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Leverage Shocks : Firm-Level Evidence on Debt Overhang and Investment
Cevik, Serhan; Miryugin, Fedor - 2021
-pronged approach to investigate the relationship between corporate leverage and fixed investment spending. The empirical analysis …
Persistent link: https://www.econbiz.de/10013250075
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The Return of Expansionary Austerity : Firms’ Investment Response to Fiscal Adjustments in Emerging Markets
Magud, Nicolás E.; Pienknagura, Samuel - 2022
We study the response of corporate investment in Emerging Markets to unexpected fiscal shocks. We find that, although … firm-level investment decreases on impact following unexpected public expenditure adjustments (classical Keynesian … multiplier effect), it quickly rises above pre-shock levels. The rebound in investment is facilitated by fiscal space, flexible …
Persistent link: https://www.econbiz.de/10013291760
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Household Production, Services and Monetary Policy
Lonkeng Ngouana, Constant - 2012
A distinctive feature of market-provided services is that some of them have close substitutes at home. Households may therefore switch between consuming home and market services in response to changes in the real wage - the opportunity cost of working at home - and changes in the price of market...
Persistent link: https://www.econbiz.de/10013098601
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Assessing the Macroeconomic Impact of Structural Reforms the Case of Italy
Lusinyan, Lusine - 2013
Wide-ranging structural reforms are underway in Italy, aimed at addressing key bottlenecks in the product and labor markets. Our analysis, based on the IMF's Global Integrated Monetary and Fiscal model (GIMF), attempts to quantify the potential gains to the economy from a comprehensive package...
Persistent link: https://www.econbiz.de/10013086322
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Money Creation in Fiat and Digital Currency Systems
Gross, Marco - 2020
To support the understanding that banks' debt issuance means money creation, while centralized nonbank financial institutions' and decentralized bond market intermediary lending does not, the paper aims to convey two related points: First, the notion of money creation as a result of banks' loan...
Persistent link: https://www.econbiz.de/10012842210
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Quarterly Projection Model for India : Key Elements and Properties
Beneš, Jaromír - 2017
This paper outlines the key features of the production version of the quarterly projection model (QPM), which is a forward-looking open-economy gap model, calibrated to represent the Indian case, for generating forecasts and risk assessment as well as conducting policy analysis. QPM incorporates...
Persistent link: https://www.econbiz.de/10012960572
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Inflation-Forecast Targeting for India : An Outline of the Analytical Framework
Beneš, Jaromír - 2017
India formally adopted flexible inflation targeting (FIT) in June 2016 to place price stability, defined in terms of a target CPI inflation, as the primary objective of monetary policy. In this context, the paper draws on Indian macroeconomic developments since 2000 and the experience of other...
Persistent link: https://www.econbiz.de/10012960575
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Corporate Tax Reform : From Income to Cash Flow Taxes
Carton, Benjamin - 2019
boost afforded by the tax and maintain domestic investment-saving equilibrium. The paper demonstrates that spillover effects … from the tax reform are positive in the long run as other countries' exports benefit from additional investment in the …
Persistent link: https://www.econbiz.de/10012892930
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Spillovers from China Onto Sub-Saharan Africa : Insights from the Flexible System of Global Models (FSGM)
Anderson, Derek - 2015
individual countries in SSA through a variety of channels (trade, investment, financial) as well as the impact on the region …
Persistent link: https://www.econbiz.de/10013012435
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Back to the Future : Fiscal Rules for Regaining Sustainability
Cevik, Serhan - 2019
This paper assesses the cyclicality and sustainability of fiscal policy in Belize and applies a stochastic simulation model to determine the optimal set of fiscal rules. The empirical analysis shows that fiscal policy in Belize has been significantly procyclical and unsustainable much of the...
Persistent link: https://www.econbiz.de/10012858382