Narrow search
Showing 1 - 10 of 16
Cover Image
Near-rational exuberance
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
Cover Image
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
Cover Image
What drives urban consumption in mainland china? The role of property price dynamics
Chen, Yu-Fu; Funke, Michael; Mehrotra, Aaron - Scottish Institute for Research in Economics (SIRE) - 2011
This paper adds to the literature on wealth effects on consumption by disentangling house price effects on consumption … movements have different implications for the consumption/housing ratio. We exploit the geographical variation in property … model. Overall, the results suggest a significant long run impact of property prices on consumption. They also broadly …
Persistent link: https://www.econbiz.de/10010877108
Cover Image
Political Risk, Economic Integration, and the Foreign Direct Investment Decision
Chen, Yu-Fu; Funke, Michael - Scottish Institute for Research in Economics (SIRE) - 2008
In this paper we analyse the impact of policy uncertainty on foreign direct investment strategies. We also consider the …
Persistent link: https://www.econbiz.de/10010550763
Cover Image
Booms, Recessions and Financial Turmoil: A Fresh Look at Investment Decisions under Cyclical Uncertainty
Chen, Yu-Fu; Funke, Michael - Scottish Institute for Research in Economics (SIRE) - 2009
The paper studies the interaction between cyclical uncertainty and investment in a stochastic real option framework … of the link between cyclical uncertainty and investment is quantified using simulations of the model. The chief …
Persistent link: https://www.econbiz.de/10010552357
Cover Image
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
Cover Image
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
Cover Image
Indirect taxation and the welfare effects of altruism on the optimal fiscal policy
Garriga, Carlos; Sánchez-Losada, Fernando - Federal Reserve Bank of St. Louis - 2009
taxation (consumption and estate taxes) with important welfare implications. We use three different altruistic approaches (warm …
Persistent link: https://www.econbiz.de/10008583257
Cover Image
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
Cover Image
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