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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

Institutions and macroeconomic performance : central bank independence, labour market institutions and the perspectives for inflation and employment in the European Monetary Union

Hein, Eckhard - 2001

Starting from a Post-Keynesian model in which employment is determined by effective demand and the NAIRU is viewed as a … to prevent the rate of unemployment from falling below the NAIRU. But price stability also depends on labour market … institutions. Horizontally and vertically co-ordinated wage bargaining allows for a considerable reduction of the NAIRU and hence …

Persistent link: https://www.econbiz.de/10010486809

The Impact of Tax, Product and Labour Market Distortions on the Phillips Curve and the Natural Rate of Unemployment

Bokan, Nikola - 2010

Most people accept that structural and labour market reforms are needed in Europe. However few have been undertaken. The usual conjecture is that reforms are costly in economic performance and costly to finance. Blanchard and Giavazzi (2003) and Spector (2004) develop a general equilibrium model...

Persistent link: https://www.econbiz.de/10013135626

New Insights into optimal control of nonlinear dynamic econometric models : application of a heuristic approach

Blueschke, Dmitri; Blueschke-Nikolaeva, Viktoria; … - 2012

Optimal control of dynamic econometric models has a wide variety of applications including economic policy relevant issues. There are several algorithms extending the basic case of a linear-quadratic optimization and taking nonlinearity and stochastics into account, but being still limited in a...

Persistent link: https://www.econbiz.de/10009505444

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

Fiscal Multipliers and the State of the Economy

Baum, Anja - 2013

Only a few empirical studies have analyzed the relationship between fiscal multipliers and the underlying state of the economy. This paper investigates this link on a country-by-country basis for the G7 economies (excluding Italy). Our results show that fiscal multipliers differ across...

Persistent link: https://www.econbiz.de/10013088409

Does it Matter When Labor Market Reforms are Implemented? The Role of the Monetary Policy Environment

Lastauskas, Povilas - 2019

Do labor market reforms initiated in periods of loose monetary policy yield different outcomes from those that were introduced in periods when monetary tightening prevailed? Since economic theory usually pays attention to the steady state change and ignores business cycle interactions of...

Persistent link: https://www.econbiz.de/10012861428

Optimal Level of Government Debt : Matching Wealth Inequality and the Fiscal Sector

Vogel, Edgar - 2014

We calibrate an incomplete markets large scale OLG model to the US income and wealth distribution and examine the effects of alternative government debt levels and adjustment policies on macroeconomic aggregates and welfare. We find that the government should hold negative debt. Due to the high...

Persistent link: https://www.econbiz.de/10013047686

The Estimation of Reaction Functions Under Tax Competition

Miniaci, Raffaele - 2018

Tax competition has long been studied using panel models. According to this approach, each country's tax rate is assumed to depend on a weighted average of the tax rates applied in the rest of the world, where weights are exogenous. As a consequence, the estimated reaction functions of countries...

Persistent link: https://www.econbiz.de/10012920345

The impact of Cohesion Policy 2007-2015 in EU regions : simulations with the RHOMOLO Interregional Dynamic General Equilibrium Model

Di Comite, Francesco; Lecca, Patrizio; Monfort, Philippe; … - 2018

In this paper we assess the system-wide economic impact of the key financial instruments adopted by the European Union for the implementation of the regional policy: The Structural funds and The Cohesion Funds. We take a bottom-up approach by aggregating the 86 categories of expenditures defined...

Persistent link: https://www.econbiz.de/10011981477

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