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Too rich to do the dirty work? : wealth effects on the demand for good jobs

Haywood, Luke - 2014

non-monetary aspects evolves over changing wealth levels. Wages do not perfectly compensate individuals for differential … utility of jobs in a labour market with informational frictions. Changes in wealth may then affect preferences for different … increase with wealth shocks. Duration models are estimated based on the reduced form of a search model. Wealth may play an …

Persistent link: https://www.econbiz.de/10010233993

Unconventional fiscal policy in HANK

Seidl, Hannah; Seyrich, Fabian - 2021

In HANK, we show that fiscal policy is an appropriate macroeconomic stabilization tool at the ZLB. Fiscal policy achieves the same macroeconomic aggregates and the same welfare as hypothetically unconstrained monetary policy by replicating its transmission mechanism. Consumption taxes and labor...

Persistent link: https://www.econbiz.de/10012549562

Durable consumption, limited VAT pass-through and stabilization effects of temporary VAT changes

Clemens, Marius; Röger, Werner - 2022

This paper revives the question of whether a temporary VAT change is an adequate instrument for crisis stabilization. In empirical assessments, we find that durable goods consumption fluctuates strongly over the business cycle and that VAT rate changes affect durable goods in particular....

Persistent link: https://www.econbiz.de/10013198802

Unconventional fiscal policy in HANK

Seidl, Hannah; Seyrich, Fabian - 2021 - This version: August 10, 2022

We show that in a New Keynesian model with household heterogeneity, fiscal policy can be a perfect substitute for monetary policy: three simple conditions for consumption taxes, labor taxes, and the government debt level are sufficient to induce the same consumption and labor supply of each...

Persistent link: https://www.econbiz.de/10013342046

Effective taxation of top incomes in Germany, 1992-2002

Bach, Stefan (contributor); Corneo, Giacomo (contributor); … - 2008

Persistent link: https://www.econbiz.de/10003651046

Liquidity and the dynamic pattern of asset price adjustment : a global view

Belke, Ansgar; Orth, Walter; Setzer, Ralph - 2009

Global liquidity expansion has been very dynamic since 2001. Contrary to conventional wisdom, high money growth rates have not coincided with a concurrent rise in goods prices. At the same time, however, asset prices have increased sharply, significantly outpacing the subdued development in...

Persistent link: https://www.econbiz.de/10003889489

Global liquidity, world savings glut and global policy coordination

Belke, Ansgar; Gros, Daniel - 2010

The global imbalances of the 2000s and the recent global financial crisis are intimately connected. Both originate in the combination of economic policies adopted by the two key economies, the US and China. Global financial markets served as a transmission belt, both during the boom as during...

Persistent link: https://www.econbiz.de/10003934687

Do wealthier households save more? : the impact of the demographic factor

Belke, Ansgar; Dreger, Christian; Ochmann, Richard R. - 2012

This paper investigates the relationship between wealth, ageing and saving behaviour of private households by using … pooled cross sections of German consumption survey data. Different components of wealth are distinguished, as their impact on … wealth. In addition, the savings rate strongly responds to demographic trends. Besides the direct impact of the age structure …

Persistent link: https://www.econbiz.de/10009579234

A wealth tax on the rich to bring down public debt? : Revenue and distributional effects of a capital levy

Bach, Stefan; Beznoska, Martin; Steiner, Viktor - 2011

The idea of higher wealth taxes to finance the mounting public debt in the wake of the financial crises is gaining … net wealth that is currently on the German political agenda. We use survey data from the German Socio-Economic Panel (SOEP …) and estimate the net wealth distribution at the very top, based on publicly available information about very rich Germans …

Persistent link: https://www.econbiz.de/10009487901

The top tail of the wealth distribution in Germany, France, Spain, and Greece

Bach, Stefan; Thiemann, Andreas; Zucco, Aline - 2015

We analyze the top tail of the wealth distribution in Germany, France, Spain, and Greece based on the Household Finance … and Consumption Survey (HFCS). Since top wealth is likely to be underrepresented in household surveys we integrate the big … of household wealth in Germany jumps up from 24 percent in the HFCS alone to 33 percent after top wealth imputation. For …

Persistent link: https://www.econbiz.de/10011317780