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Modi's "Make in India" industrial reform policy and East Asian flying-geese paradigm

Nam, Chang-woon; Nam, Sumin; Steinhoff, Peter - 2017

The on-going "Make in India" campaign aims at manufacturing revival. Its characteristics resemble East Asian industrial reform and growth policies based on the flying-geese model which highlights "step-by-step" changes in a country's specialisation pattern and global competitiveness accompanied...

Persistent link: https://www.econbiz.de/10011646272

Risk management-driven policy rate gap

Caggiano, Giovanni; Castelnuovo, Efrem; Nodari, Gabriela - 2018

uncertainty over and above that to expected inflation, output gap, and output growth. However, this evidence regards the Greenspan …

Persistent link: https://www.econbiz.de/10011884396

Uncertainty and monetary policy during the great recession

Pellegrino, Giovanni; Castelnuovo, Efrem; Caggiano, Giovanni - 2021

We employ a nonlinear VAR framework and a state-of-the-art identification strategy to document the large response of real activity to a financial uncertainty shock during and in the aftermath of the great recession. We replicate this evidence with an estimated DSGE framework featuring a concept...

Persistent link: https://www.econbiz.de/10012495676

Uncertainty and monetary policy during extreme events

Pellegrino, Giovanni; Castelnuovo, Efrem; Caggiano, Giovanni - 2020

How damaging are uncertainty shocks during extreme events such as the great recession and the Covid-19 outbreak? Can monetary policy limit output losses in such situations? We use a nonlinear VAR framework to document the large response of real activity to a financial uncertainty shock during...

Persistent link: https://www.econbiz.de/10012288020

Uncertainty and monetary policy in good and bad times : a replication of the VAR investigation by Bloom (2009)

Caggiano, Giovanni; Castelnuovo, Efrem; Nodari, Gabriela - 2020

This paper revisits the well-known VAR evidence on the real effects of uncertainty shocks by Bloom (Econometrica 2009(3): 623-685. doi: 10.3982/ECTA6248). We replicate the results in a narrow sense using Eviews. In a wide sense, we extend his study by working with a smooth transition-VAR...

Persistent link: https://www.econbiz.de/10012263375

Uncertainty and monetary policy in good and bad times

Caggiano, Giovanni; Castelnuovo, Efrem; Nodari, Gabriela - 2017

We investigate the role played by systematic monetary policy in tackling the real effects of uncertainty shocks in U.S. recessions and expansions. We model key indicators of the business cycle with a nonlinear VAR that allows for different dynamics in busts and booms. Uncertainty shocks are...

Persistent link: https://www.econbiz.de/10011718461

Liquidity traps and large-scale financial crises

Caggiano, Giovanni; Castelnuovo, Efrem; Damette, Olivier; … - 2018

This paper estimates a nonlinear Threshold-VAR to investigate if a Keynesian liquidity trap due to a speculative motive was in place in the U.S. Great Depression and the recent Great Recession. We find clear evidence in favor of a breakdown of the liquidity effect after an unexpected increase in...

Persistent link: https://www.econbiz.de/10011863616

Effects of tax depreciation rules on firms' investment decisions in an inflationary phase : comparison of net present values in selected OECD countries

Nam, Chang-woon - 2001

. Therefore, in periods with inflation generous tax depreciation provisions do not adequately promote private investment as … designed, but partly compensate such losses caused by inflation. …

Persistent link: https://www.econbiz.de/10011399561

Does debt maturity matter for investment decisions?

Nam, Chang-woon; Radulescu, Doina - 2004

case of prevailing inflation, there is a mismatch between the nominal interest rate that is a discounting factor for all …

Persistent link: https://www.econbiz.de/10011402695

Effects of bracket creep and tax reform on average personal income tax burden in Germany

Nam, Chang-woon; Zeiner, Christoph - 2015

inflation indexation into its personal income tax system in order to re-duce distortions of tax liabilities and additional tax … extent to which the previous reform efforts, made in this country since 1958, have led to the change of the real, inflation …, when the 'hidden' distortion caused by inflation prevails. According to the long-term real view adopted in this study, the …

Persistent link: https://www.econbiz.de/10011392527