multiplier; (ii) positive long-run output multipliers are obtained only if the generational turnover effect is dominated by the … intertemporal labor supply effect; (iii) short-run output multipliers under lump-sum tax financing are smaller than long-run output … multipliers if labor supply is elastic; and (iv) bond financing reduces the size of long-run output multipliers as compared to …

-skill premium. We next find that vacancy subsidies for skilled and unskilled jobs lead to output multipliers which are greater than …

This paper presents a stress indicator for the Euro-zone that summarizes developments of trends and cycles in real GDP …

taxation on cycles and local stability of equilibria. We show that under proportional taxation there is a critical tax rate … above which cycles will vanish, while in the case of linearly progressive taxation there is a critical level of exemption … below which cycles will vanish as well. Hence, a sufficiently high tax rate and a low tax progression eliminate cycles. If …

subject to cycles in which capital, output and employment vary in fixed proportion. These increase through saving and capital …