This paper examines issues related to the estimation of the government spending multiplier (GSM) in a Dynamic Stochastic General Equilibrium context. We stress a potential source of bias in the GSM arising from the combination of Edgeworth complementarity/substitutability between private...

L’impact quantitatif et dynamique de la TVA sociale, i.e. une réforme fiscale consistant à substituer de la TVA aux charges patronales, est évaluée à l’aide de deux modèles d’équilibre général dynamique. Le premier est un modèle walrasien sans autres distorsions que des taxes sur...

Cet article étudie les effets dynamiques des chocs de désinflation sur un ensemble de variables réelles et nominales de la zone Euro. A l’aide d’un modèle VAR structurel, nous identifions le choc de désinflation comme étant le seul choc ayant un effet permanent sur l’inflation à...

This paper is a quantitative investigation into the characteristics of the Laffer curve in a neoclassical growth model with incomplete markets and heterogeneous, liquidity-constrained agents. We show that the shape of the Laffer curves related to taxes on labor, capital and consumption...

This paper investigates the reliability of SVARs to identify the dynamic effects of news shocks. We show analytically that the dynamics implied by SVARs, using both long–run and short–run restrictions, are biased. However, the bias vanishes as long as news shocks account for most of the...

This paper studies the statistical properties of impulse response functions in structural vector autoregressions (SVARs) with a highly persistent variable as hours worked and long-run identifying restrictions. The highly persistent variable is specified as a nearly stationary persistent process....