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Caporale, Guglielmo Maria - 2011

This paper analyses the dynamic effects of fiscal imbalances in a given EMU member state on the borrowing costs of other countries in the euro area. The estimation of a multivariate, multi-country time series model (specifically a Global VAR, or GVAR) using quarterly data for the EMU period...

Persistent link: https://www.econbiz.de/10013119070

No Taxation without Reallocation : The Distributional Effects of Tax Changes

Ettmeier, Stephanie - 2022

This paper investigates the dynamic effects of tax changes on the cross-sectional distribution of disposable income in the United States using a narrative identification approach. I distinguish between changes in personal and corporate income taxes and quantify the distributional effects on...

Persistent link: https://www.econbiz.de/10014242342

Government Spending Multipliers in (Un)certain Times

Fritsche, Jan Philipp; Klein, Mathias; Rieth, Malte - 2020

We estimate the dynamic effects of government spending shocks, using time-varying volatility in US data modeled through a Markov switching process. We find that the average government spending multiplier is significantly and persistently above one, driven by a crowding-in of private consumption...

Persistent link: https://www.econbiz.de/10014092860

The Short-Term Fiscal Effects of the Preferential Treatment for Non-Incorporations' Retained Earnings

Broer, Michael; Dwenger, Nadja - 2011

With the 2008 reform of business taxation (Unternehmensteuerreform 2008) a preferential treatment of retained earnings for non-incorporated companies was introduced: Earnings may be retained at a preferential tax rate (29.8%) and will be subjected to supplementary tax (26.4%) when they will be...

Persistent link: https://www.econbiz.de/10014220106

Assessing the Sustainability of Government Debt : On the Different States of the Debt/GDP Process

Velinov, Anton - 2014

This paper discusses the type of trajectory a country's public debt path follows. In particular, a Markov switching ADF … model is used to assess the sustainability of public debt by testing whether a government's present value borrowing … methodology. The number of lags and states are in principle unrestricted and all of the parameters can be switching. Debt …

Persistent link: https://www.econbiz.de/10014149208

Reinforcing EU Governance in Times of Crisis : The Commission Proposals and Beyond

Belke, Ansgar Hubertus - 2011

and debt restructuring, EMF, project bonds and Eurobonds …

Persistent link: https://www.econbiz.de/10014187416

Incentive Effects of Fiscal Equalization : Has Russian Style Improved?

Frejnkman, Lev M.; Kholodilin, Konstantin; Thießen, Ulrich - 2009

The effects of inter-government fiscal arrangements on variation in regional economic growth are analyzed for Russia, a country with large cross-regional differences and considerable fiscal redistribution. Moreover, fiscal reforms implemented in the first half of 2000s, which followed to some...

Persistent link: https://www.econbiz.de/10014202373

Durable Consumption, Limited VAT Pass-Through and Stabilization Effects of Temporary VAT Changes

Clemens, Marius; Röger, Werner - 2022

This paper revives the question of whether a temporary VAT change is an adequate instrument for crisis stabilization. In empirical assessments, we find that durable goods consumption fluctuates strongly over the business cycle and that VAT rate changes affect durable goods in particular....

Persistent link: https://www.econbiz.de/10014084235

Austerity, Inequality, and Private Debt Overhang

Klein, Mathias - 2017

income inequality during periods of private debt overhang. In contrast, there are no discernible distributional effects when … private debt is low. This result is robust to alternative identifications of fiscal consolidations, to different ways of … defining periods of private debt overhang, and to controlling for the state of the business cycle. We explore different …

Persistent link: https://www.econbiz.de/10012964621

Hysteresis and Fiscal Policy

Engler, Philipp - 2017

Empirical studies support the hysteresis hypothesis that recessions have a permanent effect on the level of output. We analyze the implications of hysteresis for fiscal policy in a DSGE model. We assume a simple learning-by-doing mechanism where demand-driven changes in employment can affect the...

Persistent link: https://www.econbiz.de/10012965413