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Implicit tax co-ordination under repeated policy interactions

Catenaro, Marco; Vidal, Jean-Pierre - 2003

In the context of a stylised game theoretical framework of capital tax competition, we show that when repeated policy interactions are associated to a systematic punishment of the deviating policymaker, a co-ordinated outcome can be the solution to the non co-operative tax game. This result...

Persistent link: https://www.econbiz.de/10011604305

On prosperity and posterity: the need for fiscal discipline in a monetary union

Detken, Carsten; Gaspar, Vítor; Winkler, Bernhard - 2004

We show how in a Blanchard-Yaari, overlapping generations framework, perfect substitutability of government bonds in Monetary Union tempts governments to exploit the enlarged common pool of savings. In Nash equilibrium all governments increase their bond financed transfers to current generations...

Persistent link: https://www.econbiz.de/10011604466

Near-rational exuberance

Bullard, James; Evans, George W.; Honkapohja, Seppo - 2005

We study how the use of judgement or “add-factors” in macroeconomic forecasting may disturb the set of equilibrium outcomes when agents learn using recursive methods. We isolate conditions under which new phenomena, which we call exuberance equilibria, can exist in standard macroeconomic...

Persistent link: https://www.econbiz.de/10011604601

Central bank communication on fiscal policy

Allard, Julien; Catenaro, Marco; Vidal, Jean-Pierre; … - 2012

While the established literature on central bank communication has traditionally dealt with communication of monetary policy messages to financial markets and the wider public, central bank communication on fiscal policy has so far received little attention. This paper empirically reviews the...

Persistent link: https://www.econbiz.de/10011605522

Identifying excessive credit growth and leverage

Alessi, Lucia; Detken, Carsten - 2014

to activate macroprudential tools targeting excessive credit growth and leverage. To robustly select the key indicators … using credit to GDP gaps, credit to GDP ratios and credit growth rates, as well as real estate variables in addition to a …

Persistent link: https://www.econbiz.de/10011605768

Central Bank Communication on Fiscal Policy

Allard, Julien - 2012

Persistent link: https://www.econbiz.de/10013100569

Near-Rational Exuberance

Bullard, James - 2006

We study how the use of judgement or quot;add-factorsquot; in macroeconomic forecasting may disturb the set of equilibrium outcomes when agents learn using recursive methods. We isolate conditions under which new phenomena, which we call exuberance equilibria, can exist in standard macroeconomic...

Persistent link: https://www.econbiz.de/10012783706

Monetary Policy, Determinacy, and Learnability in the Open Economy

Schaling, Eric - 2006

We study how determinacy and learnability of global rational expectations equilibrium may be affected by monetary policy in a simple, two country, new Keynesian framework. The two blocks may be viewed as the U.S. and Europe, or as regions within the euro zone. We seek to understand how monetary...

Persistent link: https://www.econbiz.de/10012783743

Identifying Excessive Credit Growth and Leverage

Alessi, Lucia - 2014

Persistent link: https://www.econbiz.de/10013049466

Public pensions and growth

Lambrecht, Stéphane; Michel, Philippe; Vidal, Jean-Pierre - 2001

This paper investigates the relationship between the size of an unfunded public pension system and economic growth in … argument of parental utility. Unfunded public pensions can promote growth when families face liquidity constraints preventing … there is no case for unfunded public pensions in economies where bequests are operative. By contrast, there exists a growth …

Persistent link: https://www.econbiz.de/10011604136