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Bullard, James B.; Evans, George W.; Honkapohja, Seppo - Federal Reserve Bank of St. Louis - 2004

monetary policy framework. Inclusion of judgement in forecasts can lead to self-fulfilling fluctuations, but without the …

Persistent link: https://www.econbiz.de/10005707643

Liquidity traps and expectation dynamics: Fiscal stimulus or fiscal austerity?

Benhabib, Jess; Evans, George W.; Honkapohja, Seppo - Suomen Pankki - 2012

We examine global dynamics under infinite-horizon learning in New Keynesian models where the interest-rate rule is subject to the zero lower bound. As in Evans, Guse and Honkapohja (2008), the intended steady state is locally but not globally stable. Unstable deflationary paths emerge after...

Persistent link: https://www.econbiz.de/10010584391

Optimal taxation with imperfect competition and aggregate returns to specialization

Coto-Martínez, Javier; Garriga, Carlos; … - Federal Reserve Bank of St. Louis - 2007

In this paper we explore the proposition that in economies with imperfect competitive markets the optimal capital income tax is negative and the optimal tax on firms profits is confiscatory. We show that if the total factor productivity as well as the measure of firms or varieties are endogenous...

Persistent link: https://www.econbiz.de/10005352792

Optimal fiscal policy in the design of Social Security reforms

Conesa, Juan Carlos; Garriga, Carlos - Federal Reserve Bank of St. Louis - 2007

sizeable welfare gains, arising because of the reduction in labor supply distortions. In contrast, the welfare gains coming …

Persistent link: https://www.econbiz.de/10005352854

Intergenerational policy and the measurement of tax incidence

Conesa, Juan Carlos; Garriga, Carlos - Federal Reserve Bank of St. Louis - 2013

Policymakers often use measures of tax incidence (generational accounts) as criteria for policy selection. We use a quantitative model of optimal intergenerational policy to evaluate the ability of the tax incidence metric to capture the identity of recipients and contributors and the magnitudes...

Persistent link: https://www.econbiz.de/10010640522

Fiscal Policy and Private Consumption-Saving Decisions: Evidence from Nine EU Countries

Brunila, Anne - Suomen Pankki - 1997

This paper considers the effects of fiscal policy on private consumption in a framework that encompasses both the … also nests various hypotheses concerning the relationship between public spending and private consumption. Empirical … consumption tends to be a complement rather than a substitute for private consumption. …

Persistent link: https://www.econbiz.de/10005771139

Generational policy and the macroeconomic measurement of tax incidence

Conesa, Juan Carlos; Garriga, Carlos - Federal Reserve Bank of St. Louis - 2009

In this paper we show that the generational accounting framework used in macroeconomics to measure tax incidence can, in some cases, yield inaccurate measurements of the tax burden across age cohorts. This result is very important for policy evaluation, because it shows that the selection of tax...

Persistent link: https://www.econbiz.de/10004973893

Indicators of the Cyclically Adjusted Budget Balance: The Bank of Finland's Experience

Brunila, Anne; Hukkinen, Juhana; Tujula, Mika - Suomen Pankki - 1999

Cyclically adjusted government budget balances have become increasingly popular as a means of analysing the fiscal situation and changes in policy that result from the intentional actions of the government. As the actual budget balances are affected both by cyclical factors ('automatic...

Persistent link: https://www.econbiz.de/10005648885

Current Income and Private Consumption-Saving Decisions: Testing the Finite Horizon Model

Brunila, Anne - Suomen Pankki - 1997

This paper considers the effects of fiscal policy on private consumption in a framework that encompasses both the … consumption is explicitly incorporated in the model. The model nests also the excess sensitivity hypothesis whereby the role of … current income on consumption can be investigated. Empirical analyses are based on annual data from ten EU countries covering …

Persistent link: https://www.econbiz.de/10005648899

Fiscal Policy and Private Consumption – Saving Decisions: Evidence from Finland

Brunila, Anne - Suomen Pankki - 1996

The paper presents a theoretical model of private consumption that emcompasses both the conventional (Keynesian) view … of fiscal policy and the Ricardian debt neutrality hypothesis. The effects of fiscal policy on private consumption are … consumers, in which private consumption depends on expected lifetime wealth. The model also nests various hypotheses concerning …

Persistent link: https://www.econbiz.de/10005648962