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This paper proposes a model that links households and firms, as usual, by markets forfactors and goods and, additionally, by a banking sector that channels households’funds to firms and eliminates idiosyncratic risk. In equilibrium, agency costs and taxbenefits of corporate debt are equalizing...
Persistent link: https://www.econbiz.de/10005867406
The Tax Cuts and Jobs Act (TCJA) of 2017 is the most extensive overhaul of the U.S. income tax code since the Tax Reform Act of 1986. Existing estimates of TCJA’s economic impact are based on economic projections using pre-TCJA estimates of tax effects. I exploit plausibly exogenous...
Persistent link: https://www.econbiz.de/10014048973
The main goal of this article is to find the relationship between public fiscal policy and economic growth. The article consist of a few parts. The first is an introduction, which creates the background for the analysis in the following sections. It shows the main point of view on public fiscal...
Persistent link: https://www.econbiz.de/10010515544
A growing body of post-global financial crisis (2007-2008) literature documents several undesirable effects of enlarged financial sectors. One of these effects is the 'growth cost' of excessive finance, which reports that the finance-growth relationship is non-monotonic, and that a credit...
Persistent link: https://www.econbiz.de/10014434822
Joseph A. Schumpeter is one of the most famous economists of the 20th century and the ’patron saint’ of the finance and growth literature. We have discovered that the prevailing literature has, however, misinterpreted Schumpeter, which leads to puzzling empirical results and difficulties in...
Persistent link: https://www.econbiz.de/10013201693
In recent years, a lot of rules concerning government expenditures as well as tax revenues were changed in Germany. Government expenditures in relation to GDP were reduced, income tax rates were lowered and the budget deficit declined. The structure of government expenditures changed in favor of...
Persistent link: https://www.econbiz.de/10003812625
This Working Paper assesses the impact on investment of a reduction in corporate taxes and the impact on employment, labor formality, and growth of a reduction in non-wage labor costs in Colombia. First, and following Hall and Jorgensen (1967), we estimate an investment function, which depends...
Persistent link: https://www.econbiz.de/10011285598
Untersucht wird das Zusammenspiel von Angebot und Nachfrage im Rahmen von Wachstumsprozessen. Es wird gezeigt, dass auch unter klassischen, auf dem Tausch basierenden Annahmen die Wirtschaftsentwicklung durch die Nachfrage maßgeblich beeinflusst wird. Wachstum setzt die Bereitschaft der...
Persistent link: https://www.econbiz.de/10010307693
This paper studies the short-run macroeconomic effects of legislated tax changes in Germany using a vector autoregression (VAR) approach. Identification of the tax shock follows the narrative approach recently proposed by Romer and Romer (2010). Results indicate a moderate, but statistically...
Persistent link: https://www.econbiz.de/10010286390
Untersucht wird das Zusammenspiel von Angebot und Nachfrage im Rahmen von Wachstumsprozessen. Es wird gezeigt, dass auch unter klassischen, auf dem Tausch basierenden Annahmen die Wirtschaftsentwicklung durch die Nachfrage maßgeblich beeinflusst wird. Wachstum setzt die Bereitschaft der...
Persistent link: https://www.econbiz.de/10010981779