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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
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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
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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
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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
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Identifying Excessive Credit Growth and Leverage
Alessi, Lucia - 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/10013049466
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Central Bank Communication on Fiscal Policy
Allard, Julien - 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/10013100569
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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