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In recent years, a lot of rules concerning government expenditures as well as tax revenues were changed in Germany. Government expenditures in relation to GDP were reduced, income tax rates were lowered and the budget deficit declined. The structure of government expenditures changed in favor of...
Persistent link: https://www.econbiz.de/10003812625
We examine global economic dynamics under learning in a New Keynesian model in which the interest-rate rule is subject to the zero lower bound. Under normal monetary and fiscal policy, the intended steady state is locally but not globally stable. Large pessimistic shocks to expectations can lead...
Persistent link: https://www.econbiz.de/10003485046
In recent years, a lot of rules concerning government expenditures as well as tax revenues were changed in Germany. Government expenditures in relation to GDP were reduced, income tax rates were lowered and the budget deficit declined. The structure of government expenditures changed in favor of...
Persistent link: https://www.econbiz.de/10003457395
In many countries, fiscal policy became strongly expansionary in order to fight the recession. Structural budget deficits increased sharply and might remain high after the end of the recession. This would raise real interest rates and would impair economic growth. Some measures to reduce the...
Persistent link: https://www.econbiz.de/10003877594
Das reale Bruttoinlandsprodukt nahm in den neunziger Jahren in Deutschland je Jahr um etwa einen halben Prozentpunkt weniger zu als in den übrigen Ländern der Europäischen Währungsunion im Durchschnitt. Ein Teil der ?Wachstumslücke? kann durch Unterschiede der Staatsausgaben in Relation zum...
Persistent link: https://www.econbiz.de/10010488635
Der Kurs der Finanzpolitik in Deutschland hat sich im Verlauf des Jahres 1999 geändert. Ausgabenkürzungen wurden … durchgesetzt, deutliche Steuersenkungen sind geplant. Die Finanzpolitik fördert das Wachstum der Wirtschaft. Allerdings sind die …
Persistent link: https://www.econbiz.de/10011495297