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Optimal Conservatism and Collective Monetary Policymaking Under Uncertainty
Hefeker, Carsten - 2014
We study how the optimal degree of conservatism relates to decision-making procedures in a Monetary Policy Committee (MPC). In our framework, central bank conservatism is required to attenuate the volatility of monetary decisions generated by the presence of uncertainty about the committee...
Persistent link: https://www.econbiz.de/10013047346
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Uncertainty and Fiscal Policy in an Asymmetric Monetary Union
Hefeker, Carsten - 2013
The paper examines the monetary-fiscal interactions in a monetary union model with uncertainty due to imperfect central bank transparency. We first show that monetary uncertainty disciplines fiscal policymakers and thereby reduces taxes, average inflation and output distortions. However, as more...
Persistent link: https://www.econbiz.de/10012753473
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Risk sharing and real exchange rates : the role of non-tradable sector and trend shocks
Akkoyun, Hüseyin Çağrı; Arslan, Yavuz; Kılınç, … - 2017
Persistent link: https://www.econbiz.de/10011613499
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Risk endogeneity at the lender/investor-of-last-resort
Caballero, Diego; Lucas, André; Schwaab, Bernd; Zhang, Xin - 2019
Persistent link: https://www.econbiz.de/10011981369
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Optimal inflation with corporate taxation and financial constraints
Finocchiaro, Daria; Lombardo, Giovanni; Mendicino, Caterina - 2015
Persistent link: https://www.econbiz.de/10011436009
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Labor Income Responds Differently to Income-Tax and Payroll-Tax Reforms
Lehmann, Etienne - 2012
We estimate the responses of gross labor income with respect to marginal and average net-of-tax rates in France over the period 2003-2006. We exploit a series of reforms to the income-tax and payroll-tax schedules affecting individuals who earn less than twice the minimum wage. Our estimate for...
Persistent link: https://www.econbiz.de/10013098649
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The Effects of Permanent Income Tax Cuts on Emigration from Israel
Blumkin, Tomer - 2016
In this paper we introduce an analytical framework for analyzing the effect of permanent income tax reductions on emigration and conduct an empirical analysis of their impact, based on the Israeli tax reductions during 2004-2010. We find that permanent tax reductions reduce the emigration flows...
Persistent link: https://www.econbiz.de/10012979591
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Quantitative Easing : The Challenge for Households Long-Term Savings and Financial Security
Thimann, Christian - 2016
reason is that prices for the two most important long-term savings objectives – housing and healthcare – are rising …-term savings objectives and see purchasing power decline, or they compromise financial security and invest in highly volatile …
Persistent link: https://www.econbiz.de/10012986118
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Do Retirement Savings Increase in Response to Information About Retirement and Expected Pensions?
Dolls, Mathias - 2018
How can retirement savings be increased? We explore a unique policy change in the context of the German pension system … these letters on the behavior of individuals. We find an increase in tax-deductible private retirement savings and provide … evidence that this is not due to a crowding-out of other forms of savings. We also show that labor earnings, i.e. the most …
Persistent link: https://www.econbiz.de/10012925277
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What anchors for the natural rate of interest?
Borio, Claudio E. V.; Disyatat, Piti; Phurichai … - 2019
Persistent link: https://www.econbiz.de/10012002046