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Personal Income Tax Progressivity and Output Volatility : Evidence from OECD Countries
Attinasi, Maria Grazia; Checherita-Westphal, Cristina D.; … - 2021
This paper investigates empirically the effect of personal income tax progressivity on output volatility in a sample of OECD countries over the period 1982-2009. Our measure of tax progressivity is based on the difference between the marginal and the average income tax rate for the average...
Persistent link: https://www.econbiz.de/10013315980
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Hysteresis in Unemployment : Evidence from OECD Estimates of the Natural Rate
Ball, Laurence; Onken, Joern - 2021
This paper studies the dynamics of unemployment (u) and its natural rate (u*), with u* measured by real-time estimates …
Persistent link: https://www.econbiz.de/10013312060
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Modeling Financial Sector Joint Tail Risk in the Euro Area
Lucas, Andre - 2015
We propose a two-stage estimation procedure to identify the effects of time-invariant regressors in a dynamic version of the Hausman-Taylor model. We first estimate the coefficients of the time-varying regressors and subsequently regress the first-stage residuals on the time-invariant regressors...
Persistent link: https://www.econbiz.de/10013016952
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Financial Reforms and Innovation : A Micro-Macro Perspective
Boikos, Spyridon; Bournakis, Ioannis; Christopoulos, … - 2021
We develop a horizontal R&D growth model that allows us to investigate the different channels through which financial reforms affect R&D investment and patent activity. First, a “micro” reform that abolishes barriers to entry in the banking sector produces a straightforward result: a...
Persistent link: https://www.econbiz.de/10013229692
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How Do Financial Institutions Forecast Sovereign Spreads?
Cimadomo, Jacopo; Claeys, Peter; Poplawski-Ribeiro, Marcos - 2021
This paper assesses how financial market participants form their expectations about future government bond spreads. Using monthly survey forecasts for France, Italy and the UK between January 1993 and December 2011, we test whether respondents consider the expected evolution of the fiscal...
Persistent link: https://www.econbiz.de/10013315561
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Can Non-Linear Real Shocks Explain the Persistence of PPP Exchange Rate Disequilibria?
Peltonen, Tuomas A. - 2011
A core stylized fact of the empirical exchange rate literature is that half-life deviations of equilibrium real exchange rates from levels implied by Purchasing Power Parity (PPP) are very persistent. Empirical efforts to explain this persistence typically proceed along two distinct paths,...
Persistent link: https://www.econbiz.de/10013134541
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The Feldstein-Horioka Fact
Giannone, Domenico; Lenza, Michele - 2021
This paper shows that general equilibrium effects can partly rationalize the high correlation between saving and investment rates observed in OECD countries. We find that once controlling for general equilibrium effects the saving-retention coefficient remains high in the 70's but decreases...
Persistent link: https://www.econbiz.de/10013316585
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Disaggregating Okun's Law : Decomposing the Impact of the Expenditure Components of GDP on Euro Area Unemployment
Anderton, Robert - 2014
This paper examines the usefulness of the Okun relationship as a “rule of thumb” for predicting changes in unemployment … differential reaction of unemployment to changes in the various expenditure components of GDP - significantly enhances the capacity … of the Okun relationship (in comparison to the aggregate “rule of thumb”) for predicting movements in unemployment. The …
Persistent link: https://www.econbiz.de/10013043078
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Part-time work in EU countries: labour market mobility, entry and exit
Buddelmeyer, Hielke; Mourre, Gilles; Ward-Warmedinger, … - 2005
This paper looks at the role of part-time work in labour mobility for 11 European countries. We find some evidence of part-time work being used as a stepping stone into full-time employment, but for a small proportion of individuals (less than 5%). Part-time jobs are also found to be more...
Persistent link: https://www.econbiz.de/10011604506
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Detecting and interpreting financial stress in the euro area
Blix Grimaldi, Marianna - 2010
There is a need to find better models and indicators for large disruptive events, not least in order to be more prepared and mitigate their effects. In this paper we take a step in this direction and discuss the performance of a financial stress indicator with a specific focus on the euro area....
Persistent link: https://www.econbiz.de/10011605260