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From Separate Accounting to Formula Apportionment : Analysis in a Dynamic Framework
Radulescu, Doina Maria - 2021
This paper analyzes the switch from Separate Accounting to Formula Apportionment in a dynamic framework. The model features both purely domestic corporations and a domestic multinational which invests at home and abroad as well as a purely foreign corporation and a foreign multinational which...
Persistent link: https://www.econbiz.de/10013316813
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Tax Competition with Formula Apportionment : The Interaction between Tax Base and Sharing Mechanism
Kolmar, Martin; Wagener, Andreas - 2021
The EU Commission is advocating a common consolidated tax base for the corporate income tax, accompanied by a revenue sharing mechanism based on formula apportionment. We analyse tax competition in such a regime, focussing on the interaction between the definition of the tax base and the...
Persistent link: https://www.econbiz.de/10013316828
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The Impact of Tax Uncertainty on Irreversible Investment
Niemann, Rainer - 2021
Tax legislation, fiscal authorities, and tax courts create tax uncertainty by frequent tax reforms and various different interpretations of the tax law. Moreover, investors generate model-specific tax uncertainty by using simplified models that anticipate the actual tax base incorrectly. I...
Persistent link: https://www.econbiz.de/10013316889
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Efficient tax policy ranks education higher than saving
Richter, Wolfram F. - 2007
Assuming a two-period model with endogenous choices of labour, education, and saving, it is shown to be second-best efficient not to distort the choice of education. In general this implies distorting the saving decision. Hence a strict order of policy priority is derived. Efficient tax policy...
Persistent link: https://www.econbiz.de/10010264217
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Reasons for the Demise of Interest : Savings Glut and Secular Stagnation or Central Bank Policy?
Schnabl, Gunther - 2019
for the future (global savings glut). Low growth is linked to slowing population growth and a declining marginal …, from the perspective of Austrian business cycle theory, interest rates were step by step decreased by central banks to … nihilo and the need of time to produce capital invalidates the IS identity assumed in the Keynesian theory to hold …
Persistent link: https://www.econbiz.de/10012858697
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Factor Substitution, Income Distribution, and Growth in a Generalized Neoclassical Model
Irmen, Andreas; Klump, Rainer - 2021
asymmetries of savings out of factor incomes. This generalized model helps to shed new light on a recent debate concerning the … the particular savings hypothesis. However, if savings out of capital income are substantial so that a certain threshold …
Persistent link: https://www.econbiz.de/10013316692
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Uncertainty and Monetary Policy During Extreme Events
Pellegrino, Giovanni - 2020
How damaging are uncertainty shocks during extreme events such as the great recession and the Covid-19 outbreak? Can monetary policy limit output losses in such situations? We use a nonlinear VAR framework to document the large response of real activity to a financial uncertainty shock during...
Persistent link: https://www.econbiz.de/10012822498
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Market-Based Monetary Policy Uncertainty
Bauer, Michael - 2019
This paper investigates the role of monetary policy uncertainty for the transmission of FOMC actions to financial markets using a novel model-free measure of uncertainty based on derivative prices. We document a systematic pattern in monetary policy uncertainty over the course of the FOMC...
Persistent link: https://www.econbiz.de/10012871021
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Uncertainty and Monetary Policy During the Great Recession
Pellegrino, Giovanni; Castelnuovo, Efrem; Caggiano, Giovanni - 2021
We employ a nonlinear VAR framework and a state-of-the-art identification strategy to document the large response of real activity to a financial uncertainty shock during and in the aftermath of the great recession. We replicate this evidence with an estimated DSGE framework featuring a concept...
Persistent link: https://www.econbiz.de/10013235107
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Does U.S. Monetary Policy Respond to Macroeconomic Uncertainty?
Gomez, Thomas; Piccillo, Giulia - 2023
We find that macroeconomic uncertainty plays a significant role in U.S. monetary policy. First, we construct a measure of uncertainty as felt by policymakers at the time of making their rate-setting decisions. This measure is derived from a real-time, Bayesian estimation of a small monetary VAR...
Persistent link: https://www.econbiz.de/10014357029