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Overaccumulation, public debt, and the importance of land
Homburg, Stefan - 2014 - Rev. Febr. 2014
capital. They suggest large and lasting public deficits as a remedy. This paper argues that overaccumulation cannot occur in … an economy with land. It presents novel data of aggregate land values, analyzes the issue in a stochastic framework, and … conducts an empirical test of overaccumulation. …
Persistent link: https://www.econbiz.de/10010344962
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Overaccumulation, public debt, and the importance of land : conference paper
Homburg, Stefan - 2014 - Final version April 2014
capital. They suggest large and lasting public deficits as a remedy. This paper argues that overaccumulation cannot occur in … an economy with land. It presents novel data of aggregate land values, analyzes the issue in a stochastic framework, and … conducts an empirical test of overaccumulation. …
Persistent link: https://www.econbiz.de/10010485273
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Overaccumulation, public debt and the importance of land
Homburg, Stefan - In: German economic review 15 (2014) 4, pp. 411-435
Persistent link: https://www.econbiz.de/10010498686
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Property taxes and dynamic inefficiency : a orrection of a "correction"
Hellwig, Martin - 2020
According to Homburg's (2014) comment on Kim and Lee (1997), an ad-valorem property tax on land cannot cause dynamic … or greater than land rents. With such a tax, Homburg claims, land would be intrinsically worthless and the market for … land would be closed. The latter claims are invalid because, as a store of value, land can be traded at a positive price …
Persistent link: https://www.econbiz.de/10012242764
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Government deficits in large open economies : the problem of too little public debt
Buiter, Willem H.; Sibert, Anne C. - 2015
Large and growing levels of public debt in the United States, United Kingdom, Japan and the Euro Area raise new interest in the cross-country effects of a large open economy's deficits. The authors consider a dynamic optimising model with costly tax collection and exogenously given public...
Persistent link: https://www.econbiz.de/10011316577
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Optimal time-consistent government debt maturity
Debortoli, Davide; Nunes, Ricardo; Yared, Pierre - 2016
This paper develops a model of optimal debt maturity in which the government cannot issue statecontingent debt. As the literature has established, if the government can perfectly commit to fiscal policy, it fully insulates the economy against government spending shocks by purchasing short-term...
Persistent link: https://www.econbiz.de/10011478536
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Government deficits in large open economies : the problem of too little public debt
Buiter, Willem H.; Sibert, Anne C. - 2016
Large and growing levels of public debt in the United States, United Kingdom, Japan and the Euro Area raise new interest in the cross-country effects of a large open economy's deficits. The authors consider a dynamic optimising model with costly tax collection and exogenously given public...
Persistent link: https://www.econbiz.de/10011416454
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Fiscal austerity in ambiguous times
Ferrière, Axelle; Karantounias, Anastasios G. - 2016
How should public debt be managed when uncertainty about the business cycle is widespread and debt levels are high, as in the aftermath of the last financial crisis? This paper analyzes optimal fiscal policy with ambiguity aversion and endogenous government spending. We show that, without...
Persistent link: https://www.econbiz.de/10011446558
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Capital Taxation and Government Debt Policy with Public Discounting
Rieth, Malte - 2017
This paper characterizes capital taxation and public debt policy in a quantitative macroeconomic model with an impatient government and uncertainty. The government has access to linear taxes on capital and labor, and to non-state-contingent bonds. Government impatience generates positive and...
Persistent link: https://www.econbiz.de/10012943602
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Fiscal Commitment and Sovereign Default Risk
Liu, Siming - 2020
This paper studies the interaction between fiscal commitment and sovereign default risk in a model with optimal taxation and government spending. A time-inconsistency problem arises in our framework as the government cannot credibly commit to its future tax policies. As a result, it chooses...
Persistent link: https://www.econbiz.de/10012852455