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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: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:Sustainable Social Spending and Stagnant Public Services: Baumol’s Cost Disease Revisited Author(s):VAN DER PLOEG, FrederickDate:2007Type:Working PaperSeries/Number:EUI ECO; 2007/34Abstract: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 ...

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: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: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 ...

Title:Insulation impossible : monetary policy and regional debt spillovers in a federation Author(s):COOPER, Russell EUI affiliated

; KEMPF, Hubert; PELED, DanDate:2014Citation: Journal of the European economic association, 2014, Vol. 12, No. 2, pp. 465-491 Type:ArticleAbstract:This paper studies the effects of monetary policy in the presence of debt spillovers within a monetary union. When capital markets are integrated, the fiscal policy of any member country will generally influence equilibrium ...

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:2011Type: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: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 ...

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