Narrow search
Showing 1 - 10 of 98
Cover Image
What are the Effects of Fiscal Policy Shocks?
Mountford, Andrew; Uhlig, Harald - Sonderforschungsbereich 649: Ökonomisches Risiko, … - 2005
We propose and apply a new approach for analyzing the effects of fiscal policy using vector autoregressions. Unlike most of the previous literature this approach does not require that the contemporaneous reaction of some variables to fiscal policy shocks be set to zero or need additional...
Persistent link: https://www.econbiz.de/10005677998
Cover Image
The Welfare Enhancing Effects of a Selfish Government in the Presence of Uninsurable, Idiosyncratic Risk
Braun, R. Anton; Uhlig, Harald - Sonderforschungsbereich 649: Ökonomisches Risiko, … - 2006
This paper poses the following question: Is it possible to improve welfare by increasing taxes and throwing away the revenues? This paper demonstrates that the answer to this question is “yes.” We show that there may be welfare gains from taxing capital income even when the additional...
Persistent link: https://www.econbiz.de/10005677914
Cover Image
Fiscal Policy Rules in Practice
Thams, Andreas - Sonderforschungsbereich 649: Ökonomisches Risiko, … - 2007
are Member States in the European Monetary Union (EMU) and underwent considerable increases in public debt in the early … 1990s. We focus on the question, how fiscal policy behaves under rising public debt ratios. It is found that both Germany … and Spain generally exhibit a positive relationship between government revenues and debt. Using Markov …
Persistent link: https://www.econbiz.de/10005678038
Cover Image
Pension Sytems and the Allocation of Macroeconomic Risk
Bovenberg, Lans; Uhlig, Harald - Sonderforschungsbereich 649: Ökonomisches Risiko, … - 2006
This paper explores the optimal risk sharing arrangement between generations in an overlapping generations model with endogenous growth. We allow for nonseparable preferences, paying particular attention to the risk aversion of the old as well as overall ``life-cycle´´ risk aversion. We...
Persistent link: https://www.econbiz.de/10005489969
Cover Image
Fiscal Policy Effects in the European Union
Thams, Andreas - Sonderforschungsbereich 649: Ökonomisches Risiko, … - 2006
Bayesian VAR model using sign restrictions to assess the relation between surpluses and public debt. Afterwards, we use a …
Persistent link: https://www.econbiz.de/10005652768
Cover Image
Fiscal Devaluation in a Monetary Union
Engler, Philipp; Ganelli, Giovanni; Tervala, Juha; … - Sonderforschungsbereich 649: Ökonomisches Risiko, … - 2014
Between 1999 and the onset of the economic crisis in 2008 real ex-change rates in Greece, Ireland, Italy, Portugal and Spain appreciated relative to the rest of the euro area. This divergence in competitiveness was reflected in the emergence of current account imbalances. Given that exchange...
Persistent link: https://www.econbiz.de/10010735915
Cover Image
The composition of government spending and the multiplier at the Zero Lower Bound
Albertini, Julien; Poirier, Arthur; Roulleau-Pasdeloup, … - Sonderforschungsbereich 649: Ökonomisches Risiko, … - 2014
We investigate the size of the multiplier at the ZLB in a New keynesian model. It ranges from around -0.25 to +1.5, depending on the extent to which government spending is productive, substitutable or not for private consumption.
Persistent link: https://www.econbiz.de/10010742487
Cover Image
Unemployment benefits extensions at the zero lower bound on nominal interest rate
Albertini, Julien; Poirier, Arthur - Sonderforschungsbereich 649: Ökonomisches Risiko, … - 2014
In this paper we investigate the impact of the recent US unemployment benefits extension on the labor market dynamic when the nominal interest rate is held at the zero lower bound (ZLB). Using a New Keynesian model, our quantitative experiments suggest that, in contrast to the existing...
Persistent link: https://www.econbiz.de/10010746930
Cover Image
When the Taylor principle is insufficient - A benchmark for the fiscal theory of the price level in a monetary union
Brede, Maren - Sonderforschungsbereich 649: Ökonomisches Risiko, … - 2014
This paper derives restrictions on monetary and fiscal policies for determinate equilibria in a two-country monetary union with autarkic members. It finds that a central bank following the Taylor principle may not be sufficient for determinacy unless accompanied by one 'active' fiscal authority...
Persistent link: https://www.econbiz.de/10011097003
Cover Image
Functional stable limit theorems for efficient spectral covolatility estimators
Altmeyer, Randolf; Bibinger, Markus - Sonderforschungsbereich 649: Ökonomisches Risiko, … - 2014
We consider noisy non-synchronous discrete observations of a continuous semimartingale. Functional stable central limit theorems are established under high-frequency asymptotics in three setups: onedimensional for the spectral estimator of integrated volatility, from two-dimensional asynchronous...
Persistent link: https://www.econbiz.de/10011277279