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The Ifo Investment Database
Strobel, Thomas; Sauer, Stefan; Wohlrabe, Klaus - CESifo - 2013
In this paper we present the Ifo Investment Database, which provides annual investment data for 12 investment assets in 50 German industries from 1991 onward. The data is consistent with national accounts statistics provided by the German Federal Statistical Office and is based on investments in...
Persistent link: https://www.econbiz.de/10010877644
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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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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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On the Fiscal Strategies of Escaping Poverty-Environment Traps (and) Towards Sustainable Growth
Dao, Nguyen Than; Edenhofer, Ottmar - CESifo - 2014
An economy with clean and dirty intermediate inputs may fall into a trap characterized by low environmental quality and low life expectancy, while the others converge to opposite steady states. We propose new strategies towards sustainable growth. They include: (i) taxes (subsidies) imposed on...
Persistent link: https://www.econbiz.de/10010877654
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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
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Escaping from a Combination of Liquidity Trap and Credit Crunch
Heinemann, Frank - CESifo - 2008
This brief exposition suggests that the Federal Reserve System temporarily guarantee a lower bound on stock prices in order to escape the current combination of liquidity trap and credit crunch. It shortly discusses reasons for this measure, consequences, and some alternatives. It is meant as a...
Persistent link: https://www.econbiz.de/10005765775
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The Role of Political Institutions for the Effectiveness of Central Bank Independence
Hielscher, Kai; Markwardt, Gunther - CESifo - 2011
This paper empirically studies the impact of the quality of political institutions on the link between central bank independence and inflation. Making use of data on the evolution of central bank independence over time and controlling for possible nonlinearities, we employ interaction models to...
Persistent link: https://www.econbiz.de/10008914290
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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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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 literature on estimating macroeconomic effects of fiscal policy requires suitable instruments to identify exogenous and unanticipated spending shocks. So far, the instrument of choice has been military build-ups. This instrument, however, largely limits the analysis to the US as few other...
Persistent link: https://www.econbiz.de/10010877863
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Basel Accord and Financial Intermediation: The Impact of Policy
Berka, Martin; Zimmermann, Christian - CESifo - 2012
This paper studies loan activity in a context where banks must follow Basel Accord-type rules and acquire financing from households. Loan activity typically decreases when entrepreneurs’ investment returns decline, and we study which type of policy could revigorate an economy in a trough. We...
Persistent link: https://www.econbiz.de/10009645629