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CBDCs, Payment Firms, and Geopolitics
Berg, Tobias; Keil, Jan; Martini, Felix; Puri, Manju - National Bureau of Economic Research - 2024
We analyze the effect of a major central bank digital currency (CBDC) - the digital euro - on the payment industry to … firms increase in response to positive announcements on the digital euro. Bank stocks do not react. We estimate a loss in …
Persistent link: https://www.econbiz.de/10015056184
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Debt and the effects of fiscal policy
Favero, Carlo A. (contributor);  … - 2007
A fiscal shock due to a shift in taxes or in government spending will, at some point in time, constrain the future path of taxes and spending, since the government’s intertemporal budget constraint will eventually have to be met. This simple fact is surprisingly overlooked in analyses of the...
Persistent link: https://www.econbiz.de/10003715720
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Fiscal federalism in crisis : lessons for Europe from the US
Darvas, Zsolt M. - 2010
The euro area is facing crisis, while the US is not, though the overall fiscal situation and outlook is better in the … euro area than in the US, and though the US faces serious state-level fiscal crises. A higher level of fiscal federalism … would strengthen the euro area, but is not inevitable. Current fiscal reform proposals (strengthening of current rules, more …
Persistent link: https://www.econbiz.de/10008668706
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The Freedom Budget at 45 : functional finance and full employment
Forstater, Mathew - 2011
Forty-five years ago, the A. Philip Randolph Institute issued "The Freedom Budget," in which a program for economic transformation was proposed that included a job guarantee for everyone ready and willing to work, a guaranteed income for those unable to work or those who should not be working,...
Persistent link: https://www.econbiz.de/10008990923
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What should fiscal councils do?
Calmfors, Lars; Wren-Lewis, Simon - 2011
The paper analyses theoretically what role fiscal councils could play and surveys empirically the activities of existing councils. Case studies of the Swedish Fiscal Policy Council and the UK Office for Budget Responsibility are done. It is concluded that fiscal councils should be advisory,...
Persistent link: https://www.econbiz.de/10009011182
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Fiscal developments and financial stress : a threshold VAR analysis
Afonso, António; Baxa, Jaromír; Slavík, Michal - 2011
We use a threshold VAR analysis to study whether the effects of fiscal policy on economic activity differ depending on financial market conditions. In particular, we investigate the possibility of a non-linear propagation of fiscal developments according to different financial market stress...
Persistent link: https://www.econbiz.de/10009152600
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A meme for money
Wray, L. Randall - 2012
This paper argues that the usual framing of discussions of money, monetary policy, and fiscal policy plays into the hands of conservatives.That framing is also largely consistent with the conventional view of the economy and of society more generally. To put it the way that economists usually...
Persistent link: https://www.econbiz.de/10009665525
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How does tax progressivity and household heterogeneity affect Laffer curves?
Holter, Hans A.; Krueger, Dirk; Stepanchuk, Serhiy - 2014
How much additional tax revenue can the government generate by increasing labor income taxes? In this paper we provide a quantitative answer to this question, and study the importance of the progressivity of the tax schedule for the ability of the government to generate tax revenues. We develop...
Persistent link: https://www.econbiz.de/10010428164
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Level, slope, curvature of the sovereign yield curve, and fiscal behaviour
Afonso, António; Martins, Manuel Mota Freitas - 2010
We study fiscal behaviour and the sovereign yield curve in the U.S. and Germany in the period 1981:I-2009:IV. The latent factors, level, slope and curvature, obtained with the Kalman filter, are used in a VAR with macro and fiscal variables, controlling for financial stress conditions. In the...
Persistent link: https://www.econbiz.de/10008771792
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Real-time data and fiscal analysis : a survey of the literature
Cimadomo, Jacopo - 2011
This paper surveys the empirical research on fiscal policy analysis based on real-time data. This literature can be broadly divided in three groups that focus on: (1) the statistical properties of revisions in fiscal data; (2) the political and institutional determinants of projection errors by...
Persistent link: https://www.econbiz.de/10009405594