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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

Creative accounting practices and measurement methods: Evidence from Turkey

Ozkaya, Ata - Institut für Weltwirtschaft (IfW) - 2014

A fiscal rule imposed when the budget is not transparent yields more creative accounting to circumvent it and less fiscal adjustment, generating hidden deficits/debts in public sector. This study focuses on creative accounting practices of governments and adds to the literature by measuring...

Persistent link: https://www.econbiz.de/10010956117

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

Expanding the welfare system : a proposal for reform

Orszag, Jonathan Michael; Snower, Dennis J. - Institut für Weltwirtschaft (IfW) - 1998

of the current welfare state systems - where welfare services are financed predominantly out of general taxes - people … the existing array of taxes, and another system in which the public-sector expenditures on welfare services are financed … accounts, but these redistributions would be constrained to be of the balanced-budget variety: total (economy-wide) taxes on …

Persistent link: https://www.econbiz.de/10010955894

The role of lenders' trust in determining borrowing conditions for sovereign debt: An analysis of one-period government bonds with default risk

Guo, Yanling - Institut für Weltwirtschaft (IfW) - 2015

In this paper, the author considers the sovereign debt in the form of one-period government bonds with default risk, which can be purchased by and traded among domestic and foreign investors. She shows that the weight assigned to the lenders' interest by the borrowing government at the time of...

Persistent link: https://www.econbiz.de/10011269110

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

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

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

Release of the kraken: a novel money multiplier equation's debut in 21st century banking

Hanley, Brian P. - Institut für Weltwirtschaft (IfW) - 2011

Use of a promise to pay by a bank to insure an outstanding loan in order to return the value of the insured amount into capital for use in writing a new loan is an invention in banking with calculably greater potential economic impact than the original invention of reserve banking. The...

Persistent link: https://www.econbiz.de/10009004773

Die Zinslast des Bundes in der Schuldenkrise: Wie lukrativ ist der „sichere Hafen“?

Boysen-Hogrefe, Jens - Institut für Weltwirtschaft (IfW) - 2012

In the aftermath of the Great Recession and during the debt crisis in the euro area yields on German federal bonds have been exceptionally low. This analysis tries to calculate the profits that the federal government makes due to the low yields. The interest payments that are due to emissions of...

Persistent link: https://www.econbiz.de/10010886837