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Unemployment, Factor Substitution, and Capital Formation

Kaas, Leo; von Thadden, Leopold - 2001

We incorporate a wage bargaining structure in a dynamic general equilibrium model and show how this feature changes short and long-run properties of equilibria compared with a perfectly competitive setting. We discuss how employment, capital, and income shares respond to wage setting shocks and...

Persistent link: https://www.econbiz.de/10010295699

Budgetary Policy and Unemployment Dynamics

von Thadden, Leopold; Kaas, Leo - 2001

We consider a dynamic general equilibrium model with collective wage bargaining and investigate how unemployment dynamics are affected by two types of budgetary policies. In line with traditional reasoning, a balanced-budget rule amplifies fluctuations in the short run, whereas an...

Persistent link: https://www.econbiz.de/10010295705

Monetary and fiscal policy rules in a model with capital accumulation and potentially non-superneutral money

von Thadden, Leopold - 2002

-state real interest rate is independent of inflation. If this is the case, there exists in our model a unique steady state with … terms of the 'activeness' of the interest rate feedback on inflation. This is ruled out under monetary targeting. …-Effektes bezüglich der Inflation in der Zinsregel unterscheiden. Eine derartige Konstellation globaler Indeterminiertheit tritt bei der …

Persistent link: https://www.econbiz.de/10010295739

Active monetary policy, passive fiscal policy and the value of public debt: some further monetarist arithmetic

von Thadden, Leopold - 2003

We consider the properties of two monetary policy rules ("strict inflation targeting", "constant money growth rule") in … nominal terms. Under a constant money growth rule which allows for temporary deviations of inflation from target in response … contrast, a policy of strict inflation targeting implements the target inflation rate also outside the steady state and …

Persistent link: https://www.econbiz.de/10010295760

Earlier or Later: A General Equilibrium Analysis of Bringing Forward an Already Announced Tax Reform

Honerkamp, Josef; Moog, Stefan; Raffelhüschen, Bernd - 2004

The German Income Tax Reform 2000, which announced a reduction in income tax rates to be implemented in a series of three stages, was welcomed by the public as a step towards unleashing lurking growth potentials. Nonetheless, in the course of the year 2001 a dispute arose, centering around the...

Persistent link: https://www.econbiz.de/10010296848

Environmental externality and capital accumulation in an overlapping generations model with heterogeneous preference

Vernasca, Gianluigi - 2005

We study an overlapping generations model á la Diamond in which two types of agents are alive at the same time. One type of agents cares about its own level of consumption and an idex of environmental quality, while the other type of agents carse only about its own consumption. At any period,...

Persistent link: https://www.econbiz.de/10010326093

Intergenerational redistribution with asymmetric information: The case of non-observable savings

Lorz, Jens Oliver - 1999

This paper analyzes intergenerational redistribution in a 2-period overlapping- generations model that allows for heterogeneous labor productivities within the working generation. In each period, the government decides about redistributive transfers to maximize the aggregate utility of the...

Persistent link: https://www.econbiz.de/10010331072

Public debt places no burden on future generations under demand shortage

Ogawa, Takayuki; Ono, Yoshiyasu - 2010

In a Diamond-type overlapping-generations setting public debt issuance places no burden on future generations including those who repay the debt if prices and wages are fixed and unemployment occurs in the periods in which public bonds are issued and repaid. Whether the collected fund is spent...

Persistent link: https://www.econbiz.de/10010332241

Welfare analysis of debt policy during recessions

Ogawa, Takayuki - 2005

This paper develops an overlapping-generations model with nominal wage rigidities and examines the welfare effects of debt policy when unemployment exists. Issues of public debt stimulate aggregate consumption demand and create employment. Future generations then face both increased wage incomes...

Persistent link: https://www.econbiz.de/10010332398

Systematic discounting in climate policy analysis

Bayer, Stefan; Cansier, Dieter - 1996

-cost analysis. Reference point is the Ramsey-rule which results from optimal growth theory. The agents live infinitely long. This …

Persistent link: https://www.econbiz.de/10010435515