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The Effect of Shocks to Labour Market Flows on Unemployment and Participation Rates
Dixon, Robert John - 2014
interact and affect the evolution of unemployment rates and participation rates, the two main indicators of labour market … performance. Our analysis has two special features. First, apart from the two labour market states – employment and unemployment … that a shock to the net flow from unemployment to employment drive the unemployment rate and the participation rate in …
Persistent link: https://www.econbiz.de/10013051614
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Facing Demographic Challenges : Pension Cuts or Tax Hikes
Kudrna, George - 2016
In this paper, we investigate two fiscal policy options to mitigate fiscal pressure arising from ageing of the Australian population: pension cuts or tax hikes. Using a computable overlapping generations model, we find that while both policy options achieve the same fiscal goal, the...
Persistent link: https://www.econbiz.de/10013001109
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Confidence Bands for Impulse Responses : Bonferroni versus Wald
Luetkepohl, Helmut - 2014
In impulse response analysis estimation uncertainty is typically displayed by constructing bands around estimated impulse response functions. These bands may be based on frequentist or Bayesian methods. If they are based on the joint distribution in the Bayesian framework or the joint asymptotic...
Persistent link: https://www.econbiz.de/10013057654
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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
surrounding the effects of rule-based monetary policy on unemployment dynamics in the euro area and the US. We employ a Bayesian …
Persistent link: https://www.econbiz.de/10012753184
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Macroeconomic Effects of Government Spending Shocks : New Evidence Using Natural Disaster Relief in Korea
Yang, Weonho - 2012
We investigate the macroeconomic effects of government spending shocks in Korea. We compare results obtained with two alternative approaches: the narrative approach and Structural Vector-Autoregressive model (SVAR). We propose a new methodology for identifying exogenous and unexpected fiscal...
Persistent link: https://www.econbiz.de/10013100013
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The Macroeconomic Policy Challenges of Balance Sheet Recession : Lessons from Japan for the European Crisis
Schnabl, Gunther - 2013
The paper compares the boom-and-bust cycles in Japan and Europe with respect to the reasons for excessive booms, the characteristics of the crises, and the (potential) effects of the crisis therapies. As in Japan the consequence of expansionary monetary and fiscal policies is the hysteresis of...
Persistent link: https://www.econbiz.de/10013081055
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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
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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
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On the Fiscal Strategies of Escaping Poverty-Environment Traps (and) Towards Sustainable Growth
Dao, Thang Nguyen - 2014
An economy with clean and dirty intermediate inputs may fall into a trap characterized by low environmental quality and low life expectancy, while the others converge to opposite steady states. We propose new strategies towards sustainable growth. They include: (i) taxes (subsidies) imposed on...
Persistent link: https://www.econbiz.de/10013051269
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Smells Like Fiscal Policy? Assessing the Potential Effectiveness of the ECB's OMT Program
Hristov, Nikolay - 2014
This paper explores the potential effectiveness of the ECB's Outright Monetary Transaction (OMT) program in safeguarding an appropriate monetary policy transmission. Since the program aims at manipulating bank lending rates by conducting sovereign bond purchases on secondary markets, a stable...
Persistent link: https://www.econbiz.de/10013057668