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Die EWU hat mittlerweile drei Jahre gute Erfahrungen mit einer gemeinsamen Geldpolitik gemacht. Die Finanzpolitik in … konjunkturpolitischen und langfristigen konsolidierungspolitischen Anforderungen muß die nationale Finanzpolitik gerecht werden? …
Persistent link: https://www.econbiz.de/10010302496
We quantify the fiscal multipliers in response to the American Recovery and Reinvestment Act (ARRA) of 2009. We extend the benchmark Smets-Wouters (Smets and Wouters, 2007) New Keynesian model, allowing for credit-constrained households, the zero lower bound, government capital and distortionary...
Persistent link: https://www.econbiz.de/10010304767
Persistent link: https://www.econbiz.de/10010280852
In this note, I examine how the responsiveness of the Swedish public budget to business-cycle conditions has developed between 1998 and 2009. I document substantial changes in three components behind the budget elasticity: (i) the average level of personal income taxes has fallen substantially,...
Persistent link: https://www.econbiz.de/10010281213
Einige Ökonomen und Politiker fordern, den aktuellen wirtschaftlichen Abschwung in Deutschland durch ein Konjunkturprogramm zu dämpfen. In der Regel werden Steuererleichterungen, eine Senkung der Sozialabgaben oder eine Erhöhung der öffentlichen Investitionen vorgeschlagen. Welche Wirkungen...
Persistent link: https://www.econbiz.de/10010283155
Social security revenues are influenced by business cycle movements. In order to support the working of automatic stabilizers it would be necessary to calculate social insurance contribution rates independently from the state of the business cycle. This paper investigates whether European...
Persistent link: https://www.econbiz.de/10010285510
- und Ausgabenpolitik zu machen, hat die Schweizer Finanzpolitik in der Vergangenheit die Konjunkturentwicklung immer wieder … verstärkt. In der vorliegenden Studie wird die konjunkturelle Ausrichtung der Schweizer Finanzpolitik im internationalen … Finanzpolitik ex post oder ex ante betrachtet wird, fällt die Schweiz durch eine prozyklische Ausrichtung auf. Politökonomische …
Persistent link: https://www.econbiz.de/10010285883
This paper is focused on the options for reducing the U.S. fiscal deficit in the aftermath of the financial crisis. The first part of the paper is devoted to an assessment of the economic outlook and the impact of the financial crisis on the medium-term fiscal balance of the federal government....
Persistent link: https://www.econbiz.de/10010286962
We define the notion of 'de facto fiscal space' of a country as the outstanding public debt relative to the de facto tax base, where the latter measures the realized tax collection, averaged across several years to smooth for business cycle fluctuations. We apply this concept to account for the...
Persistent link: https://www.econbiz.de/10010287767
We examine how financial expansion and contraction cycles affect the broader economy through their impact on 8 real economic sectors in a panel of 28 countries over 1960-2005, paying particular attention to large, or sharp, contractions and magnifying and mitigating factors. Overall, the...
Persistent link: https://www.econbiz.de/10010288126