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obtain 8% and 1%. Dynamic scoring for the EU-14 shows that 54% of a labor tax cut and 79% of a capital tax cut are self-financing …We compare Laffer curves for labor and capital taxation for the US, the EU-14 and individual European countries, using … US can increase tax revenues by 30% by raising labor taxes and by 6% by raising capital income taxes. For the EU-14 we …
Persistent link: https://www.econbiz.de/10012463307
The importance of financial markets and international capital flows have increased greatly since the 1990s. How does …
Persistent link: https://www.econbiz.de/10012455031
We develop a rational expectations framework to study the consequences of alternative means to resolve the "unfunded liabilities'' problem---unsustainable exponential growth in federal Social Security, Medicare, and Medicaid spending with no plan to finance it. Resolution requires specifying a...
Persistent link: https://www.econbiz.de/10012462870
European nations substitute between employment protection regulations and labor market expenditures (e.g., unemployment … adjustments than other labor insurance mechanisms. Venture capital and private equity investors are especially sensitive to these … labor adjustment costs. Nations favoring labor expenditures as the mechanism for providing worker insurance developed …
Persistent link: https://www.econbiz.de/10012463023
exposures to NBFI and dollar funding, with less priority for regulations focused on residency (i.e., capital controls). After …
Persistent link: https://www.econbiz.de/10014287355
This paper assesses the macroeconomic effects of unconventional monetary policies by estimating a panel VAR with monthly data from eight advanced economies over a sample spanning the period since the onset of the global finanancial crisis. It finds that an exogenous increase in central bank...
Persistent link: https://www.econbiz.de/10013065515
go hand-in-hand with capital outflows and currency depreciation …
Persistent link: https://www.econbiz.de/10013001102
This paper explores several issues concerning a possible zero lower bound (ZLB) including its theoretical rationale; the magnitude of effects of low sustained inflation on real interest rates; the validity of analyzing monetary policy in models with no monetary variables; and the dynamic...
Persistent link: https://www.econbiz.de/10012471090
The recent global financial crisis has led central banks to rely heavily on "unconventional" monetary policies. This alternative approach to policy has generated much discussion and a heated and at times confusing debate. The debate has been complicated by the use of different definitions and...
Persistent link: https://www.econbiz.de/10013153793
Assigning a discretionary central bank a mandate to stabilize an average inflation rate - rather than a period-by-period inflation rate - increases welfare in a New Keynesian model with an occasionally binding lower bound on nominal interest rates. Under rational expectations, the...
Persistent link: https://www.econbiz.de/10012837525