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Inflation Targets and Debt Accumulation in a Monetary Union
Bovenberg, A.L.Bovenberg; Beetsma, R.M.W.J. - Tilburg University, Center for Economic Research - 1999
This paper explores the interaction between centralized monetary policy and decentralized fiscal policy in a monetary union. Discretionary monetary policy su¤ers from a failure to commit. Moreover, decentralized fiscal policymakers impose externalities on each other through the influence of...
Persistent link: https://www.econbiz.de/10011092133
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Heterogeneity in Wage Setting Behavior in a New-Keynesian Model
Eijffinger, Sylvester; Uras, Burak R.; Grajales Olarte, A. - Tilburg University, Center for Economic Research - 2015
In this paper we estimate a New-Keynesian DSGE model with heterogeneity in price and wage setting behavior. In a recent study, Coibion and Gorodnichenko (2011) develop a DSGE model, in which firms follow four different types of price setting schemes: sticky prices, sticky information, rule of...
Persistent link: https://www.econbiz.de/10011220495
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Output Stabilization in EMU : IS there a Case for EFTS?
van Aarle, B.; Hougaard Jensen, S.E. - Tilburg University, Center for Economic Research - 1996
Macroeconomic performance in the Economic and Monetary Union (EMU) will be impaired if macroeconomic shocks are largely asymmetric, fiscal policy flexibility is limited, goods markets adjust sluggishly, labour mobility is low and automatic stabilization from federal taxes and government spending...
Persistent link: https://www.econbiz.de/10011092163
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On-the-job Search and the Cyclical Dynamics of the Labor Market
Krause, M.U.; Lubik, T.A. - Tilburg University, Center for Economic Research - 2004
-the-job search is a key component in explaining labor market dynamics in models of equilibrium unemployment.The model predicts … fluctuations of unemployment, vacancies, and labor productivity whose relative magnitudes replicate the data.A standard search and … firms' incentives to post new jobs.Labor market tightness as measured by the vacancy-unemployment ratio is as volatile as in …
Persistent link: https://www.econbiz.de/10011090937
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The (Ir)relevance of Real Wage Rigidity in the New Keynesian Model with Search Frictions
Krause, M.U.; Lubik, T.A. - Tilburg University, Center for Economic Research - 2003
inflation and labor market dynamics.In particular, it fails to generate a Beveridge curve: vacancies and unemployment are …
Persistent link: https://www.econbiz.de/10011091590
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A Simulation Study of an ASEAN Monetary Union (Replaces CentER DP 2010-100)
Boldea, Otilia; Engwerda, Jacob; Michalak, T.; … - Tilburg University, Center for Economic Research - 2011
This paper analyzes some pros and cons of a monetary union for the ASEAN1 countries, excluding Myanmar. We estimate a stylized open-economy dynamic general equilibrium model for the ASEAN countries. Using the framework of linear quadratic differential games, we contrast the potential gains or...
Persistent link: https://www.econbiz.de/10011091256
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Estimating the Costs and Benefits of EMU : The Impact of External Shocks on Labour Markets
Belke, A.; Gros, D. - Tilburg University, Center for Economic Research - 1997
important these "external" shocks are in reality. We try to measure the importance of external shocks for (un)employment. We … find that external shocks have little impact on unemployment, but are more important in the evolution of employment in … to massive unemployment problems. …
Persistent link: https://www.econbiz.de/10011092168
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Fiscal Policy in a Stochastic Model of Endogenous Growth
Canton, E.J.F. - Tilburg University, Center for Economic Research - 1997
It is nowadays widely believed that public schooling may contribute favourably to long-term economic growth. The income tax rates that are needed to finance government spending typically show an erratic time pattern. Such tax randomness could increase the intensity of the business cycle. Thus,...
Persistent link: https://www.econbiz.de/10011092367
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Does monetary unification lead to excessive debt accumulation
Bovenberg, A.L.Bovenberg; Beetsma, R.M.W.J. - Tilburg University, Center for Economic Research - 1995
If discretionary monetary policy implies an inflation bias, monetary unification boosts the accumulation of public debt. The additional debt accumulation is welfare reducing only if governments are sufficiently myopic. In the presence of myopic governments, debt ceilings play a useful role in...
Persistent link: https://www.econbiz.de/10011090557
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Designing fiscal and monetary institutions in a second-best world
Bovenberg, A.L.Bovenberg; Beetsma, R.M.W.J. - Tilburg University, Center for Economic Research - 1995
This paper explores how fiscal and monetary policy interact if commitment and access to lump-sum taxation are limited. We analyze how equilibrium outcomes for inflation, employment, and public spending are affected by the structural features of an economy, such as money holdings, outstanding...
Persistent link: https://www.econbiz.de/10011090885