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Exchange Rate Misalignments and Crises
Stein, Jerome L.; Paladino, Giovanna - 2021
productivity of the economy. Trends in social consumption/GDP, and in fiscal policy, reflected political regime changes in France …
Persistent link: https://www.econbiz.de/10013320946
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Monopsony makes firms not only small but also unproductive : why East Germany has not converged
Bachmann, Ruediger; Bayer, Christian; Stüber, Heiko; … - 2022
adverse consequences for aggregate labor productivity. Using high-quality administrative data from Germany, we document that … data predicts 10 percent lower aggregate labor productivity in East Germany. …
Persistent link: https://www.econbiz.de/10013198922
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Fiscal Multipliers Across the Credit Cycle
Borsi, Mihály - 2016
This paper studies the differences between fiscal multipliers in OECD economies across the credit cycle. Impulse responses are obtained using a state-dependent model with direct projections, in which multipliers depend on the state of credit markets. Identification of the effects of fiscal...
Persistent link: https://www.econbiz.de/10012983581
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The Macroeconomics of the Greek Depression
Chodorow-Reich, Gabriel - 2019
contractionary fiscal policies account for the largest fraction of the Greek depression. A decline in total factor productivity, due …
Persistent link: https://www.econbiz.de/10012869782
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Has Inflation Targeting Strategy Made A Difference in Ghanaian Macroeconomic Management? Analysis of Business Cycle Fluctuations and Econometric Estimates
Akosah, Nana Kwame; Paul Alagidede, Imhotep; Schaling, Eric - 2020
For over a decade of practicing inflation targeting (IT) strategy, inflation has remained high and persistent while … management in Ghana by reducing average inflation rate, boosting average growth rate and dampening the cyclical oscillations in … both output and inflation. We however find a slower pace of disinflation in Ghana, underpinning the high inflation inertia …
Persistent link: https://www.econbiz.de/10014093032
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Imperfect financial markets and the cyclicality of social spending
Froemel, Maren; Paczos, Wojtek - 2024
This paper explores the link between default risk and fiscal procyclicality. We show that countries with higher sovereign risk have a more procyclical fiscal expenditure policy, which is driven mostly by transfers. We build a small open economy model with income inequality, social transfers, and...
Persistent link: https://www.econbiz.de/10014490852
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Heterogeneity in the exchange rate pass-through to consumer prices : the Swiss franc appreciation of 2015
Oktay, Alex - In: Swiss journal of economics and statistics 158 (2022) 1, pp. 1-20
This paper analyzes the exchange rate pass-through to consumer prices for 85 categories of goods and services in Switzerland. The pass-through estimates are computed using a synthetic difference-in-differences approach that exploits the large Swiss franc appreciation that followed the unexpected...
Persistent link: https://www.econbiz.de/10013542077
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The Effect of Legislated Tax Changes on the Trade Balance: Empirical Evidence for the United States, Germany, and the United Kingdom
Hayo, Bernd; Mierzwa, Sascha - 2021
Using a narrative account of quarterly discretionary changes in tax liabilities from 1974Q4 to 2018Q2 in a VAR setting, we study whether legislative tax changes affect the trade balance in the United States, Germany, and the United Kingdom. As legislative tax changes we consider (i) all changes,...
Persistent link: https://www.econbiz.de/10012543684
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Imperfect financial markets, external debt, and the cyclicality of social transfers : conference paper
Frömel, Maren - 2013 - Preliminary
This paper deals with fiscal policy over the business cycle when international financial markets are imperfect. I document evidence that government expenditure tends to be more procyclical the higher is the borrowing cost for a sovereign. Decomposing government expenditure components shows that...
Persistent link: https://www.econbiz.de/10010341002
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Is Fiscal Policy Procyclical in Resource-Rich Countries
Aliyev, Ilkin - 2012
We analyze fiscal policy procyclicality in resource-rich countries. We obtain a strong U-shaped relationship between the procyclicality of government capital expenditures and the resource richness measure comprised of the mineral exports share in total merchandise exports for developing...
Persistent link: https://www.econbiz.de/10013103578