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Fiscal Devaluation in a Monetary Union
Springer Science and Business Media LLC - Tập 65 - Trang 241-272 - 2017
Given that exchange rate devaluations are no longer available in a monetary union, fiscal devaluations are one potential way to address divergence in competitiveness and trade imbalances. Employing a DSGE model calibrated to the euro area, we quantify the international effects of a fiscal devaluation implemented as a revenue-neutral shift from employers’ social contributions to the value added tax...... hiện toàn bộ
Public Employment Agency Reform, Matching Efficiency, and German Unemployment
Springer Science and Business Media LLC - - 2024
On Public Spending and Economic Unions
Springer Science and Business Media LLC - Tập 69 - Trang 122-154 - 2021
We analyze the conduct of fiscal policy in a financially integrated union in the presence of financial frictions. Frictions create a wedge between the return to investment and the union interest rate. This leads to an over-spending externality. While the social cost of spending is the return to investment, governments care mostly about the (depressed) interest rate they face. In other words, the c...... hiện toàn bộ
Temporarily Unstable Government Debt and Inflation
Springer Science and Business Media LLC - Tập 59 - Trang 233-270 - 2011
Many advanced economies are heading into an era of fiscal stress: populations are aging and governments have made substantially more promises of old-age benefits than they have made provisions to finance. This paper models the era of fiscal stress as stemming from growing promised government transfers that initially are fully honored, being financed by new sales of government debt that bring forth...... hiện toàn bộ
Policy Responses to Commodity Price Movements—2
Springer Science and Business Media LLC - Tập 61 - Trang 1-5 - 2013
Tariff Reductions, Heterogeneous Firms, and Welfare: Theory and Evidence for 1990–2010
Springer Science and Business Media LLC - Tập 71 - Trang 817-851 - 2023
We construct a new, global tariff dataset and apply it to a multi-sector quantitative trade model with heterogeneous firms, including nearly all countries of the world. The impact of the Uruguay Round tariff reductions over 1990–2010 is analyzed, as well as the further cuts in Preferential tariffs and the impact of moving to complete free trade. We find that the Uruguay Round tariff cuts led to la...... hiện toàn bộ
Financial Frictions and Unconventional Monetary Policy in Emerging Economies
Springer Science and Business Media LLC - Tập 65 - Trang 154-191 - 2017
We analyze conventional and unconventional monetary policies in a dynamic small open-economy model with financial frictions. In the model, financial intermediaries or banks borrow from the world market and lend to domestic households. Banks can borrow abroad up to a multiple of their equity; in turn, there is a limit to how much bank equity households can hold. The combination of external and dome...... hiện toàn bộ
Labor Markets Through the Lens of the Great Recession—2
Springer Science and Business Media LLC - Tập 61 - Trang 561-565 - 2013
Cyclical Unemployment, Structural Unemployment
Springer Science and Business Media LLC - Tập 61 - Trang 410-455 - 2013
Whenever unemployment stays high for an extended period, it is common to see analyses, statements, and rebuttals about the extent to which the high unemployment is structural, not cyclical. This essay views the Beveridge curve pattern of unemployment and vacancy rates and the related matching function as proxies for the functioning of the labor market and explores issues in that proxy relationship...... hiện toàn bộ
International Banking and Liquidity Risk Transmission: Evidence from France
Springer Science and Business Media LLC - Tập 63 - Trang 479-495 - 2015
The Banque de France contribution analyzes the effect of liquidity risk on domestic and foreign lending, credit and intragroup funding by French banking groups. The paper finds that a higher core deposit ratio, a higher commitment ratio, and a low ratio of illiquid assets are associated with higher growth of certain types of lending during times of liquidity risk. These effects ar...... hiện toàn bộ
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