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A new comparative approach to macroeconomic modeling and policy analysis
Wieland, Volker; Cwik, Tobias J.; Müller, Gernot J.; … - Center for Financial Studies - 2012
models in policy analysis has come under heavy criticism. Macroeconomists in academia and policy institutions have been … macroeconomic policy analysis that is open to competing modeling paradigms. Macroeconomic model comparison projects have helped …
Persistent link: https://www.econbiz.de/10010986439
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How does tax progressivity and household heterogeneity affect Laffer curves?
Holter, Hans A.; Krueger, Dirk; Stepanchuk, Serhiy - Center for Financial Studies - 2014
How much additional tax revenue can the government generate by increasing labor income taxes? In this paper we provide a quantitative answer to this question, and study the importance of the progressivity of the tax schedule for the ability of the government to generate tax revenues. We develop...
Persistent link: https://www.econbiz.de/10010986367
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The reaction of consumer spending and debt to tax rebates: Evidence from consumer credit data
Lusardi, Annamaria; Mitchell, Olivia S. - Center for Financial Studies - 2007
We use a new panel dataset of credit card accounts to analyze how consumer responded to the 2001 Federal income tax rebates. We estimate the monthly response of credit card payments, spending, and debt, exploiting the unique, randomized timing of the rebate disbursement. We find that, on...
Persistent link: https://www.econbiz.de/10010986371
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Understanding the effects of government spending on consumption
Galí, Jordi; Vallés, Javier; Wolman, Alexander L. - Center for Financial Studies - 2003
Recent evidence on the effect of government spending shocks on consumption cannot be easily reconciled with existing optimizing business cycle models. We extend the standard New Keynesian model to allow for the presence of rule-of-thumb (non-Ricardian) consumers. We show how the interaction of...
Persistent link: https://www.econbiz.de/10010986424
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New Keynesian versus old Keynesian government spending multipliers
Cogan, John F.; Cwik, Tobias J.; Taylor, John B.; … - Center for Financial Studies - 2009
Renewed interest in fiscal policy has increased the use of quantitative models to evaluate policy. Because of modeling … uncertainty, it is essential that policy evaluations be robust to alternative assumptions. We find that models currently being … used in practice to evaluate fiscal policy stimulus proposals are not robust. Government spending multipliers in an …
Persistent link: https://www.econbiz.de/10010958577
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Taxing capital? Not a bad idea after all!
Conesa, Juan Carlos; Kitao, Sagiri; Krueger, Dirk - Center for Financial Studies - 2006
of the policy maker for insurance against idiosyncratic shocks and redistribution among agents of different abilities …. The policy maker has then to trade off these concerns against the standard distortions these taxes generate for the labor …
Persistent link: https://www.econbiz.de/10010958585
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High marginal tax rates on the top 1%?
Kindermann, Fabian; Krueger, Dirk - Center for Financial Studies - 2014
In this paper we argue that very high marginal labor income tax rates are an effective tool for social insurance even when households have preferences with high labor supply elasticity, make dynamic savings decisions, and policies have general equilibrium effects. To make this point we construct...
Persistent link: https://www.econbiz.de/10010958630
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Keynesian government spending multipliers and spillovers in the Euro area
Cwik, Tobias J.; Wieland, Volker - Center for Financial Studies - 2009
boost euro area GDP by more than one for one. Because of modeling uncertainty, it is essential that such policy evaluations …
Persistent link: https://www.econbiz.de/10010958672
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Fiscal consolidation strategy
Cogan, John F.; Taylor, John B.; Wieland, Volker; … - Center for Financial Studies - 2012
gradualism in achieving this policy outcome. Finally, we conduct sensitivity studies regarding the type of model used and its …
Persistent link: https://www.econbiz.de/10010958681
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Increasing public expenditures: Wagner's law in OECD countries
Lamartina, Serena; Zaghini, Andrea - Center for Financial Studies - 2008
The paper proposes a panel cointegration analysis of the joint development of government expenditures and economic growth in 23 OECD countries. The empirical evidence provides indication of a structural positive correlation between public spending and per-capita GDP which is consistent with the...
Persistent link: https://www.econbiz.de/10010958705