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What's "structural" about unemployment in Europe : on the determinants of the European Commission's NAIRU estimates
Heimberger, Philipp; Kapeller, Jakob; Schütz, Bernhard - 2016
This paper analyzes the determinants of the European Commission's NAIRU estimates for 14 European OECD countries during … 1985-2012. The NAIRU is a poor proxy for 'structural unemployment': Labor market institutions - employment protection … legislation, union density, tax wedge, minimum wages - underperform in explaining the NAIRU, while cyclical variables - capital …
Persistent link: https://www.econbiz.de/10011779361
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The impact of fiscal policy on economic activity over the business cycle : evidence from a threshold VAR analysis
Baum, Anja; Koester, Gerrit B. - 2011
Does the state of the business cycle matter for the effects of fiscal policy shocks on GDP? This study analyses quarterly German data from 1976 to 2009 in a threshold SVAR, expanding the SVAR approach by Blanchard and Perotti (2002). In a linear benchmark SVAR, the analysis finds that hiking...
Persistent link: https://www.econbiz.de/10008936115
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RGAP: output gap estimation in R
Streicher, Sina - 2022
Assessing potential output and the output gap is essential for policy-making and fiscal surveillance. The European Commission proposes a production function methodology that involves the estimation of two classes of Gaussian state space models. This paper presents the R package RGAP which...
Persistent link: https://www.econbiz.de/10013256541
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The European Commission's new NAIRU : does it deliver?
Gechert, Sebastian; Rietzler, Katja; Tober, Silke - 2014
The NAIRU is a key component of potential output and as such critically affects output gap estimates. In May 2014, the … European Commission changed its specification of the NAIRU for several countries and lowered its NAIRU estimates - in the case … of Spain from 26.6% to 20.7% for 2015. To test the dependence of the new NAIRU on unemployment versus structural factors …
Persistent link: https://www.econbiz.de/10010458229
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Reforming the labor market and improving competitiveness : an analysis for Spain using FiMod
Schwarzmüller, Tim; Stähler, Nikolai - 2011
This paper uses an extended version of “FiMod – A DSGE Model for Fiscal Policy Simulations” (Stähler and Thomas, 2011) with endogenous job destruction decisions by private firms to analyze the effects of several currently discussed labor market reforms on the Spanish economy. The main...
Persistent link: https://www.econbiz.de/10009389750
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Reforming the labor market and improving competitiveness : an analysis for Spain using FiMod
Schwarzmüller, Tim; Stähler, Nikolai - In: SERIEs : Journal of the Spanish Economic Association 4 (2013) 4, pp. 437-471
This paper uses an extended version of “FiMod—A DSGE Model for Fiscal Policy Simulations” (Stähler and Thomas Econ Model 29:239–261, 2012) with endogenous job destruction decisions by private firms to analyze the effects of several currently discussed labor market reforms on the Spanish...
Persistent link: https://www.econbiz.de/10010223397
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Reforming the Labor Market and Improving Competitiveness : An Analysis for Spain Using Fimod
Schwarzmüller, Tim - 2016
This paper uses an extended version of 'FiMod - A DSGE Model for Fiscal Policy Simulations' (Stähler and Thomas, 2011) with endogenous job destruction decisions by private firms to analyze the effects of several currently discussed labor market reforms on the Spanish economy. The main focus is...
Persistent link: https://www.econbiz.de/10012991021
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The time for austerity : estimating the average treatment effect of fiscal policy
Jordà, Òscar; Taylor, Alan M. - 2014
After the Global Financial Crisis a controversial rush to fiscal austerity followed in many countries. Yet research on the effects of austerity on macroeconomic aggregates was and still is unsettled, mired by the difficulty of identifying multipliers from observational data. This paper...
Persistent link: https://www.econbiz.de/10010463587
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Reassessment of the fiscal multiplier in developing countries : regime-switching model
Hlaváček, Michal; Ismayilov, Ilgar; Zeynalov, Ayaz - 2020
The existing literature on fiscal policy has mainly employed linear models that found a small fiscal multiplier in developing economies. These findings challenge the importance and effectiveness of fiscal policy for these countries. However, linear models are not capable of distinguishing the...
Persistent link: https://www.econbiz.de/10012205597
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The Impact of Fiscal Policy on Economic Activity Over the Business Cycle - Evidence from a Threshold VAR Analysis
Baum, Anja - 2016
Does the state of the business cycle matter for the effects of fiscal policy shocks on GDP? This study analyses quarterly German data from 1976 to 2009 in a threshold SVAR, expanding the SVAR approach by Blanchard and Perotti (2002). In a linear benchmark SVAR, the analysis finds that hiking...
Persistent link: https://www.econbiz.de/10012991046