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Productivity, energy prices, and the great moderation: A new link
Dhawan, Rajeev; Jeske, Karsten; Silos, Pedro - 2008
We study how total factor productivity (TFP), energy prices, and the Great Moderation are linked. First we estimate a … negatively affected productivity. This spillover has since disappeared. Second, we show that within the framework of a dynamic … stochastic general equilibrium model, the disappearance of this energy-productivity spillover generates the significantly lower …
Persistent link: https://www.econbiz.de/10010292361
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A DSGE model for a SOE with systematic interest and foreign exchange policies in wich policymakers exploit the risk premium for stabilization purposes
Escudé, Guillermo - 2013
This paper builds a DSGE model for a SOE in which the central bank systematically intervenes both the domestic currency bond and the FX markets using two policy rules: a Taylor-type rule and a second rule in which the operational target is the rate of nominal currency depreciation. For this, the...
Persistent link: https://www.econbiz.de/10010325096
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Monetary Policy in a Small Open Economy Model: A DSGE-VAR Approach for Switzerland
Bäurle, Gregor; Menz, Tobias - 2008
We study the transmission of monetary shocks and monetary policy with a behavioral model, corrected for potential misspecification using the DSGE-VAR framework elaborated by DelNegro and Schorfheide (2004). In particular, we investigate if the central bank should react to movements in the...
Persistent link: https://www.econbiz.de/10011430077
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The Norwegian shareholder tax reconsidered
Södersten, Jan; Lindhe, Tobias - 2011
In an article in International Tax and Public Finance, Peter Birch Sørensen (2005) gives an in-depth account of the new Norwegian Shareholder Tax, which allows the shareholders a deduction for an imputed risk-free rate of return. Sørensen's positive evaluation appears as reasonable for a...
Persistent link: https://www.econbiz.de/10010321456
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Mitigating shareholder taxation in small open economies?
Jacob, Martin; Södersten, Jan - 2012
This article reconsiders the role of dividend taxation and its effect on the cost of capital of small firms. Using a simple portfolio model for small open economies, we show that a decrease in dividend taxes on large companies unambiguously increases the required rate of return for small...
Persistent link: https://www.econbiz.de/10010321463
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Mitigating Double Taxation in an Open Economy
Lindhe, Tobias - 2001
The interaction of various methods of mitigating economic and international double taxation of corporate source income is studied within a standard neoclassical model of firm behavior. The main purpose is to determine to what extent methods effective in mitigating economic double taxation in a...
Persistent link: https://www.econbiz.de/10010321707
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The announcement effect: Evidence from open market desk data
Jordà, Òscar; Demiralp, Selva; Liu, Holly; Williams, … - 2001
This paper investigates the ability of the Federal Reserve to manipulate the overnight rate without open market operations (which Demiralp and Jorda (2000) term the announcement effect), using high-frequency, open-market-desk data. Using similar data, Hamilton (1997) takes advantage of forecast...
Persistent link: https://www.econbiz.de/10010318605
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A structural interpretation of the impact of the great recession on the Austrian economy using an estimated DSGE model
Fenz, Gerhard; Reiss, Lukas; Schneider, Martin - 2012
In this paper we present an analysis of the impact of the great recession of the years 2008 and 2009 on the Austrian economy. For this purpose, we utilize the new estimated DSGE model of the OeNB for the Austrian economy within the Euro area. This model is a small open-economy version of Smets &...
Persistent link: https://www.econbiz.de/10013370094
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International Debt Deleveraging
Fornaro, Luca - 2013
I provide a framework for understanding debt deleveraging in a group of _nancially integrated countries. During an episode of international deleveraging world consumption demand is depressed and the world interest rate is low, reecting a high propensity to save. If exchange rates are allowed to...
Persistent link: https://www.econbiz.de/10013370099
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Takeoffs
Aizenman, Joshua; Spiegel, Mark - 2007
This paper identifies factors associated with takeoff - a sustained period of high growth following a period of stagnation. We examine a panel of 241 stagnation episodes" from 146 countries, 54 % of these episodes are followed by takeoffs. Countries that experience takeoffs average 2.3% annual...
Persistent link: https://www.econbiz.de/10010285304