Similar Search Results

Fiscal Multipliers in a Two-Sector Search and Matching Model

Angelopoulos, Konstantinos - 2015

This paper evaluates the effects of policy interventions on sectoral labour markets and the aggregate economy in a business cycle model with search and matching frictions. We extend the canonical model by including capital-skill complementarity in production, labour markets with skilled and...

Persistent link: https://www.econbiz.de/10013028533

Endogenous Systemic Liquidity Risk

Cao, Jin - 2013

Traditionally, aggregate liquidity shocks are modelled as exogenous events. Extending our previous work (Cao & Illing …, 2008), this paper analyses the adequate policy response to endogenous systemic liquidity risk. We analyse the feedback … between lender of last resort policy and incentives of private banks, determining the aggregate amount of liquidity available …

Persistent link: https://www.econbiz.de/10013095988

Optimal Fiscal Action in an Economy with Sovereign Premia and Without Monetary Independence : An Application to Italy

Philippopoulos, Apostolis - 2013

We welfare rank various tax-spending policies. The setup is a New Keynesian model of a semi-small open economy featuring sovereign risk premia and loss of monetary policy independence. The model is calibrated to match data from the Italian economy 2001-2011. We compute various optimized...

Persistent link: https://www.econbiz.de/10013082637

Stabilisation and Rebalancing with Fiscal or Monetary Devaluation : A Model-Based Comparison

Vogel, Lukas - 2015

The paper uses a small open economy general equilibrium model to compare fiscal and nominal exchange rate devaluation with respect to their impact on economic activity and the current account. In particular, it investigates to which extent fiscal devaluation mimics nominal exchange rate...

Persistent link: https://www.econbiz.de/10013009764

Fiscal Transfers in a Monetary Union with Exit Option

Hefeker, Carsten - 2015

It is widely debated whether a monetary union has to be accompanied by a fiscal transfer scheme to accommodate asymmetric shocks. We build a model of a monetary union with a central bank and two heterogeneous countries that are linked by a fiscal transfer scheme with repercussions on monetary...

Persistent link: https://www.econbiz.de/10013025966

Strategic Interactions between Fiscal and Monetary Authorities in a Multi-Country New-Keynesian Model of a Monetary Union

Michalak, Tomasz - 2013

In this paper we consider a number of key issues related to the policy coordination in a monetary union that has been recently discussed in the literature. To this end we propose a multi-country New-Keynesian model of a monetary union cast in the framework of linear quadratic differential games....

Persistent link: https://www.econbiz.de/10012753234

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

Fiscal Delegation in a Monetary Union with Decentralized Public Spending

Basso, Henrique S. - 2016

In a monetary union, the interaction between several governments and a single central bank is plagued by several sources of deficit bias, including common pool problems. Each government has strong preferences over local spending and taxation but suffers only part of the costs of union-wide...

Persistent link: https://www.econbiz.de/10012996333

Reference Pricing of Pharmaceuticals

Brekke, Kurt Richard; Königbauer, Ingrid; Straume, Odd Rune - 2021

We consider a therapeutic market with potentially three pharmaceutical firms. Two of the firms offer horizontally differentiated brand-name drugs. One of the brand-name drugs is a new treatment under patent protection that will be introduced if the profits are sufficient to cover the entry...

Persistent link: https://www.econbiz.de/10013317373

Investor Protection and Foreign Stakeholders

Giofré, Maela - 2014

Different investor classes are endowed with different rights, and conflicting interests among them can make protections afforded to one party detrimental to another. Indeed, we find that investor protection laws have sizeable "cross" effects on foreign portfolio investment and the direction of...

Persistent link: https://www.econbiz.de/10013069664

1
2
3
4
5
6
7
8
9
10
Next
Last