Similar Search Results

Are fiscal VAR's non-fundamentalness easily reversible through the addition of informative variables?

Vonbun, Christian; Lima, Elcyon Caiado Rocha - 2021

pathologies, such as the non-fundamentalness. It is capable of biasing the estimates in any direction or intensity, and it … consists of the non-invertibility of the MA (Moving Average) representation on the positive powers of the lag operator. This is … misspecification. This study is the first to employ the latest and most efficient tests for non-fundamentalness on fiscal data for the …

Persistent link: https://www.econbiz.de/10012486165

German and the rest of euro area fiscal policy during the crisis

Gadatsch, Niklas; Hauzenberger, Klemens; Stähler, Nikolai - 2015

We present the estimated large-scale three-region DSGE model GEAR picturing Germany, the Euro Area and the Rest of the world. Compared to existing models of this type, GEAR incorporates a comprehensive fiscal block, involuntary unemployment and a complex international structure. We use the model...

Persistent link: https://www.econbiz.de/10010516561

German labor market and fiscal reforms 1999 to 2008 : can they be blamed for intra-euro area imbalances?

Gadatsch, Niklas; Stähler, Nikolai; Weigert, Benjamin - 2015

In this paper, we assess the impact of major German structural reforms from 1999 to 2008 on key macroeconomic variables. By many, these reforms, especially the Hartz reforms on the labor market, are considered to be the root of observed imbalances in the Euro Area. Our simulations within a...

Persistent link: https://www.econbiz.de/10011316580

Tales of transition paths : policy uncertainty and random walks

Hollmayr, Josef; Matthes, Christian - 2015

What happens when fiscal and/or monetary policy changes systematically? We construct a DSGE model in which agents have to estimate fiscal and monetary policy rules and assess how uncertainty surrounding the conduct of policymakers influences transition paths after policy changes. We find that...

Persistent link: https://www.econbiz.de/10011292321

Learning about fiscal policy and the effects of policy uncertainty

Hollmayr, Josef; Matthes, Christian - 2013

The recent crisis in the United States has often been associated with substantial amounts of policy uncertainty. In this paper we ask how uncertainty about fiscal policy affects the impact of fiscal policy changes on the economy when the government tries to counteract a deep recession. The...

Persistent link: https://www.econbiz.de/10010211956

Structural and cyclical effects of tax progression

Kremer, Jana; Stähler, Nikolai - 2013

In a real business cycle model with labor market frictions, we find that a more progressive tax schedule reduces structural unemployment as it fosters long-run incentives for job creation. Because there exists an optimal level of unemployment in a matching environment ("Hosios condition), tax...

Persistent link: https://www.econbiz.de/10009739558

Fiscal devaluation in a Monetary Union

Engler, Philipp; Ganelli, Giovanni; Tervala, Juha; … - 2013

Between 1999 and the onset of the economic crisis in 2008 real exchange rates in Greece, Ireland, Italy, Portugal and Spain appreciated relative to the rest of the euro area. This divergence in competitiveness was reflected in the emergence of current account imbalances. Given that exchange rate...

Persistent link: https://www.econbiz.de/10010221275

Revisiting the progressive consumption tax : a business cycle perspective

Strehl, Wolfgang - 2019

This paper revisits the personal expenditure tax (PET), the most prominent version of a progressive consumption tax. The PET has a long intellectual tradition in economics, and the merits and demerits of this alternative to the personal income tax have been discussed at length. What has been...

Persistent link: https://www.econbiz.de/10012060899

Monetary-fiscal interaction and quantitative easing

Hollmayr, Josef; Kühl, Michael - 2019

This paper analyzes the monetary-fiscal interaction if the central bank conducts quantitative easing. Although asset purchases have similar effects on the real economy under monetary and fiscal dominance, wealth effects yield a qualitatively different response on the rate of inflation. Our...

Persistent link: https://www.econbiz.de/10011955624

Anticipated and unanticipated fiscal shocks in an estimated DSGE model for the Brazilian economy

Cavalcanti, Marco Antônio Freitas de Hollanda; Vereda, … - 2023

We estimate a DSGE model for Brazil that includes both anticipated and unanticipated fiscal shocks. The model contains a relatively detailed public sector, which allows us to investigate the effects of anticipation for a much wider array of fiscal instruments than previously considered in the...

Persistent link: https://www.econbiz.de/10014428792

1
2
3
4
5
6
7
8
9
10
Next
Last