times. These thresholds vary with the level...
Persistent link: https://www.econbiz.de/10010691461
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Successful Fiscal Adjustments - Does Choice of Fiscal Instrument Matter?
Holden, Steinar; Midthjell, Nina Larsson - CESifo - 2013
We examine fiscal adjustment episodes in 24 OECD countries in order to find how austerity affects debt and growth, and whether the choice of fiscal instrument matters for the results. Influential existing studies argue that spending cuts are more likely to successfully reduce debt and enhance...
Persistent link: https://www.econbiz.de/10010706005