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This paper characterises rules-based fiscal policy setting. Basically, we translate a standard monetary policy rule into a simple fiscal policy rule. We then infer on fiscal policymakers' reaction coefficients by testing the rule with GMM. Interaction is also tested directly by the inclusion of...
Persistent link: https://www.econbiz.de/10002578199
the last decade. Using stylised models of the economies of the US, Euro area, UK and Japan, we argue that economic …
Persistent link: https://www.econbiz.de/10002521030
.S., Japan, and the EU-15 and incorporates age- and time-specific fertility and mortality rates, detailed fiscal institutions …
Persistent link: https://www.econbiz.de/10002521588
Persistent link: https://www.econbiz.de/10003871918
Persistent link: https://www.econbiz.de/10003990709
This paper develops a dynamic general equilibrium model with three distinct social groups, capitalists, private workers and public employees. After solving for the status quo equilibrium, which can mimic the advantages of employment in the public sector in most EU countries, the paper looks for...
Persistent link: https://www.econbiz.de/10010477149
countries, Japan, and the United States to shocks in housing and equity prices. The effects are assessed with a Structural …
Persistent link: https://www.econbiz.de/10003730274
Monetary policies in the U.S., Japan, Germany and the United Kingdom over the period 1973-1986 are compared and … Bundesbank and the Bank of Japan each focus on one money target, described by the Bundesbank as a target, and by the Bank of … Japan as a projection. None of the countries has stuck rigorously to the targets, though the Bank of Japan has come close …
Persistent link: https://www.econbiz.de/10012476592
fall, the West and Japan see it rise by one fifth by 2030 and by three fifths by 2100. These wage increases are over and …, and economic transition paths of China, Japan, the U.S., and the EU. Each of these countries/regions is entering a period …
Persistent link: https://www.econbiz.de/10012467008
We simulate corporate tax reform in a single good, five-region (U.S., Europe, Japan, China, India) model, featuring …
Persistent link: https://www.econbiz.de/10012458906