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A set of estimated fiscal rules for a cross-section of countries: Stabilization and consolidation through which instruments?
Reicher, Christopher - Institut für Weltwirtschaft (IfW) - 2013
This paper provides a set of detailed estimated fiscal reaction functions for a panel of twenty industrialized countries, and it discusses commonalities and differences with regard to systematic fiscal policies across countries. In general, the countries in the panel adjust tax revenues strongly...
Persistent link: https://www.econbiz.de/10010886930
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An Estimated Fiscal Taylor Rule for the Postwar United States
Reicher, Christopher - Institut für Weltwirtschaft (IfW) - 2011
using a multivariate Fiscal Taylor Rule. Adjustments to taxes and purchases both account for a large portion of the fiscal … response to debt, while authorities seem reluctant to adjust transfers. As expected, taxes are highly procyclical; purchases …
Persistent link: https://www.econbiz.de/10009149137
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Systematic fiscal policy and macroeconomic performance: A critical overview of the literature
Reicher, Claire - Institut für Weltwirtschaft (IfW) - 2014
countercyclical transfer payments. Consolidation in response to the debt has come primarily through adjustments to taxes and possibly …
Persistent link: https://www.econbiz.de/10010956104
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Monetary policy shocks and macroeconomic variables: Evidence from fast growing emerging economies
Ivrendi, Mehmet; Yildirim, Zekeriya - Institut für Weltwirtschaft (IfW) - 2013
domestic currency, increases interest rates, effectively controls inflation rates and reduces output. They do not find any …
Persistent link: https://www.econbiz.de/10010956075
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Measuring changes in the value of the numeraire
Reis, Ricardo; Watson, Mark W. - Institut für Weltwirtschaft (IfW) - 2007
This paper estimates a common component in many price series that has an equiproportional effect on all prices. Changes in this component can be interpreted as changes in the value of the numeraire since, by definition, they leave all relative prices unchanged. The first aim of the paper is to...
Persistent link: https://www.econbiz.de/10005755197
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The Macroeconomic Effects of Fiscal Consolidation in Dynamic General Equilibrium
Schwarzmüller, Tim; Wolters, Maik - Institut für Weltwirtschaft (IfW) - 2014
production factors negatively as it is the case for consolidation via government investment and taxes on labor and capital. In …
Persistent link: https://www.econbiz.de/10010933265
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Fiscal targeting rules and economic stability under distortionary taxation
Reicher, Claire - Institut für Weltwirtschaft (IfW) - 2014
rules to ensure stable debt and output paths when taxes are distortionary, particularly in a small open economy. In this …
Persistent link: https://www.econbiz.de/10010942768
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Structural heterogeneity and partial budgetary cooperation in a monetary union
Menguy, Séverine - Institut für Weltwirtschaft (IfW) - 2012
The paper analyzes the usefulness of budgetary cooperation in a monetary union, even if it is limited to a subgroup of countries with close structural characteristics. The author finds that its advantages depend on the nature of the shocks and on the width of the heterogeneities within the...
Persistent link: https://www.econbiz.de/10010956125
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When Inflation Persistence Really Matters: Two examples
Kirsanova, Tatiana; Vines, David; Wren-Lewis, Simon - Institut für Weltwirtschaft (IfW) - 2007
In this paper we present two examples where the presence of inflation persistence could influence the qualitative … inflation persistence exists. In the second case the direction in which interest rates move following a cost push shock changes … when inflation persistence becomes important. In both cases, inflation persistence is central to the process influencing …
Persistent link: https://www.econbiz.de/10005818793
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Fiscal Taylor Rules in the Postwar United States
Reicher, Christopher - Institut für Weltwirtschaft (IfW) - 2009
stabilize its debt through adjustments to purchases and taxes, in that order, with very little stabilization coming through …
Persistent link: https://www.econbiz.de/10005818814