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Borrow and adjust : fiscal policy and sectoral adjustment in an open economy
Steigum, Erling; Thøgersen, Øystein - 2001
Should the government run fiscal deficits in response to an adverse external shock that warrants transfer of resources …
Persistent link: https://www.econbiz.de/10011400804
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Sovereign default and imperfect tax enforcement
Pappadà, Francesco; Zylberberg, Yanos - 2019
We show that, in many countries, tax compliance is volatile and markedly responds to fiscal policy. To explore the consequence of this novel stylized fact, we build a model of sovereign debt with limited commitment and imperfect tax enforcement. Fiscal policy persistently affects the size of the...
Persistent link: https://www.econbiz.de/10012029059
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Unemployment and debt dynamics in a highly indebted small open economy
Heer, Burkhard; Schubert, Stefan Franz - 2011
The paper analyzes the dynamic effects of a total factor productivity shock and an interest rate risk premium shock in … bargaining are introduced. We find that a negative total factor productivity shock primarily has effects on the economy … significantly reduces the initial response of the unemployment rate. In case of a temporary productivity shock, sticky wages imply …
Persistent link: https://www.econbiz.de/10009153857
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The transitional dynamics of fiscal policy in small open economies
Heijdra, Ben J. (contributor);  … - 2006
Persistent link: https://www.econbiz.de/10003364735
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Trade shocks and macroeconomic fluctuations in Africa
Kose, M. Ayhan; Riezman, Raymond Glenn - 1999
exported primary commodities, imported capital goods and intermediate inputs, and a financial shock, modeled as fluctuations in …
Persistent link: https://www.econbiz.de/10009781698
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Optimal response to a demographic shock
Conesa, Juan C. (contributor); Garriga, Carlos (contributor) - 2005
We examine the optimal policy response to an exogenously given demographic shock. Such a shock affects negatively the …
Persistent link: https://www.econbiz.de/10002577068
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Shocks, frictions, and inequality in US business cycles
Bayer, Christian; Born, Benjamin; Luetticke, Ralph - 2020
How much does inequality matter for the business cycle and vice versa? Using a Bayesian likelihood approach, we estimate a heterogeneous-agent New-Keynesian (HANK) model with incomplete markets and portfolio choice between liquid and illiquid assets. The model enlarges the set of shocks and...
Persistent link: https://www.econbiz.de/10012162730
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Low altruism, austerity, and aversion to default : are countries converging to the natural debt limit?
Bohn, Henning - 2013
Democracies around the world are making promises to the old at the expense of future generations. I interpret this as reflecting low altruism - a discount rate on children's utility greater than the world interest rate - and I examine the implications in a small open economy with overlapping...
Persistent link: https://www.econbiz.de/10009753002
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Austerity
Ntellas, Charēs; Niepelt, Dirk - 2014
We shed light on the function, properties and optimal size of austerity using the standard sovereign debt model augmented to include incomplete information about credit risk. Austerity is defined as the shortfall of consumption from the level desired by a country and supported by its repayment...
Persistent link: https://www.econbiz.de/10010468584
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Monetary policy surprise shocks under different fiscal regimes : a panel analysis of the Euro Area
Afonso, António; Alves, José; Ionta, Serena - 2023
We study the effect of monetary policy surprise shocks on real output and the price level, conditioned on different fiscal stances in the period 2001Q4-2021Q4 for a panel of the 19 countries of the Euro Area. Applying local projection methodology, we find that the effect of monetary shocks...
Persistent link: https://www.econbiz.de/10014336399