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Title:The investment effect of fiscal consolidation Author(s):ALBRIZIO, Silvia; LAMP, StefanDate:2014Type:Working PaperSeries/Number:EUI ECO; 2014/10Abstract:This paper investigates the relationship between fiscal consolidation, business plans and firm investment. Based on a detailed narrative of tax changes in Germany covering 40 years of fiscal adjustments, we define and ...

Title:Mafia and Public Spending: Evidence on the Fiscal Multiplier from a Quasi-experiment Author(s):ACCONCIA, Antonio; CORSETTI, Giancarlo; SIMONELLI, SaverioDate:2011Type:Working PaperSeries/Number:EUI ECO; 2011/12Abstract: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 ...

Title:Optimal Taxation and Constrained Inefficiency in an Infinite-Horizon Economy with Incomplete Markets Author(s):GOTTARDI, Piero EUI affiliated

; KAJII, Atsushi; NAKAJIMA, TomoyukiDate:2011-01-01Type:Working PaperSeries/Number:EUI ECO; 2011/18Abstract: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 ...

Title:Market vs. residence principle : experimental evidence on the effects of a financial transaction tax Author(s):HUBER, Jürgen; KIRCHLER, Michael; KLEINLERCHER, Daniel; SUTTER, MatthiasDate:2014Type:Working PaperSeries/Number:EUI ECO; 2014/03Abstract:While politically attractive in order to generate tax revenues, the effects of a financial transaction tax (FTT) are scientifically disputed, not the least because seemingly small details of its implementation may matter ...

Title:Optimal taxation and debt with uninsurable risks to human capital accumulation Author(s):GOTTARDI, Piero EUI affiliated

; KAJII, Atsushi; NAKAJIMA, TomoyukiDate:2014Type:Working PaperSeries/Number:EUI ECO; 2014/08Abstract:We consider an economy where individuals face uninsurable risks to their human capital accumulation, and study the problem of determining the optimal level of linear taxes on capital and labor income together with the ...

Title:Chronicle of a war foretold : the macroeconomic effects of anticipated defense spending shocks Author(s):BEN ZEEV, Nadav; PAPPA, EviDate:2014Type:Working PaperSeries/Number:CEPR Discussion Paper; 2014/9948Abstract:We identify US defense news shocks as shocks that best explain future movements in defense spending over a five-year horizon and are orthogonal to current defense spending. Our identified shocks are strongly correlated ...

Title:Social Security and Risk Sharing Author(s):GOTTARDI, Piero EUI affiliated

; KUBLER, FelixDate:2009Type:Working PaperSeries/Number:EUI ECO; 2009/12Abstract: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 ...

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:2008Type:Working PaperSeries/Number:EUI ECO; 2008/05Abstract: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. ...

Title:Markov-Perfect Optimal Fiscal Policy: The Case of Unbalanced Budgets Author(s):ORTIGUEIRA, Salvador; PEREIRA, JoanaDate:2007Type:Working PaperSeries/Number:EUI ECO; 2007/41Abstract: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 ...

Title:Labor Market Dynamics and the Business Cycle: Structural Evidence for the United States Author(s):RAVN, Morten O.; SIMONELLI, SaverioDate:2007Type:Working PaperSeries/Number:EUI ECO; 2007/13Abstract: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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