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Fiscal policy in the semi-structural model ECB-BASE
Bańkowski, Krzysztof - 2023
Fiscal policy constitutes a key tool for business cycle stabilisation next to monetary policy. In this context, having a well-suited macroeconomic model for analysing fiscal policy at a central bank is of primary importance. This paper documents the fiscal block of the ECB-BASE, which is a...
Persistent link: https://www.econbiz.de/10014278636
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Quality of public finances and growth
Afonso, António; Ebert, Werner; Schuknecht, Ludger; … - 2005
In this paper we review the linkages between the quality of public finances, that is, the level and composition of public expenditure and its financing via revenue and deficits, and economic growth. We review the various channels through which public finances affect growth and its underlying...
Persistent link: https://www.econbiz.de/10002813412
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Myopic governments and welfare-enhancing debt limits
Rieth, Malte - 2011
is assumed to have a smaller discount factor than the private sector. Due to the absence of lump-sum taxation, debt …
Persistent link: https://www.econbiz.de/10009640642
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Myopic governments and welfare-enhancing debt limits
Rieth, Malte - 2011
is assumed to have a smaller discount factor than the private sector. Due to the absence of lump-sum taxation, debt …
Persistent link: https://www.econbiz.de/10008902385
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Destabilizing effects of bank overleveraging on real activity : an analysis based on a threshold MCS-GVAR
Groß, Marco; Henry, Jérôme; Semmler, Willi - 2017
We investigate the consequences of overleveraging and the potential for destabilizing effects from financial- and real-sector interactions. In a theoretical framework, we model overleveraging and indicate how a highly leveraged banking system can lead to unstable dynamics and downward spirals....
Persistent link: https://www.econbiz.de/10011664003
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A decomposition of structural revenue developments for euro area member states
Morris, Richard; Reiss, Lukas - 2020
driving forces of changes in estimated structural government revenue, including the impact of changes to tax legislation …, fiscal drag (caused e.g. by the non-indexation of income tax brackets), the composition of economic growth, and a residual … ratio increased substantially even though the estimated impact of changes to tax legislation was close to zero. In most …
Persistent link: https://www.econbiz.de/10012259400
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Global liquidity glut or global savings glut? : a structural VAR approach
Bracke, Thierry (contributor); Fidora, Michael (contributor) - 2008
Since the late-1990s, the global economy is characterised by historically low risk premia and an unprecedented widening of external imbalances. This paper explores to what extent these two global trends can be understood as a reaction to three structural shocks in different regions of the global...
Persistent link: https://www.econbiz.de/10003782658
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A quarterly fiscal database for the euro area based on intra-annual fiscal information
Paredes, Joan; Pedregal, Diego J.; Pérez, Javier J. - 2009
basis of general macroeconomic indicators, namely the well-known decoupling of tax collection from the evolution of standard … macroeconomic tax bases (revenue windfalls/shortfalls). - Euro area ; Fiscal policies ; Interpolation ; Unobserved Components models …
Persistent link: https://www.econbiz.de/10003969290
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Government bond risk premia and the cyclicality of fiscal policy
Christoffel, Kai; Jaccard, Ivan; Kilponen, Juha - 2011
We introduce a specification of habit formation featuring non-separability between consumption and leisure into an otherwise standard New Keynesian model. The model can be estimated with standard Bayesian techniques and the bond pricing implications are evaluated using higher-order...
Persistent link: https://www.econbiz.de/10009405588
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Dissecting saving dynamics : measuring wealth, precautionary and credit effects
Carroll, Chris; Slacalek, Jirka; Sommer, Martin - 2012
Persistent link: https://www.econbiz.de/10009765966