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Cochrane, John H. - National Bureau of Economic Research - 2022

The fiscal theory states that inflation adjusts so that the real value of government debt equals the present value of real primary surpluses. Monetary policy remains important. The central bank can set an interest rate target, which determines the path of expected inflation, while news about the...

Persistent link: https://www.econbiz.de/10013361983

Counterfactual analysis in macroeconometrics : an empirical investigation into the effects of quantitative easing

Pesaran, M. Hashem; Smith, Ron - 2012

This paper is concerned with ex ante and ex post counterfactual analyses in the case of macroeconometric applications where a single unit is observed before and after a given policy intervention. It distinguishes between cases where the policy change affects the model's parameters and where it...

Persistent link: https://www.econbiz.de/10009548055

R&D decisions and productivity growth : evidence from Switzerland and the Netherlands

Dobbelaere, Sabien; König, Michael D.; Spescha, Andrin; … - 2024

The fraction of R&D active firms decreased in Switzerland but increased in the Netherlands from 2000-2016. This paper …-productivity firms in Switzerland. Innovation support sustains firms' R&D activities in both countries. Our structural growth model … identifies the impact of innovation, imitation and R&D costs on firms' R&D decisions. R&D costs gained importance in Switzerland …

Persistent link: https://www.econbiz.de/10014535654

Tax Reform and the Dutch Labor Market : An Applied General Equilibrium Approach

Bovenberg, A. Lans - 1998

This paper employs MIMIC, an applied general equilibrium model of the Dutch economy, to explore various tax cuts aimed at combating unemployment and raising labor supply. MIMIC combines modern labor-market theories, a firm empirical foundation detailed description of Dutch labor-market...

Persistent link: https://www.econbiz.de/10012472120

Inflationary Effects of Fiscal Support to Households and Firms

Hale, Galina; Leer, John C.; Nechio, Fernanda - National Bureau of Economic Research - 2023

Fiscal support measures in response to the COVID-19 pandemic varied in their targeted beneficiaries. Relying on variability across 10 large economies, we study differences in the inflationary effects of fiscal support measures targeting consumers or businesses. Because conventional measures of...

Persistent link: https://www.econbiz.de/10013537798

(Un)Conventional Monetary and Fiscal Policy

Wu, Jing Cynthia; Xie, Yinxi - National Bureau of Economic Research - 2022

We build a tractable New Keynesian model to jointly study four types of monetary and fiscal policy. We find quantitative easing (QE), lump-sum fiscal transfers, and government spending have the same effects on the aggregate economy when fiscal policy is fully tax financed. Compared with these...

Persistent link: https://www.econbiz.de/10013477198

Inflation Past, Present and Future : Fiscal Shocks, Fed Response, and Fiscal Limits

Cochrane, John H. - National Bureau of Economic Research - 2022

Our current inflation stemmed from a fiscal shock. The Fed is slow to react. Why? Will the Fed's slow reaction spur more inflation? I write a simple model that encompasses the Fed's mild projections and its slow reaction, and traditional views that inflation will surge without swift rate rises....

Persistent link: https://www.econbiz.de/10013210124

Macroeconometric evaluation of active labour market policies in Germany : a dynamic panel approach using regional data

Hujer, Reinhard; Blien, Uwe; Caliendo, Marco; Zeiss, … - 2002

Most evaluation studies of active labour market policies (ALMP) focus on the microeconometric evaluation approach using individual data. However, as the microeconometric approach usually ignores impacts on the non-participants, it should be seen as a first step to a complete evaluation which has...

Persistent link: https://www.econbiz.de/10011414213

Macroeconomic impacts of ALMP on the matching process in West Germany

Hujer, Reinhard (contributor); … - 2003 - [Elektronische Ressource]

Persistent link: https://www.econbiz.de/10001808448

Inflation Targeting in a St. Louis Model of the 21st Century

King, Robert G. - 1996

Inflation targeting is a monetary policy rule that has implications for both the average performance of an economy and its business cycle behavior. We use a modern, rational expectations model to study the twin effects of this policy rule. The model highlights forward- looking consumption and...

Persistent link: https://www.econbiz.de/10012473352

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