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The Debt Brake : Business Cycle and Welfare Consequences of Germany's New Fiscal Policy Rule

Mayer, Eric - 2016

In a New Keynesian DSGE model with non-Ricardian consumers, we show that automatic stabilization according to a countercyclical spending rule following the idea of the debt brake is well suited both to steer the economy and in terms of welfare. In particular, the adjustment account set up to...

Persistent link: https://www.econbiz.de/10012991012

FiMod - a DSGE Model for Fiscal Policy Simulations

Stahler, Nikolai - 2016

disaggregation on the government expenditures side, by explicitly distinguishing between (productivity-enhancing) public investment …

Persistent link: https://www.econbiz.de/10012991064

Taxing Deficits to Restrain Government Spending and Foster Capital Accumulation

Stahler, Nikolai - 2016

In a dynamic model of fiscal policy, social polarization provokes a deficit bias. Policy advisors have recently proposed that governments running a deficit should be forced to generate additional tax revenue. We show that this deficit taxation reduces the deficit bias as it internalizes the...

Persistent link: https://www.econbiz.de/10012991131

Recent Developments in Quantitative Models of Sovereign Default

Stahler, Nikolai - 2016

The current crisis and discussions, in the euro area in particular, show that sovereign debt crises/defaults are no longer restricted to developing economies. After crises in many Latin American countries, the literature on quantitative dynamic macro-models of sovereign default has been...

Persistent link: https://www.econbiz.de/10012991031

Reforming the Labor Market and Improving Competitiveness : An Analysis for Spain Using Fimod

Schwarzmüller, Tim - 2016

This paper uses an extended version of 'FiMod - A DSGE Model for Fiscal Policy Simulations' (Stähler and Thomas, 2011) with endogenous job destruction decisions by private firms to analyze the effects of several currently discussed labor market reforms on the Spanish economy. The main focus is...

Persistent link: https://www.econbiz.de/10012991021

Government Expenditures and Unemployment : A DSGE Perspective

Mayer, Eric - 2016

In a New Keynesian DSGE model with labor market frictions and liquidity-constrained consumers aggregate unemployment is likely to increase due to a non-persistent government spending shock. Furthermore, the group of asset-holding households reacts very differently from the group of...

Persistent link: https://www.econbiz.de/10012991083

Unemployment Insurance and the Business Cycle : Prolong Benefit Entitlements in Bad Times?

Moyen, Stephane - 2016

The aim of this paper is to study the optimal duration of unemployment benefit entitlement duration across the business cycle. We wonder if the entitlement duration should be prolonged in bad and shortened in good times. Because of consumption smoothing, such a countercyclical policy can be...

Persistent link: https://www.econbiz.de/10012991106

Foreign Direct Investment, Spillovers and Absorptive Capacity : Evidence from Quantile Regressions

Girma, Sourafel - 2016

productivity spillovers from FDI using establishment level data for the UK. We allow for different effects of FDI on establishments … located at different quantiles of the productivity distribution by using conditional quantile regression. Overall, while there … matters for productivity spillover benefits. We find evidence for a u-shaped relationship between productivity growth and FDI …

Persistent link: https://www.econbiz.de/10012991322