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Gauging the effects of the German COVID-19 fiscal stimulus package

Hinterlang, Natascha; Moyen, Stéphane; Röhe, Oke; … - 2021

We simulate the fiscal stimulus packages set up by the German government to allevi-ate the costs of the COVID-19 pandemic in a dynamic New Keynesian multi-sectorgeneral equilibrium model. We find that, cumulated over 2020-2022, output lossesrelative to steady state can be reduced by more than 4...

Persistent link: https://www.econbiz.de/10012671256

Employment, hours and optimal monetary policy

Dossche, Maarten; Lewis, Vivien; Poilly, Céline - 2015

We characterize optimal monetary policy in a New Keynesian search-and-matching model where multiple-worker firms satisfy demand in the short run by adjusting hours per worker. Imperfect product market competition and search frictions reduce steady state hours per worker below the efficient...

Persistent link: https://www.econbiz.de/10010471629

Labor adjustment and productivity in the OECD

Dossche, Maarten; Gazzani, Andrea; Lewis, Vivien - 2021

Labor productivity is more procyclical in OECD countries with lower employment volatility. To capture this new stylized fact, we propose a business cycle model with employment adjustment costs, variable hours and labor effort. We show that, in our model with variable effort, greater labor market...

Persistent link: https://www.econbiz.de/10012589397

Labor productivity, effort and the euro area business cycle

Lewis, Vivien; Villa, Stefania; Wolters, Maik H. - 2019

The Euro Area is characterized by little variation in unemployment and strongly procyclical labor productivity. We capture both characteristics in a New Keynesian business cycle model with labor search frictions, where labor can vary along three margins: employment, hours, and eﬀort. We...

Persistent link: https://www.econbiz.de/10012134398

Estimating a stylized fiscal policy DSGE model for Brazil

Pereira, Rodrigo Mendes - 2019

This paper builds a small size dynamic stochastic general equilibrium (DSGE) model with government, aiming to replicate key features of the Brazilian economy. I first calibrate and then I use Bayesian methods to estimate the model for Brazil, with 20 years of quarterly aggregate data. Contrary...

Persistent link: https://www.econbiz.de/10012061796

A transfer mechanism for a monetary union

Engler, Philipp; Voigts, Simon - 2013

We show in a dynamic stochastic general equilibrium framework that the introduction of a common currency by a group of countries with only partially integrated goods markets, incomplete financial markets and no labor migration across member states, significantly increases volatility of...

Persistent link: https://www.econbiz.de/10009723588

Budget-neutral labour tax wedge reductions : a simulation-based analysis for selected euro area countries

Attinasi, Maria-Grazia; Prammer, Doris; Stähler, Nikolai; … - 2016

Budget-neutral tax wedge reductions rank high in the policy agenda of several EMU member states. Using a New Keynesian DSGE model of a monetary union with a complex labour market structure and a comprehensive public sector, we evaluate the macroeconomic and welfare effects of reducing the firms'...

Persistent link: https://www.econbiz.de/10011518187

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

Cashless payments and tax evasion : evidence from VAT gaps in the EU

Bohne, Albrecht; Koumpias, Antonios M.; Tassi, Annalisa - 2023

This paper explores the connection between the proliferation of cashless, or e-money, payments and value-added tax (VAT) compliance. We present both visual and descriptive evidence that illustrates a negative correlation between e-money use and VAT evasion, proxied by the VAT compliance gap for...

Persistent link: https://www.econbiz.de/10014472026

Rebalancing the euro area : is wage adjustment in Germany the answer?

Hoffmann, Mathias; Kliem, Martin; Krause, Michael; … - 2020

We assess to what extent wage inflation policies in Germany could contribute to an economic rebalancing in the euro … and output in Germany and the rest of the euro area. The duration of constant interest rates and expectations about the … consists of Germany, the rest of the euro area, and the rest of the world. …

Persistent link: https://www.econbiz.de/10012184056

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