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Labor Tax Reductions in Europe : The Role of Property Taxation
Bielecki, Marcin - 2019
We use a New Keynesian DSGE model with search frictions on the housing market to evaluate how financing a labor tax reduction by higher property taxation affects the real economy and welfare. Search on the housing market enables us to explicitly model stocks and flows, which is necessary to...
Persistent link: https://www.econbiz.de/10012898122
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Wealth and subjective well-being in Germany
Jantsch, Antje; Le Blanc, Julia; Schmidt, Tobias - 2022
well as debt, have differential effects on life satisfaction, (iii) both wealth levels and wealth holdings relative to …
Persistent link: https://www.econbiz.de/10013175976
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Does the Lack of Financial Stability Impair the Transmission of Monetary Policy?
Acharya, Viral V. - 2020
We investigate the transmission of central bank liquidity to bank deposits and loan spreads in Europe over the period from January 2006 to June 2010. We find evidence consistent with an impaired transmission channel due to bank risk. Central bank liquidity does not translate into lower loan...
Persistent link: https://www.econbiz.de/10012840478
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Who benefits from using property taxes to finance a labor tax wedge reduction?
Stähler, Nikolai - 2019
We use a New Keynesian DSGE model with a rental housing market to evaluate how financing a labor tax wedge reduction through higher property taxation affects the real economy and welfare. We find that a labor tax wedge reduction generates favorable macroeconomic effects and improves...
Persistent link: https://www.econbiz.de/10011963650
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Monetary policy and endogenous financial crises
Boissay, Frédéric; Collard, Fabrice; Galí, Jordi; … - 2022
We study whether a central bank should deviate from its objective of price stability to promote financial stability. We tackle this question within a textbook New Keynesian model augmented with capital accumulation and microfounded endogenous financial crises. We compare several interest rate...
Persistent link: https://www.econbiz.de/10013272160
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What drives inflation? Disentangling demand and supply factors
Eickmeier, Sandra; Hofmann, Boris - 2022
We estimate indicators of aggregate demand and supply conditions based on a structural factor model using a large number of inflation and real activity measures for the United States. We identify demand and supply factors by imposing theoretically motivated sign restrictions on factor loadings....
Persistent link: https://www.econbiz.de/10013465053
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Who Benefits from Using Property Taxes to Finance a Labor Tax Wedge Reduction?
Stahler, Nikolai - 2019
We use a New Keynesian DSGE model with a rental housing market to evaluate how financing a labor tax wedge reduction through higher property taxation affects the real economy and welfare. We find that a labor tax wedge reduction generates favorable macroeconomic effects and improves...
Persistent link: https://www.econbiz.de/10012893247
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What Drives Inflation? Disentangling Demand and Supply Factors
Eickmeier, Sandra; Hofmann, Boris - 2023
We estimate indicators of aggregate demand and supply conditions based on a structural factor model using a large number of inflation and real activity measures for the United States. We identify demand and supply factors by imposing theoretically motivated sign restrictions on factor loadings....
Persistent link: https://www.econbiz.de/10014263229
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Monetary Policy and Endogenous Financial Crises
Boissay, Frédéric; Collard, Fabrice; Galí, Jordi; … - 2022
We study whether a central bank should deviate from its objective of price stability to promote financial stability. We tackle this question within a textbook New Keynesian model augmented with capital accumulation and microfounded endogenous financial crises. We compare several interest rate...
Persistent link: https://www.econbiz.de/10013492381
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Convenient but risky government bonds
Kaldorf, Matthias; Röttger, Joost - 2023
sovereign debt and default in which convenience yield arises because investors are able to pledge government bonds as collateral … contributes substantially to the public debt-to-GDP ratio and can rationalise prolonged periods of negative bond spreads, even in … the presence of default risk. We show that the debt elasticity of convenience yield is the most important driver of our …
Persistent link: https://www.econbiz.de/10014320849