This paper challenges the conventional view according to which disinflations in LAC-even from low and moderate peaks-have been carried out at no cost to output. After suggesting a new methodology that allows for long-lived effects and inflation inertia when measuring costs of disinflations,...

Recent years have seen a growing literature on the environmental Kuznets curve (EKC) that resorts in a large part to cointegration techniques. The EKC literature has failed to acknowledge that such regressions involve unit root nonstationary regressors and their integer powers (e.g. GDP and GDP...

Declining inflation rates might have negative consequences for tax revenues. Phenomena like the inflationary bracket creep in a progressive income tax system do not work any longer. With this background the paper analyzes the extent of fiscal drag for OECD countries since 1965. Some...

Die US-Volkswirtschaft ist seit einigen Jahren durch ein inflationsfreies Wachstum bei gleichzeitig niedriger Arbeitslosigkeit gekennzeichnet - eine Konstellation, die als New Economy bezeichnet wird. Handelt es sich dabei um eine grundlegende Veränderung der bisher vorherrschenden...

Das Schlagwort „Neue Ökonomie" umschreibt eine Wirtschaft mit einem inflationsfreien Wachstum bei niedriger Arbeitslosigkeit, wie sie in den Vereinigten Staaten seit einigen Jahren zu beobachten ist. Ist diese Konstellation von Dauer? Liegen ihr ganz neue ökonomische Gesetzmäßigkeiten...

In recent years, extensive literature on the Environmental Kuznets Curve leading to optimistic policy conclusions has attracted great attention. However, the underlying cross-section estimations are not very reliable. Accordingly, this contribution uses time series data for a single country with...

Production often causes pollution as a by-product. Once pollution problems become too severe, regulation is introduced by political authorities which forces the economy to make a transition to cleaner production processes. We model this transition as a change in general purpose technology (GPT)...