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To react or not?: fiscal policy, volatility and welfare in the EU-3

Malley, Jim; Philippopoulos, Apostolis; Woitek, Ulrich - 2007

This paper develops a dynamic stochastic general equilibrium model to examine the quantitative macroeconomic implications of countercyclical fiscal policy for France, Germany and the UK. The model incorporates real wage rigidity which is the particular market failure justifying policy...

Persistent link: https://www.econbiz.de/10010264070

Effects of unilateral climate policy on terms of trade, capital accumulation, and welfare in a world economy

Farmer, Karl; Friedl, Birgit; Rainer, Andreas - 2008

We present a two-good, two-country overlapping generations model where emissions arise from production and each country has a domestic emission permit system. When one country unilaterally reduces her cap on emissions, her output available for domestic and foreign consumption diminishes more...

Persistent link: https://www.econbiz.de/10010264419

Modelling economic impacts of alternative international climate policy architectures: a quantitative and comparative assessment of architectures for agreement

Bosetti, Valentina; Carraro, Carlo; Sgobbi, Alessandra; … - 2008

This paper provides a quantitative comparison of the main architectures for an agreement on climate policy. Possible successors to the Kyoto protocol are assessed according to four criteria: economic efficiency; environmental effectiveness; distributional implications; and their political...

Persistent link: https://www.econbiz.de/10010264453

Carbon leakage, the green paradox and perfect future markets

Eichner, Thomas; Pethig, Rüdiger - 2009

Policies of lowering carbon demand may aggravate rather than alleviate climate change (green paradox). In a two-period three-country general equilibrium model with finite endowment of fossil fuel one country enforces an emissions cap in the first or second period. When that cap is tightened the...

Persistent link: https://www.econbiz.de/10010264554

How do electoral systems affect fiscal policy? Evidence from state and local governments, 1890 to 2005

Funk, Patricia; Gathmann, Christina - 2010

Using a new data set on Swiss state and local governments from 1890 to today, we analyze how the adoption of proportional representation affects fiscal policy. We show that proportional systems shift spending toward broad goods (e.g. education and welfare benefits) but decrease spending on...

Persistent link: https://www.econbiz.de/10010266087

Potentially harmful international cooperation on global public good provision

Buchholz, Wolfgang; Cornes, Richard; Rübbelke, Dirk - 2012

-called matching approaches. Matching schemes are regarded as providing a promising approach to overcome undersupply of public goods … like climate protection. The functioning of matching mechanisms in a setting with an incomplete agreement, i.e. a contract … by analyzing incomplete matching agreements in the context of international climate protection. We analyse their effect …

Persistent link: https://www.econbiz.de/10010283595

Does it Matter When Labor Market Reforms are Implemented? The Role of the Monetary Policy Environment

Lastauskas, Povilas - 2019

Do labor market reforms initiated in periods of loose monetary policy yield different outcomes from those that were introduced in periods when monetary tightening prevailed? Since economic theory usually pays attention to the steady state change and ignores business cycle interactions of...

Persistent link: https://www.econbiz.de/10012861428

Fiscal policies and business cycles in an enlarged euro area

Staehr, Karsten - 2007

This paper compares the cyclical properties of fiscal policies across the 12 original eurozone countries and the future members from Central and Eastern Europe. For the sample period 1995-2005, the fiscal balance exhibits less inertia and is more counter-cyclical in Central and Eastern European...

Persistent link: https://www.econbiz.de/10010264080

The effects of monetary policy on unemployment dynamics under model uncertainty: evidence from the US and the Euro area

Altavilla, Carlo; Ciccarelli, Matteo - 2009

This paper explores the role that the imperfect knowledge of the structure of the economy plays in the uncertainty surrounding the effects of rule-based monetary policy on unemployment dynamics in the euro area and the US. We employ a Bayesian model averaging procedure on a wide range of models...

Persistent link: https://www.econbiz.de/10010264579

Is monetary policy in the Eurozone less effective than in the US?

De Grauwe, Paul; Storti, Cláudia Costa - 2005

There is a wide consensus that the existence of structural rigidities in the Eurozone reduces the effectiveness of the ECB's monetary policies. In order to test this ?ECB-handicap? hypothesis, we perform a meta-analysis of the effects of monetary policies in the US and the Eurozone countries....

Persistent link: https://www.econbiz.de/10010276746

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