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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

The fiscal response to revenue shocks

Berset, Simon; Huber, Martin; Schelker, Mark - 2021

We study the impact of fiscal revenue shocks on local fiscal policy. We focus on the very volatile revenues from the immovable property gains tax in the canton of Zurich, Switzerland, and analyze fiscal behavior following large and rare positive and negative revenue shocks. We apply causal...

Persistent link: https://www.econbiz.de/10012420862

Subjective models of the macroeconomy : evidence from experts and a representative sample

Andre, Peter; Pizzinelli, Carlo; Roth, Christopher; … - 2019

the inflation rate respond to four different hypothetical exogenous shocks: a monetary policy shock, a government spending … shock, an income tax shock, and an oil price shock. While expert predictions are quantitatively close to benchmarks from … predictions of changes in inflation are at odds with those of experts both for the tax shock and the interest rate shock. We show …

Persistent link: https://www.econbiz.de/10012104048

The failure of ECB monetary policy from a Mises-Hayek perspective

Schnabl, Gunther - 2017

The paper analyses the common European monetary policy based on a Mises-Hayek overinvestment framework, which is combined with the theory of optimum currency areas. It shows how since the turn of the millennium a too expansionary monetary policy contributed to unsustainable overinvestment booms...

Persistent link: https://www.econbiz.de/10011619626

Continuous logit polycentric city model

Wrede, Matthias - 2014

This paper analyzes a closed, essentially linear polycentric city with homogenous households who probabilistically select their workplace and residence locations. The study utilizes a continuous logit model to describe household location choices. In contrast to the classic urban model with...

Persistent link: https://www.econbiz.de/10010229855

Is fiscal policy coordination in EMU desirable?

Beetsma, Roel; Debrun, Xavier; Klaassen, Franc - 2001

It is widely argued that Europe's unified monetary policy calls for the international coordination at the fiscal level. We survey the issues involved with such coordination of fiscal policy as a demand management tool and we use a simple model to investigate the circumstances under which...

Persistent link: https://www.econbiz.de/10011400878

Macroeconomic effects of government spending shocks : new evidence using natural disaster relief in Korea

Yang, Weonho; Fidrmuc, Jan; Ghosh, Sugata - 2012

We investigate the macroeconomic effects of government spending shocks in Korea. We compare results obtained with two alternative approaches: the narrative approach and Structural Vector-Autoregressive model (SVAR). We propose a new methodology for identifying exogenous and unexpected fiscal...

Persistent link: https://www.econbiz.de/10009630124

Using military build-ups to capture fiscal shocks : a reassessment

Yang, Weonho; Fidrmuc, Jan; Ghosh, Sugata - 2014

Ramey (2011a) and others argue that increases in government spending associated with wars and military build-ups constitute a good instrument for measuring the macroeconomic effects of fiscal shocks. We argue that this instrument has two important drawbacks: the composition of government...

Persistent link: https://www.econbiz.de/10010256126

Smoothing asymmetric shocks vs. redistribution in the euro area : a simple proposal for dealing with mistrust in the euro area

Oksanen, Heikki - 2016 - This version 2016-03-22

The euro area will not have a centralised budget and smoothing of country-specific asymmetric shocks via private financial markets will develop only slowly. Mistrust among the governments has caused rigid, even pro-cyclical fiscal policies. Smoothing mechanisms are absent due to the fear that...

Persistent link: https://www.econbiz.de/10011444463

Effects of fiscal rules : 85 years' experience in Switzerland

Burret, Heiko T.; Feld, Lars P. - 2016

, cantonal fiscal rules tend to mitigate political budget cycles and shock-related deficits. …

Persistent link: https://www.econbiz.de/10011523766

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