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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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Legislative Restraint in Corporate Bailout Design
Gradstein, Mark - 2018
The aftermath of the recent economic crisis saw the largest U.S. government bailout of corporate entities ever. While the bailout was carried out with the explicit goal of restoring stability, it aroused much controversy and public criticism based on moral hazard concerns as well as the...
Persistent link: https://www.econbiz.de/10012914914
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Automatic Stabilizers and Economic Crisis : US vs. Europe
Dolls, Mathias - 2010
This paper analyzes the effectiveness of the tax and transfer systems in the European Union and the US to act as an automatic stabilizer in the current economic crisis. We find that automatic stabilizers absorb 38 per cent of a proportional income shock in the EU, compared to 32 per cent in the...
Persistent link: https://www.econbiz.de/10013149370
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The Greek Crisis : Causes and Consequences
Garcia Pascual, Antonio I. - 2011
Greece has reached a point where, under any plausible macroeconomic scenario, public debt will continue growing faster than GDP. Fiscal consolidation alone cannot close the solvency gap. A substantial reduction in the stock of debt is needed. Even post-debt restructuring, there is no guarantee...
Persistent link: https://www.econbiz.de/10013117780
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Did Austerity Cause Brexit?
Fetzer, Thiemo - 2018
Did austerity cause Brexit? This paper shows that the rise of popular support for the UK Independence Party (UKIP), as the single most important correlate of the subsequent Leave vote in the 2016 European Union (EU) referendum, along with broader measures of political dissatisfaction, are...
Persistent link: https://www.econbiz.de/10012910997
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Distributional Consequences of Labor-Demand Shocks : The 2008-09 Recession in Germany
Bargain, Olivier - 2011
The distributional consequences of the recent economic crisis are still broadly unknown. While it is possible to speculate which groups are likely to be hardest-hit, detailed distributional studies are still largely backward-looking due to a lack of real-time microdata. This paper studies the...
Persistent link: https://www.econbiz.de/10013127632
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Government Spending Shocks and the Multiplier : New Evidence from the U.S. Based on Natural Disasters
Yang, Weonho - 2012
, the expenditure associated with military build-ups affects primarily the defense sector so that the resulting multiplier … powerful instrument for identifying government spending shocks. Furthermore, we show that the multiplier pertaining to non …-defense government spending is higher than the defense-spending multiplier estimated in the literature using military build-ups …
Persistent link: https://www.econbiz.de/10013097432
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Natural Disasters, Government Spending, and the Fiscal Multiplier
Fidrmuc, Jan - 2016
We estimate the fiscal multiplier associated with shocks to government spending. We consider increases in government … is reflected in the value taken by the fiscal multiplier. This result is obtained when we identify fiscal shocks by the …
Persistent link: https://www.econbiz.de/10013000433
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Fiscal Policy, Monopolistic Competition, and Finite Lives
Heijdra, Ben J. - 2006
multiplier; (ii) positive long-run output multipliers are obtained only if the generational turnover effect is dominated by the …
Persistent link: https://www.econbiz.de/10012783358
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Heterogeneous Government Spending Multipliers in the Era Surrounding the Great Recession
Bernardini, Marco - 2017
We use a novel quarterly dataset of U.S. states to examine the dynamics and determinants of relative government spending multipliers in the decade surrounding the Great Recession. We find average multipliers that are similar to those that have been reported for the decades preceding the crisis,...
Persistent link: https://www.econbiz.de/10012954356