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Unemployment, Growth and Fiscal Policy : New Insights on the Hysteresis Hypothesis
Sorolla, Valeri; Sala, Héctor; Raurich, Xavier - 2004
We develop a growth model with unemployment due to imperfections in the labor market. In this model, wage inertia and balanced budget rules cause a complementarity between capital and employment capable of explaining the existence of multiple equilibrium paths. Hysteresis is viewed as the result...
Persistent link: https://www.econbiz.de/10010276428
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Fiscal Policy and Educational Attainment in the United States : A Generational Accounting Perspective
Chojnicki, Xavier; Docquier, Frédéric - 2004
In this paper, we investigate the consequences of the rise in educational attainment on the US generational accounts. We build on the 1995 accounts of Gokhale et al. (1999) and disaggregate them per schooling level. We show that low skill newborns are characterized by a negative generational...
Persistent link: https://www.econbiz.de/10010261806
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Is the Deficit under Control?
Bonin, Holger; Abio, Gemma; Berenguer, Eduardo; Gil, Joan; … - 2001
According to the 2001 Spanish budgetary previsions, the government deficit is about to disappear. We analyse this matter within a generational accounting framework. Accounting for the recent expansive phase of the economic cycle, we find that current fiscal policy is also intertemporally...
Persistent link: https://www.econbiz.de/10010262513
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The German Labor Market during the Great Recession: Shocks and Institutions
Gehrke, Britta; Lechthaler, Wolfgang; Merkl, Christian - 2018
This paper analyzes Germany's unusual labor market experience during the Great Recession. We estimate a general … equilibrium model with a detailed labor market block for post-unification Germany. This allows us to disentangle the role of …
Persistent link: https://www.econbiz.de/10011931823
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Policy responses to fiscal restraints: A difference-in-discontinuities design
Grembi, Veronica; Nannicini, Tommaso; Troiano, Ugo - 2012
We evaluate the effect of relaxing fiscal rules on policy outcomes applying a quasi-experimental research design. In 1999, the Italian central government introduced fiscal rules aimed at imposing fiscal discipline on municipal governments, and in 2001 the rules were relaxed for municipalities...
Persistent link: https://www.econbiz.de/10010289910
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Populism, Political Risk and the Economy: Lessons from Italy
Balduzzi, Pierluigi; Brancati, Emanuele; Brianti, Marco; … - 2020
We study the effects on financial markets and real economic activity of changes in risk related to political events and policy announcements in Italy during the 2013-2019 period that saw the rise to power of populist parties. We focus on events that have implications for budgetary policy, debt...
Persistent link: https://www.econbiz.de/10012180122
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The unexpected appearance of a new German model
Eichhorst, Werner - 2012
inequality. Germany is a case in point as it exhibits growing employment figures and growing shares of low pay and non … institutions, the pattern found in Germany shows sequences of de- and re-regulatory reforms of employment protection and increasing …
Persistent link: https://www.econbiz.de/10010283946
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Dynamics of Labour and Capital Adjustment : A Comparison of Germany and the Netherlands
Polder, Michael; Verick, Sher - 2004
market is characterised by greater flexibility in wages and work arrangements in comparison to Germany. These institutional … dynamics as investment conditions are similar. Our results are consistent with this hypothesis. Furthermore, there is no …
Persistent link: https://www.econbiz.de/10010261963
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Non-Linearities in the Expansion of Capital Stock
Pfann, Gerard A.; Letterie, Wilko; Verick, Sher - 2004
The empirical identification of non-linearities in investment relies on how investment is assumed to be separated into … investment which allows us to observe regime separation, an aspect of the data that is typically absent from previous empirical … concentrating investment in a single year. Moreover, there is evidence that investment is more sensitive to fundamentals in the high …
Persistent link: https://www.econbiz.de/10010276179
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Generational Accounting as a Tool to Assess Fiscal Sustainability: An Overview of the Methodology
Bonin, Holger; Patxot, Concepció - 2004
The paper surveys the methodology of generational accounting, a tool for gauging intertemporal imbalance in government finances facing demographic transition. Starting from the fiscal balance rule providing the theoretical background, we review the methods of generational accountants for...
Persistent link: https://www.econbiz.de/10010261763