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Unstash the Cash! Corporate Governance Reform in Japan

Aoyagi, Chie - 2014

Japan's high corporate savings might be holding back growth. We focus on the causes and consequences of the current … corporate behavior and suggest options for reform. In particular, Japan's weak corporate governance - as measured by available … comprehensive corporate governance reform should be a key component of Japan's growth strategy …

Persistent link: https://www.econbiz.de/10013048363

Foreign Help Wanted : Easing Japan's Labor Shortages

Ganelli, Giovanni - 2015

Data and anecdotal evidence suggest that Japan is suffering from labor shortages, which are large in an international … focuses on policy options to ease Japan's labor shortages. In particular, we focus on possible measures to increase reliance …

Persistent link: https://www.econbiz.de/10013015603

Spillovers from Japan's Unconventional Monetary Policy to Emerging Asia : A Global VAR Approach

Ganelli, Giovanni - 2016

We use a Global VAR model to study spillovers from the Bank of Japan's quantitative and qualitative easing (QQE) on …

Persistent link: https://www.econbiz.de/10012977736

Fiscal Devaluation in a Monetary Union

Engler, Philipp - 2014

Using a DSGE model calibrated to the euro area, we analyze the international effects of afiscal devaluation (FD) implemented as a revenue-neutral shift from employer's socialcontributions to the Value Added Tax. We find that a FD in 'Southern European countries' has a strong positive effect on...

Persistent link: https://www.econbiz.de/10013040409

The International Effects of Government Spending Composition

Ganelli, Giovanni - 2021

This paper helps resolve a paradox in the literature, noticed by Alesina and Perotti (1995), which is that, although government employment is an important component of public spending, the debate on the effects of fiscal policy focuses almost exclusively on shocks to non-wage government...

Persistent link: https://www.econbiz.de/10013318101

How Large Are the Effects of Tax Changes?

Favero, Carlo A.; Giavazzi, Francesco - C.E.P.R. Discussion Papers - 2009

We use the time series of shifts in U.S. Federal tax liabilities constructed by Romer and Romer to estimate tax multipliers. Differently from the single-equation approach adopted by Romer and Romer, our estimation strategy (a Var that includes output, government spending and revenues, inflation...

Persistent link: https://www.econbiz.de/10005082536

Country Heterogeneity and the International Evidence on the Effects of Fiscal Policy

Favero, Carlo A.; Giavazzi, Francesco; Perego, Jacopo - C.E.P.R. Discussion Papers - 2011

This paper shows how the richer frequency and variety of fiscal policy shocks available in an international sample can be analyzed recognizing the heterogeneity that exists across different countries. The main conclusion of our empirical analysis is that the question 'what is the fiscal policy...

Persistent link: https://www.econbiz.de/10009201121

Reconciling VAR-based and Narrative Measures of the Tax-Multiplier

Favero, Carlo A.; Giavazzi, Francesco - C.E.P.R. Discussion Papers - 2010

The currently available empirical evidence shows remarkable differences between various estimates of the effects on U.S. output of an exogenous shift in Federal tax liabilities. Shocks identified via the narrative method imply a multiplier of about three over an horizon of three years. Tax...

Persistent link: https://www.econbiz.de/10008468626

Inflation Targeting and Debt: Lessons from Brazil

Favero, Carlo A.; Giavazzi, Francesco - C.E.P.R. Discussion Papers - 2004

A single variable describes, day-by-day, what investors think about the state of Brazil's economy: the Brazilian component of the Emerging Market Bond Index, the Embi spread. This spread is the difference between the yield on a dollar-denominated bond issued by the Brazilian government and a...

Persistent link: https://www.econbiz.de/10005123784

Non-Keynesian Effects of Fiscal Policy Changes: International Evidence and the Swedish Experience

Giavazzi, Francesco; Pagano, Marco - C.E.P.R. Discussion Papers - 1995

In earlier work we documented two episodes in which a sharp fiscal consolidation was associated with a surprisingly large expansion in private domestic demand. In this paper we draw on further evidence to investigate if and when fiscal policy changes can have such non-Keynesian effects. In the...

Persistent link: https://www.econbiz.de/10005136472