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Transmission of government spending shocks in the Euro area : time variation and driving forces
Kirchner, Markus; Cimadomo, Jacopo; Hauptmeier, Sebastian - 2010
, our results indicate that higher government debt-to-GDP ratios have negatively affected long-term multipliers. …
Persistent link: https://www.econbiz.de/10011380027
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What are the effects of monetary policy shocks? : evidence from dollarized countries
Willems, Tim - 2010
Traditional ways of analyzing the effects of monetary policy shocks via structural vector autoregressions require the use of unrealistic identifying assumptions: they either do not allow for a response of output and prices on impact of the shock, or they exclude contemporaneous values of these...
Persistent link: https://www.econbiz.de/10011382001
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Optimal fiscal policy
Lukkezen, Jasper; Teulings, Coen N. - 2013
Persistent link: https://www.econbiz.de/10010191401
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Fiscal sustainability, volatility and oil wealth : a stochastic analysis of fiscal spending rules
Wijnbergen, Sweder van; Budina, Nina - 2011
distribution of future debt stocks and demonstrate the variance reducing impact of feedback rules for primary deficits in a case …
Persistent link: https://www.econbiz.de/10011386438
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Optimal government spending and unemployment
Linnemann, Ludger; Schabert, Andreas - 2008 - This version: February 29, 2008
We study optimal government spending in a business cycle model with frictional unemployment. The Ramsey optimal policy is contrasted with a reference policy which would be first best in a frictionless economy. Results are: the Ramsey policy i) implies a higher steady state ratio of government...
Persistent link: https://www.econbiz.de/10011374417
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Coordination frictions and the financial crisis
Gautier, Pieter - 2009
In this note I argue that the desirability of fiscal policy in response to the current crisis depends on whether one views the current crisis as a temporary deviation from a unique equilibrium or as a bad equilibrium out of multiple equilibria. The paper presents a simple Diamond (1982) type of...
Persistent link: https://www.econbiz.de/10011377838
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Default risk premia on government bonds in a quantitative macroeconomic model
Jüßen, Falko; Linnemann, Ludger; Schabert, Andreas - 2009
This paper examines the pricing of public debt in a quantitative macroeconomic model with government default risk …. Default may occur due to a fiscal policy that does not preclude a Ponzi game. When a build-up of public debt makes this … public bonds. Sovereign default risk premia turn out to emerge at either very high debt to output ratios, or if the variance …
Persistent link: https://www.econbiz.de/10011379436
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Enhanced cooperation in an asymmetric model of tax competition
Vrijburg, Hendrik; Mooij, Ruud A. de - 2009
This paper analyzes enhanced cooperation agreements in corporate taxation in a three country tax competition model where countries differ in size. We characterize equilibrium tax rates and the optimal tax responses due to the formation of an enhanced cooperation agreement. Conditions for...
Persistent link: https://www.econbiz.de/10011379630
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Does the wage tax system cause budget deficits?
Riedl, Arno; Winden, Frans A. A. M. van - 2000
In this paper we investigate experimentally the functioning of a wage tax financed unemployment benefit system on the development of the budget deficit, unemployment, and some other indicators of economic performance in an international economy. We find support for the hypothesis that...
Persistent link: https://www.econbiz.de/10011304394
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Input versus output taxation in an experimental international economy
Riedl, Arno; Winden, Frans A. A. M. van - 2003
This paper is concerned with a policy oriented macroeconomic experiment involving an 'international' economy with a relatively small 'home' country and a large 'foreign' country. It compares the economic performance of two alternative tax systems as a means to finance unemployment benefits: a...
Persistent link: https://www.econbiz.de/10011333884