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The Covid-19 pandemic and European trade flows : evidence from a dynamic panel model

Caporale, Guglielmo Maria; Sova, Anamaria Diana; Sova, … - 2022

This paper investigates the impact of the Covid-19 pandemic on trade flows in the case of the European countries. First, an ARDL dynamic panel model is estimated using the PMG method to analyse monthly data covering the most recent period (2019M1-2021M12); then, the GMM and PCSE approaches are...

Persistent link: https://www.econbiz.de/10013285828

Retirement savings in an aging society : a case for innovative government sebt management

Bohn, Henning - 2001

Aging societies will have to rely increasingly on private savings to finance retirement. The natural savings vehicles, stocks and bonds, are unfortunately lacking key risk-sharing features that are built into public retirement. Innovative government debt management can address this problem. The...

Persistent link: https://www.econbiz.de/10011398905

Optimal fiscal action in an economy with sovereign Premia and without monetary independence : an application to Italy

Philippopulos, Apostolēs; Varthalitis, Petros; … - 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/10009731213

Searching for Keynes : an essay on the political economy of fiscal policy, with application to Canada, 1870-2000 - revised version

Winer, Stanley L.; Ferris, John Stephen - 2003

Keynes' General Theory (1936) is arguably one of the most important books of the twentieth century. His ideas for stabilizing the aggregate economy have profoundly influenced economic theory as well as popular opinion about what governments can and should do with respect to the business cycle....

Persistent link: https://www.econbiz.de/10011509394

Fiscal consolidation and its cross-country effects

Philippopulos, Apostolēs; Varthalitis, Petros; … - 2016

We build a new Keynesian DSGE model consisting of two heterogeneous countries participating in a monetary union. We study how public debt consolidation in a country with high debt (like Italy) affects welfare in a country with solid public finances (like Germany). Our results show that debt...

Persistent link: https://www.econbiz.de/10011515282

Who cares? : attitudes towards redistribution and fiscal austerity

Brown, Sarah; Kontonikas, Alexandros; Montagnoli, Alberto; … - 2021

We present new evidence showing that fiscal austerity strengthens support for redistribution, especially for the relatively well-off. Our theoretical model proposes two mechanisms to explain this heterogeneity in support for redistribution: "altruism" and "appreciation". We test our theoretical...

Persistent link: https://www.econbiz.de/10012668262

Optimal fiscal policy

Lukkezen, Jasper; Teulings, Coen N. - 2013

analytic solutions for optimal policy. The variables in our reduced-form model - growth, unemployment, primary surplus - have a … rule demands an immediate and large policy response that is procyclical to growth shocks and countercyclical to … currently followed by policy makers responds procyclically to both growth and unemployment shocks, and does so much slower than …

Persistent link: https://www.econbiz.de/10009743779

Engineering crises : favoritism and strategic fiscal indiscipline

Saint-Paul, Gilles; Ticchi, Davide; Vindigni, Andrea - 2017

If people understand that some macroeconomic policies are unsustainable, why would they vote for them in the first place? We develop a political economy theory of the endogenous emergence of fiscal crises, based on the idea that the adjustment mechanism to a crisis favors some social groups,...

Persistent link: https://www.econbiz.de/10011721727

The effective rate of interest on target balances

Sinn, Hans-Werner - 2019

While the formal decision of the ECB Council to impose interest on Target claims and liabilities is meaningless, this paper shows that the pooling of primary interest income among national central banks in the Eurozone implies that Target and cash balances do, in fact, bear an effective rate of...

Persistent link: https://www.econbiz.de/10012110196

Public debt and the political economy of reforms

Boyer, Pierre C.; Esslinger, Christoph; Roberson, Brian - 2021

We develop a two-period model of redistributive politics in which two politicians compete in an election in each period. In the first period, the politicians propose both whether to experiment with an efficient reform with uncertain benefits and choose the amount of public debt. Politicians also...

Persistent link: https://www.econbiz.de/10012491550

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