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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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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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Speed limit policy and liquidity traps
Nakata, Taisuke; Schmidt, Sebastian; Yoo, Paul - 2018
stabilizing output growth - less effective. Away from the ZLB, the history dependence induced by a concern for output growth … with a binding ZLB, a central bank with an objective for output growth stabilization aims to engineer a more gradual …
Persistent link: https://www.econbiz.de/10012142036
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Attenuating the forward guidance puzzle: Implications for optimal monetary policy
Nakata, Taisuke; Ogaki, Ryota; Schmidt, Sebastian; Yoo, Paul - 2019
We examine the implications of less powerful forward guidance for optimal policy using a sticky-price model with an effective lower bound (ELB) on nominal interest rates as well as a discounted Euler equation and Phillips curve. When the private-sector agents discount future economic conditions...
Persistent link: https://www.econbiz.de/10012142064
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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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Attenuating the Forward Guidance Puzzle : Implications for Optimal Monetary Policy
Nakata, Taisuke - 2019
We examine the implications of less powerful forward guidance for optimal policy using a sticky-price model with an effective lower bound (ELB) on nominal interest rates as well as a discounted Euler equation and Phillips curve. When the private-sector agents discount future economic conditions...
Persistent link: https://www.econbiz.de/10012895031
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Speed Limit Policy and Liquidity Traps
Nakata, Taisuke; Schmidt, Sebastian; Yoo, Paul - 2021
output growth—less effective. Away from the ZLB, the history dependence induced by a concern for output growth stabilization … binding ZLB, a central bank with an objective for output growth stabilization aims to engineer a more gradual increase in …
Persistent link: https://www.econbiz.de/10013315390
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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