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Macroeconomic and Welfare Costs of U.S. Fiscal Imbalances

Gruss, Bertrand - 2012

In this paper we use a general equilibrium model with heterogeneous agents to assess the macroeconomic and welfare consequences in the United States of alternative fiscal policies over the medium-term. We find that failing to address the fiscal imbalances associated with current federal fiscal...

Persistent link: https://www.econbiz.de/10014396892

On Price Stability and Welfare

Yehoue, Etienne B. - 2012

been to raise inflation targets to provide more room for policy rate easing during crises. This paper addresses a different … issue: the relationship between inflation and welfare. The literature is surveyed and a model is developed. A key conclusion … is that an increase in inflation targets gives rise to additional welfare costs, even after the extra room to maneuver …

Persistent link: https://www.econbiz.de/10014395686

The macroeconomic costs of conflict

Novta, Natalija; Pugacheva, Evgenia - 2020

Macroeconomic costs of conflict are generally very large, with GDP per capita about 28 percent lower ten years after conflict onset. This is overwhelmingly driven by private consumption, which falls by 25 percent ten years after conflict onset. Conflict is also associated with dramatic declines...

Persistent link: https://www.econbiz.de/10012252077

The macroeconomic effects of trade tariffs : revisiting the Lerner symmetry result

Lindé, Jesper; Pescatori, Andrea - 2017

We study the robustness of the Lerner symmetry result in an open economy New Keynesian model with price rigidities. While the Lerner symmetry result of no real effects of a combined import tariff and export subsidy holds up approximately for a number of alternative assumptions, we obtain...

Persistent link: https://www.econbiz.de/10011705009

The Costs of Taxation and the Marginal Cost of Funds

Slemrod, Joel - 1995

It is argued that taxation causes three kinds of deadweight losses and two types of direct costs. The deadweight losses arise from substitution, evasion, and avoidance activities while the direct costs are administrative and compliance costs. Some of these social costs tend to be discontinuous...

Persistent link: https://www.econbiz.de/10014396048

Recursive Utility, Endogenous Growth, and the Welfare Cost of Volatility

Pommeret, Aude - 2001

This paper proposes a measure of the welfare cost of volatitliy derived from an endogenous growth model (AK) under uncertainty extended to the case of a recursive utility function which disentangles risk aversion from intertemporal elasticity of substitution. It encompasses a direct welfare cost...

Persistent link: https://www.econbiz.de/10014400117

Sharp Reductions in Current Account Deficits : An Empirical Analysis

Milesi-Ferretti, Gian-Maria - 1997

The paper studies determinants and consequences of sharp reductions in current account imbalances (reversals) in low- and middle-income countries. It poses two questions: what triggers reversals, and what factors explain how costly reversals are? It finds that both domestic variables, such as...

Persistent link: https://www.econbiz.de/10014403336

Wage Indexation and the Cost of Disinflation

Jadresic, Esteban - 1996

While a standard academic presumption has been that wage indexation reduces the cost of disinflation, policymakers generally contend that wage indexing makes disinflation more difficult. To shed light on these views, this paper reexamines the effects of wage indexing on the output loss caused by...

Persistent link: https://www.econbiz.de/10014398502

Models of Inflation and the Costs of Disinflation

Meredith, Guy - 1991

This paper focuses on the output costs of disinflation. A model of inflation with both forward and backward elements … seems to characterize reality. Such an inflation model is estimated using data for industrial countries, and the output … is considered. An alternative, more credible policy may be to announce an exchange rate peg to a low inflation currency …

Persistent link: https://www.econbiz.de/10014395898

The African Continental Free Trade Agreement : welfare gains estimates from a general equilibrium model

Abrego, Lisandro E.; Amado, Maria Alejandra; Gursoy, Tunc; … - 2019

In March 2018, representatives of member countries of the African Union signed the African Continental Free Trade Area (AfCFTA) agreement. This agreement provides a framework for trade liberalization in goods and services and is expected to eventually cover all African countries. Using a...

Persistent link: https://www.econbiz.de/10012102028

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