Similar Search Results

Does expenditure composition influence the debt level? Evidence from German federal states

Stegarescu, Dan - Deutsche Bundesbank - 2013

Despite strongly equalized per capita revenue and similar budgetary institutions, fiscal performance is increasingly diverging across German federal states. Given that state and local governments are endowed with expenditure autonomy, this paper investigates whether the composition of...

Persistent link: https://www.econbiz.de/10010957112

Budgetary Policy and Unemployment Dynamics

von Thadden, Leopold; Kaas, Leo - Deutsche Bundesbank - 2001

We consider a dynamic general equilibrium model with collective wage bargaining and investigate how unemployment dynamics are affected by two types of budgetary policies. In line with traditional reasoning, a balanced-budget rule amplifies fluctuations in the short run, whereas an...

Persistent link: https://www.econbiz.de/10005083290

Fiscal institutions, fiscal policy and sovereign risk premia

Hallerberg, Mark; Wolff, Guntram B. - Deutsche Bundesbank - 2006

. The results are robust to controlling for country fixed effects and different estimation methodologies. …

Persistent link: https://www.econbiz.de/10005083235

How effective are automatic stabilisers? Theory and empirical results for Germany and other OECD countries

Tödter, Karl-Heinz; Scharnagl, Michael - Deutsche Bundesbank - 2004

the smoothing power of automatic stabilisers for Germany and some other OECD countries. The results for Germany suggest …

Persistent link: https://www.econbiz.de/10005083297

What do deficits tell us about debt? Empirical evidence on creative accounting with fiscal rules in the EU

von Hagen, Jürgen; Wolff, Guntram B. - Deutsche Bundesbank - 2004

Fiscal rules, such as the excessive deficit procedure and the stability and growth pact (SGP), aim at constraining government behavior. Milesi-Ferretti (2003) develops a model in which governments circumvent such rules by reverting to creative accounting. The amount of this creative accounting...

Persistent link: https://www.econbiz.de/10005083124

Active monetary policy, passive fiscal policy and the value of public debt: some further monetarist arithmetic

von Thadden, Leopold - Deutsche Bundesbank - 2003

We consider the properties of two monetary policy rules ("strict inflation targeting", "constant money growth rule") in an intertemporal equilibrium model with flexible prices in which monetary policy is "active", while fiscal policy is "passive". Specifically, we assume that the fiscal agent...

Persistent link: https://www.econbiz.de/10005083165

Taxing deficits to restrain government spending and foster capital accumulation

Stähler, Nikolai - Deutsche Bundesbank - 2007

In a dynamic model of fiscal policy, social polarization provokes a deficit bias. Policy advisors have recently proposed that governments running a deficit should be forced to generate additional tax revenue. We show that this deficit taxation reduces the deficit bias as it internalizes the...

Persistent link: https://www.econbiz.de/10005083191

Expected budget deficits and interest rate swap spreads - Evidence for France, Germany and Italy

Heppke-Falk, Kirsten H.; Hüfner, Felix P. - Deutsche Bundesbank - 2004

This study analyses whether expected budget deficits have an impact on interest rate swap spreads in France, Germany … financial markets into account. Results of a SUR estimation show no significant impact of expected deficits on swap spreads over … the whole sample period (1994-2004). However, we find an increase in market discipline for Germany and France since the …

Persistent link: https://www.econbiz.de/10005083224

Monetary and fiscal policy rules in a model with capital accumulation and potentially non-superneutral money

von Thadden, Leopold - Deutsche Bundesbank - 2002

We consider the properties of two monetary policy rules (monetary targeting, Taylor-type interest rate rule) in an intertemporal equilibrium model with capital accumulation and two outside assets (government bonds, fiat money). The paper shows that the long-run behaviour of the economy depends...

Persistent link: https://www.econbiz.de/10005083289

Rapid demographic change and the allocation of public education resources: Evidence from East Germany

Kempkes, Gerhard - Deutsche Bundesbank - 2010

Germany where birth rates collapsed after German reunification. Previous results from the literature based on data from more … resource adjustments in East Germany have been considerable, especially in the years when student cohorts actually decreased …

Persistent link: https://www.econbiz.de/10008534149

1
2
3
4
5
6
7
8
9
10
Next
Last