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Title:The combination of monetary and fiscal policy shocks : a TVP-FAVAR approach Author(s):MOLTENI, Francesco EUI affiliated

; PAPPA, EviDate:2017Type:Working PaperSeries/Number:EUI MWP; 2017/13Abstract:This paper analyzes jointly the effects of monetary and fiscal policy shocks in the US economy using a factor augmented vector autoregressive model with drifting coefficients and stochastic volatility. The time varying ...

Title:Pre-announcement and Timing - The Effects of a Government Expenditure Shock Author(s):KRIWOLUZKY, AlexanderDate:2009Type:Working PaperSeries/Number:EUI ECO; 2009/40Abstract: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 ...

Title:Debt Consolidation and Fiscal Stabilization of Deep Recessions Author(s):CORSETTI, Giancarlo; KUESTER, Keith; MEIER, André; MÜLLER, Gernot J.Date:2010Type:Working PaperSeries/Number:EUI ECO; 2010/03Abstract: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 ...

Title:Pre-Announcement and Timing. The Effects of a Government Expenditure Shock Author(s):KRIWOLUZKY, AlexanderDate:2009Type:Working PaperSeries/Number:EUI MWP; 2009/38Abstract: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 ...

Title:Time-consistent institutional design Author(s):BRENDON, Charles EUI affiliated

; ELLISON, MartinDate:2014Type:Working PaperSeries/Number:EUI MWP; 2014/21Abstract:We propose a new normative approach to designing institutional commitments in environments that are subject to a time inconsistency problem, à la Kydland and Prescott (1977). This approach captures the idea that institutions ...

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: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: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:The Time-Inconsistency of Alternative Energy Policy Author(s):D'ARTIGUES, Agnès; PERCEBOIS, Jacques; VIGNOLO, ThierryDate:2007Type:Working PaperSeries/Number:EUI ECO; 2007/32Abstract: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, ...

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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