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The Johansson-Samuelson Theorem in General Equilibrium : A Rebuttal
Menoncin, Francesco - 2008
The well-known Johansson-Samuelson Theorem proves that, in partial equilibrium, comprehensive income taxation with a uniform tax rate is neutral in terms of investment decisions, if fiscal depreciation allowances coincide with economic depreciation. In this article we show that this result does...
Persistent link: https://www.econbiz.de/10012771199
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Tests of Policy Ineffectiveness in Macroeconometrics
Pesaran, M. Hashem - 2014
This paper proposes tests of policy ineffectiveness in the context of macroeconometric rational expectations models. It is assumed that there is a policy intervention that takes the form of changes in the parameters of a policy rule, and that there are sufficient observations before and after...
Persistent link: https://www.econbiz.de/10013050473
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Behavioral Economics and Macroeconomic Models
Driscoll, John C. - 2014
Over the past 20 years, macroeconomists have incorporated more and more results from behavioral economics into their models. We argue that doing so has helped fixed deficiencies with standard approaches to modeling the economy — for example, the counterfactual absence of inertia in the...
Persistent link: https://www.econbiz.de/10013053066
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The Impact of Economic Globalization on the Shadow Economy in Egypt
Farzanegan, Mohammad Reza - 2017
This study examines the economic globalization and the shadow economy nexus in Egypt. Using time series data from 1976 … to 2013, the impulse response analysis shows that the response of the shadow economy in Egypt to positive shocks in … globalization by reducing the costs of doing business and trade in dealing with sizable shadow economy in Egypt …
Persistent link: https://www.econbiz.de/10012956723
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A Macroeconomic Analysis of Energy Subsidies in a Small Open Economy
Glomm, Gerhard - 2015
sector production. The model is calibrated to Egypt and used to study reforms such as reductions in energy subsidies with …
Persistent link: https://www.econbiz.de/10013027091
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Modelling the Egyptian Shadow Economy : A Currency Demand and A MIMIC Model Approach
Hassan, Mai - 2016
estimate the size of the shadow economy in Egypt during the last four decades (1976 to 2013). In addition to the standard …
Persistent link: https://www.econbiz.de/10012997329
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Using Survey Data on Inflation Expectations in the Estimation of Learning and Rational Expectations Models
Ormeno, Arturo - 2011
Do survey data on inflation expectations contain useful information for estimating macroeconomic models? I address this question by using survey data in the New Keynesian model by Smets and Wouters (2007) to estimate and compare its performance when solved under the assumptions of Rational...
Persistent link: https://www.econbiz.de/10013120910
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Exploring the International Linkages of the Euro Area : A Global VAR Analysis
Dees, Stephane - 2006
This paper presents a global model linking individual country vector error-correcting models in which the domestic variables are related to the country-specific variables as an approximate solution to a global common factor model. This global VAR is estimated for 26 countries, the euro area...
Persistent link: https://www.econbiz.de/10012783809
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Profit Taxation and Finance Constraints
Keuschnigg, Christian - 2010
In the absence of financing frictions, profit taxes reduce investment by their effect on the user cost of capital. With finance constraints due to moral hazard, investment becomes sensitive to cash-flow and own equity of firms. We propose a corporate finance model of investment and derive three...
Persistent link: https://www.econbiz.de/10013148299
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The Effects of Monetary Policy on Unemployment Dynamics under Model Uncertainty - Evidence from the US and the Euro Area
Altavilla, Carlo - 2013
This paper explores the role that the imperfect knowledge of the structure of the economy plays in the uncertainty surrounding the effects of rule-based monetary policy on unemployment dynamics in the euro area and the US. We employ a Bayesian model averaging procedure on a wide range of models...
Persistent link: https://www.econbiz.de/10012753184