Showing 1 - 10 of 23
Monetary models of the business cycle often neglect the importance of investment and the capital stock in the monetary transmission mechanism. Most of the recent literature assumes either investment adjustment costs or ignores capital altogether. This paper re-takes the argument put forward by...
Persistent link: https://www.econbiz.de/10005412707
This paper tests for long run effects of money on real expenditures in the U.S. over the 1959-2002 period. Real consumption and investment expenditures, as well as their broadly defined components, are examined. We also test for effects of money on long run reallocations of consumption...
Persistent link: https://www.econbiz.de/10005412854
The paper presents a structural model framework for a small open economy. The model, based on optimising households and firms, has been calibrated on Czech macroeconomic data in order to develop an analytic framework suitable for analysing key policy questions related to the Czech Republic’s...
Persistent link: https://www.econbiz.de/10005076689
Theoretical study identifying one modality with conditions necesary for the financial stabilization of an inherently unstable system; and 5040 other unstable dynamic modes. It draws on knowledge made available by the academic field of Control Engineering.
Persistent link: https://www.econbiz.de/10005125628
New Keynesian models of the business cycle have become the new paradigm of monetary economics, often used for policy analysis. This paper shows that this class of models fail in one crucial respect: they imply a strong negative contemporaneous correlation between inflation and output....
Persistent link: https://www.econbiz.de/10005126399
Considering two potential sources of income (public grants and ticket revenues),we have defined a theoretical model where the public agency is the principal and the manager of the museum is the agent. This model allows us to design the optimal contract between both sides and thus to establish...
Persistent link: https://www.econbiz.de/10005408405
We propose a dynamic general equilibrium model with human capital accumulation to evaluate the economic consequences of compulsory services (such as military draft or social services). Our analysis identifies a so far ignored dynamic cost arising from distortions in time allocation over the...
Persistent link: https://www.econbiz.de/10005412453
This paper aims at discussing the main features of Spain’s tax system, its recent reforms and those underway. The current state of the main taxes, their future reforms are studied starting from 1975, when Spain shifted to democracy. Direct taxes, indirect taxes and social security...
Persistent link: https://www.econbiz.de/10005412458
This paper aims at discussing the main features of Spain’s tax system, its recent reforms and those underway. The current state of the main taxes, their future reforms are studied starting from 1975, when Spain shifted to democracy. Direct taxes, indirect taxes and social security...
Persistent link: https://www.econbiz.de/10005076576
The purpose of this paper is to survey the theoretical literature on wealth transfer taxation. The focus is normative: we are looking at the design of an optimal tax structure from the standpoint of both equity and efficiency. The gist of this survey is that the optimal design closely depends on...
Persistent link: https://www.econbiz.de/10005076621