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Esteban, Joan - 2018

This paper builds a dynamic theory of secessions, conflictual or peaceful, analyzing the forward looking interaction …

Persistent link: https://www.econbiz.de/10012908659

Equilibrium and efficiency in the tug-of-war

Konrad, Kai A.; Kovenock, Dan - 2005

We characterize the unique Markov perfect equilibrium of a tug-of-war without exogenous noise, in which players have the opportunity to engage in a sequence of battles in an attempt to win the war. Each battle is an all-pay auction in which the player expending the greater resources wins. In...

Persistent link: https://www.econbiz.de/10010274454

Optimal tariffs on exhaustible resources: The case of a quantity setting cartel

Fujiwara, Kenji; Long, Ngo Van - 2012

We formulate a dynamic game model of trade in an exhaustible resource with a quantity-setting cartel. We compute the feedback Nash equilibrium and two Stackelberg equilibria under two different leadership scenarios: leadership by the strategic importing country, and leadership by the exporting...

Persistent link: https://www.econbiz.de/10010280841

To React or Not? Fiscal Policy, Volatility and Welfare in the EU-3

Malley, Jim - 2008

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/10012773638

Sovereign Default and Imperfect Tax Enforcement

Pappadà, Francesco - 2019

We show that, in many countries, tax compliance is volatile and markedly responds to fiscal policy. To explore the consequence of this novel stylized fact, we build a model of sovereign debt with limited commitment and imperfect tax enforcement. Fiscal policy persistently affects the size of the...

Persistent link: https://www.econbiz.de/10012867017

Public Debt and the Political Economy of Reforms

Boyer, Pierre; Esslinger, Christoph; Roberson, Brian - 2021

We develop a two-period model of redistributive politics in which two politicians compete in an election in each period. In the first period, the politicians propose both whether to experiment with an efficient reform with uncertain benefits and choose the amount of public debt. Politicians also...

Persistent link: https://www.econbiz.de/10013236278

Climate Policy and Optimal Public Debt

Kellner, Maximilian; Runkel, Marco - 2021

This paper analyzes the optimal level of public debt when taxes are used not only for funding public expenditures but also for correcting externalities from climate change. Taking into account externalities implies that the optimal policy deviates from tax smoothing. Provided cumulative marginal...

Persistent link: https://www.econbiz.de/10013249650

FTPL and the Maturity Structure of Government Debt in the New Keynesian Model

Liemen, Max Ole; Posch, Olaf - 2022

In this paper, we revisit the fiscal theory of the price level (FTPL) within the New Keynesian (NK) model. We show in … inflation dynamics. Our results illustrate the role of the maturity of existing debt in the wake of skyrocketing debt … fiscal packages (CARES) and predict a surge in inflation if the deficits are not sufficiently backed by future surpluses …

Persistent link: https://www.econbiz.de/10014080233

Young Voters and Budget Deficits

Nyhus, Ole Henning; Strøm, Bjarne - 2023

This paper exploits a novel trial in Norwegian local elections in 2011 to provide empirical evidence on fiscal performance from lowering the minimum voting age from 18 to 16. Using a difference in differences research strategy, we find that this voting age change reduced the net operating...

Persistent link: https://www.econbiz.de/10014357513

How to Escape from the Debt Trap : Lessons from the Past

Mayer, Thomas; Schnabl, Gunther - 2021

precedents and proposals have included austerity, haircuts and the generation of inflation. Each way has advantages and …, hyperinflation in Germany after World War I, inflation in Argentina since the 1980s, currency reform in Germany after WW II, and …

Persistent link: https://www.econbiz.de/10013227606

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