Browsing by Subject "E62"

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Browsing by Subject "E62"

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    Title: A Volatility-based Theory of Fiscal Union Formation  Author(s): LUQUE, Jaime; MORELLI, Massimo; TAVARES, José Date: 2012 Type of Publication: Working Paper Series/Report no.: EUI RSCAS Abstract: In a setting where heterogeneous jurisdictions share a common policy, an increase in volatility breaks unanimous support for the status-quo and may prompt a subset of jurisdictions to favor either deepening the agreement ...
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    Title: Optimal Taxation and Constrained Inefficiency in an Infinite-Horizon Economy with Incomplete Markets  Author(s): GOTTARDI, Piero; KAJII, Atsushi; NAKAJIMA, Tomoyuki Date: 2011-01-01 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: We study the dynamic Ramsey problem of finding optimal public debt and linear taxes on capital and labor income within a tractable infinite horizon model with incomplete markets. With zero public expenditure and debt, it ...
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    Title: Mafia and Public Spending: Evidence on the Fiscal Multiplier from a Quasi-experiment  Author(s): ACCONCIA, Antonio; CORSETTI, Giancarlo; SIMONELLI, Saverio Date: 2011-01-01 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: We estimate the multiplier by relying on differences in spending in infrastructure across Italian provinces and an instrument identifying investment changes that are large and exogenous to local cyclical conditions. We ...
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    Title: Credibilty Concerns in Optimal Policy Design  Author(s): LU, Yang K. Date: 2010 Type of Publication: Working Paper Series/Report no.: EUI MWP Abstract: This paper provides a transparent framework for thinking about optimal investment in reputation by a trustworthy government. This topic has been neglected by the existing literature on reputation games but is potentially ...
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    Title: Debt Consolidation and Fiscal Stabilization of Deep Recessions  Author(s): CORSETTI, Giancarlo; KUESTER, Keith; MEIER, André; MÜLLER, Gernot J. Date: 2010 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: The global financial crisis of 2008–09 has sent public debt on sharply higher trajectories. With the economic recovery gradually taking hold, the focus is now shifting to fiscal “exit” strategies. Medium-term ...
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    Title: Social Security and Risk Sharing  Author(s): GOTTARDI, Piero; KUBLER, Felix Date: 2009 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: Social Security and Risk Sharing Piero Gottardi Felix Kubler Abstract In this paper we identify conditions under which the introduction of a pay-as-you-go social security system is ex-ante Pareto-improving in a stochastic ...
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    Title: Pre-Announcement and Timing. The Effects of a Government Expenditure Shock  Author(s): KRIWOLUZKY, Alexander Date: 2009 Type of Publication: Working Paper Series/Report no.: EUI MWP Abstract: This paper investigates the effect of a government expenditure shock on consumption and real wages. I identify the shock by exploiting its pre-announced nature, i.e. different signs of the responses in investment, hours ...
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    Title: Pre-announcement and Timing - The Effects of a Government Expenditure Shock  Author(s): KRIWOLUZKY, Alexander Date: 2009 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: This paper investigates the effect of a government expenditure shock on consumption and real wages. I identify the shock by exploiting its pre-announced nature, i.e. different signs of the responses in investment, hours ...
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    Title: The Aggregate Effects of Anticipated and Unanticipated U.S. Tax Policy Shocks: Theory and Empirical Evidence  Author(s): MERTENS, Karel; RAVN, Morten O. Date: 2008 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: We provide empirical evidence on the effects of tax liability changes in the United States. We make a distinction between “surprise” and “anticipated” tax shocks. Surprise tax cuts give rise to a large boom in the economy. ...
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    Title: Labor Market Dynamics and the Business Cycle: Structural Evidence for the United States  Author(s): RAVN, Morten O.; SIMONELLI, Saverio Date: 2007 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: We use a 12-dimensional VAR to examine the dynamic effects on the labor market of four struc- tural technology and policy shocks. For each shock, we examine the dynamic effects on the labor market, the importance of the ...
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    Title: The Time-Inconsistency of Alternative Energy Policy  Author(s): D'ARTIGUES, Agnès; PERCEBOIS, Jacques; VIGNOLO, Thierry Date: 2007 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: Time-inconsistency can arise when a government attempts to convince private sector to use a particular alternative energy (gas, green electricity...) rather than petroleum products. By introducing taxes and feed-in prices, ...
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    Title: Sustainable Social Spending and Stagnant Public Services: Baumol’s Cost Disease Revisited  Author(s): VAN DER PLOEG, Frederick Date: 2007 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: If demand for human services is inelastic or manufactured goods are necessities, labour shifts from manufacturing to services and the budget share of services rises. Higher productivity growth in the market sector pushes ...
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    Title: Markov-Perfect Optimal Fiscal Policy: The Case of Unbalanced Budgets  Author(s): ORTIGUEIRA, Salvador; PEREIRA, Joana Date: 2007 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: We study optimal income taxation and public debt policy in a neoclassical economy pop- ulated by infinitely-lived households and a benevolent government. The government makes sequential decisions on the provision of a ...