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Inflation, Investment and Growth: a Money and Banking Approach

Gillman, Max; Kejak, Michal - 2009

Output growth, investment and the real interest rate in long run evidence tend to be negatively affected by inflation. Theoretically, inflation acts as a human capital tax that decreases output growth and the real interest rate, but increases the investment rate, opposite of evidence. The paper...

Persistent link: https://www.econbiz.de/10010494408

Pension Reforms in an Aging Society: A Fully Displayed Cohort Model

Simonovits, András - 2009

We fully display a cohort model of an economy with an aging population, taking into account varying family size, habit formation, inheritance and credit constraints. Filling the model with numbers, we are able to compare different pension reforms: 1. the base run, 2. the reduced accrual rates,...

Persistent link: https://www.econbiz.de/10010494410

A Banking Explanation of the US Velocity of Money: 1919-2004

Benk, Szilárd; Gillman, Max; Kejak, Michal - 2009

The paper shows that US GDP velocity of M1 money has exhibited long cycles around a 1.25% per year upward trend, during the 1919-2004 period. It explains the velocity cycles through shocks constructed from a DSGE model and annual time series data (Ingram et al., 1994). Model velocity is stable...

Persistent link: https://www.econbiz.de/10010494417

Jánossy elmélete az új növekedéselmélet tükrében

Tarján, Tamás - 2010

If Janossy's theory should concisely be drafted, one might say that he had been researching the "real carrier of … economic development" in a very original way and having formulated his theory in a specific language. He managed to identify … growth theory that have appeared in the nineties. The "real carrier of economic development" matches to the "human capital …

Persistent link: https://www.econbiz.de/10010494419

Import Tariffs Enforcement with Low Administrative Capacity

Tonin, Mirco - 2010

Import tariff receipts represent an important share of government revenues in many developing countries and there has recently been a surge in empirical studies showing how evasion in this field is a pervasive phenomenon. In the case of import tariffs, the tax base is the product of quantity and...

Persistent link: https://www.econbiz.de/10010494438

Varieties of System Transformations and Their Structural Background Based on the IPS Model

Csanádi, Mária - 2011

case to test this theory, measuring the dynamics of system transformation, the consequences of short- and long …

Persistent link: https://www.econbiz.de/10010494454

Minimum Taxes and Repeated Tax Competition

Kiss, Áron - 2011

An agreement about a lower bound for admissible tax rates can reduce the equilibrium tax rate (and thus welfare) in tax competition among fully symmetric countries. This is shown in an infinitely repeated game where the stage game describes the standard tax competition model with source-based...

Persistent link: https://www.econbiz.de/10010494464

Notes on the Bankruptcy Problem: an Application of Hydraulic Rationing

Fleiner, Tamás; Sziklai, Balázs - 2011

We offer a new approach to the well-known bankruptcy problem based on Kaminski's idea. With the help of hydraulic rationing we give a proof to Aumann and Maschlers theorem i.e. the consistent solution of a bankruptcy problem is the nucleolus of the corresponding game. We use a system of vessels...

Persistent link: https://www.econbiz.de/10010494472

Real Business Cycles with a Human Capital Investment Sector and Endogenous Growth: Persistence, Volatility and Labor Puzzles

Dang, Jing; Gillman, Max; Kejak, Michal - 2011

An identical two-sector productivity shock causes Rybczynski (1955) and Stolper and Samuelson (1941) effects that release leisure time and initially raise the relative price of human capital investment so as to favor it over goods production. Modified by having the household sector produce human...

Persistent link: https://www.econbiz.de/10010494483

Tax Morale and Tax Evasion: Social Preferences and Bounded Rationality

Méder, Zsombor Z.; Simonovits, András; Vincze, János - 2012

We study a family of models of tax evasion, where a flat-rate tax finances only the provision of public goods, neglecting audits and wage differences. We focus on the comparison of two modeling approaches. The first is based on optimizing agents, who are endowed with social preferences, their...

Persistent link: https://www.econbiz.de/10010494496