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Inter-Temporal Savings, Current Account Dynamics and Asymmetric Shocks in a Heterogeneous European Monetary Union
Schnabl, Gunther - 2013
In the current debate on the reasons and implications of the Greek and Irish euro crisis, the intra-European current account imbalances have gained rising attention. Whereas Greece and Ireland struggle for austerity in private and public spending, Germany is urged to reduce its current account...
Persistent link: https://www.econbiz.de/10013094029
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Economic Growth with Constraints on Tax Revenues and Public Debt : Implications for Fiscal Policy and Cross-Country Differences
Aizenman, Joshua - 2007
This paper evaluates optimal public investment and fiscal policy for countries characterized by limited tax and debt capacities. We study a non stochastic CRS endogenous growth model where public expenditure is an input in the production process, in countries where distortions and limited...
Persistent link: https://www.econbiz.de/10012777949
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Local determinacy in incomplete-markets models
Hagedorn, Marcus - 2023
Persistent link: https://www.econbiz.de/10014431642
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The failed theory of the price level
Hagedorn, Marcus - 2024
The Fiscal Theory of the Price Level (FTPL) is a promise to obtain price level determinacy even if the nominal interest rate is constant. The idea is that a unique current price level ensures that the present value government budget constraint holds. I establish that this idea hinges on the...
Persistent link: https://www.econbiz.de/10014464269
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The subjective inflation expectations of households and firms : measurement, determinants, and implications
Weber, Michael; D'Acunto, Francesco; Gorodnichenko, Yuriy; … - 2022
Persistent link: https://www.econbiz.de/10013269793
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Current Account Imbalances and Structural Adjustment in the Euro Area : How to Rebalance Competitiveness
Zemanek, Holger - 2014
Low international competitiveness of a set of euro area countries, which have become evident by large current account deficits and rising risk premiums on government bonds, is one of the most challenging economic policy issues for Europe. We analyse the role of private restructuring and public...
Persistent link: https://www.econbiz.de/10013071193
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Harnessing Windfall Revenues : Optimal Policies for Resource-Rich Developing Economies
van der Ploeg, Rick - 2009
, investment, and the distribution of funds for consumption, particularly if the windfall is both anticipated and temporary. We … show that the permanent income hypothesis prescription of an ever-lasting increase in consumption financed by borrowing … is large relative to initial foreign debt, is it optimal to build a SWF. The optimal time profile of consumption is …
Persistent link: https://www.econbiz.de/10012764524
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Fiscal Policy and Dutch Disease
van der Ploeg, Rick - 2021
In this paper we revisit the Dutch disease paying particular attention to the role of specific factors of production and capital stock dynamics. The main insight is that if the natural resource rich windfall is substantial but not large enough for the country to become a rentier, capital goods...
Persistent link: https://www.econbiz.de/10013316031
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Fiscal Divergence and Current Account Imbalances in Europe
Schnabl, Gunther - 2013
Since the breakdown of the Bretton Woods System diverging current account positions in Europe have prevailed. While the Southern and Western European countries have tended to run current account deficits, the current accounts of the Central and Northern European countries, in particular Germany,...
Persistent link: https://www.econbiz.de/10013086602
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Saving Alberta's Resource Revenues : Role of Intergenerational and Liquidity Funds
Van Den Bremer, Ton - 2016
We use a welfare-based intertemporal stochastic optimization model and historical data to estimate the size of the optimal intergenerational and liquidity funds and the corresponding resource dividend available to the government of the Canadian province Alberta. To first-order of approximation,...
Persistent link: https://www.econbiz.de/10012979602