Showing 1 - 10 of 27
Persistent link: https://www.econbiz.de/10003809960
In a dynamic model of fiscal policy, social polarization provokes a deficit bias. Policy advisors have recently proposed that governments running a deficit should be forced to generate additional tax revenue. We show that this deficit taxation reduces the deficit bias as it internalizes the...
Persistent link: https://www.econbiz.de/10003546009
In a New Keynesian DSGE model with non-Ricardian consumers, we show that automatic stabilization according to a countercyclical spending rule following the idea of the debt brake is well suited both to steer the economy and in terms of welfare. In particular, the adjustment account set up to...
Persistent link: https://www.econbiz.de/10010298840
Este artículo presenta un modelo de equilibrio general dinámico y estocástico, de tamaño medio, para simulaciones de política fiscal. Respecto de otros modelos de este tipo, nuestro modelo incorpora dos características importantes. Por un lado, consideramos una estructura de unión...
Persistent link: https://www.econbiz.de/10012530334
In a New Keynesian DSGE model with non-Ricardian consumers, we show that automatic stabilization according to a countercyclical spending rule following the idea of the debt brake is well suited both to steer the economy and in terms of welfare. In particular, the adjustment account set up to...
Persistent link: https://www.econbiz.de/10003873005
Persistent link: https://www.econbiz.de/10008905723
We present the estimated large-scale three-region DSGE model GEAR picturing Germany, the Euro Area and the Rest of the world. Compared to existing models of this type, GEAR incorporates a comprehensive fiscal block, involuntary unemployment and a complex international structure. We use the model...
Persistent link: https://www.econbiz.de/10010516561
In this paper, we assess the impact of major German structural reforms from 1999 to 2008 on key macroeconomic variables. By many, these reforms, especially the Hartz reforms on the labor market, are considered to be the root of observed imbalances in the Euro Area. Our simulations within a...
Persistent link: https://www.econbiz.de/10011316580
Persistent link: https://www.econbiz.de/10009712559
Using an estimated large-scale New-Keynesian model, we assess welfare and business cycle consequences of a fiscal union within EMU. We differentiate between three different scenarios: public revenue equalisation, tax harmonisation and a centralised fiscal authority. Relative to the status quo,...
Persistent link: https://www.econbiz.de/10011546743