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The Role of Monetary Aggregates in the Policy Analysis of the Swiss National Bank
Kirchgässner, Gebhard - 2013
quantity of money and or excess money can be used to forecast inflation. After a preliminary data analysis, money demand …. Using recursive estimates, indicator properties of monetary aggregates for inflation are assessed for the period from 2000 … the one for M2 is strongly influenced by these three observations. While in both cases forecasts for 2010 show inflation …
Persistent link: https://www.econbiz.de/10013095154
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Leakage, Welfare, and Cost-Effectiveness of Carbon Policy
Baylis, Kathy - 2013
We extend the model of Fullerton, Karney, and Baylis (2012 working paper) to explore cost-effectiveness of unilateral climate policy in the presence of leakage. We ignore the welfare gain from reducing greenhouse gas emissions and focus on the welfare cost of the emissions tax or permit scheme....
Persistent link: https://www.econbiz.de/10013086612
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Modeling Two Macro Policy Instruments - Interest Rates and Aggregate Capital Requirements
Gersbach, Hans - 2013
We present a simple neoclassical model to explore how an aggregate bank-capital requirement can be used as a macroeconomic policy tool and how this additional tool interacts with monetary policy. Aggregate bank-capital requirements should be adjusted when the economy is hit by cost-push shocks...
Persistent link: https://www.econbiz.de/10013092337
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Exchange Rate Dynamics Under Alternative Optimal Interest Rate Rules
Binici, Mahir - 2013
sample periods. The exchange rate equation implied by the interest rate rule that allows for interest rate and inflation …
Persistent link: https://www.econbiz.de/10013092385
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Catching-Up and Inflation in Europe : Balassa-Samuelson, Engel's Law and Other Culprits
Égert, Balázs - 2013
This study analyses the impact of economic catching-up on annual inflation rates in the European Union with a special … Balassa-Samuelson effect is not an important driver of inflation rates. By contrast, we find that the initial price level and … regulated prices strongly affect inflation outcomes in a nonlinear manner and that the extension of Engel's Law may hold during …
Persistent link: https://www.econbiz.de/10013094566
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Welfare Cost of the Real Estate Transfer Tax
Buettner, Thiess - 2017
This paper considers the welfare implications of a tax on real estate transfers. A theoretical analysis shows how the discouragement of mutually beneficial transactions as well as tax-sheltering activities give rise to a welfare loss that can be estimated comprehensively from the empirical...
Persistent link: https://www.econbiz.de/10012962118
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Facing Demographic Challenges : Pension Cuts or Tax Hikes
Kudrna, George - 2016
In this paper, we investigate two fiscal policy options to mitigate fiscal pressure arising from ageing of the Australian population: pension cuts or tax hikes. Using a computable overlapping generations model, we find that while both policy options achieve the same fiscal goal, the...
Persistent link: https://www.econbiz.de/10013001109
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Security Gradient and National Defense - The Optimal Choice between a Draft Army and a Professional Army
Kanniainen, Vesa - 2014
The earlier work on the optimal design of the national security has focused on the opportunity cost of the draft in terms of foregone human capital formation. The current paper introduces the national security into the welfare analysis missing from the earlier work. This creates a trade-off...
Persistent link: https://www.econbiz.de/10013055393
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Has Creative Destruction Become More Destructive?
Komlos, John - 2021
Schumpeter’s concept of creative destruction as the engine of capitalist development is well-known. However, that the destructive part of creative destruction is a social cost and therefore biases our estimate of the impact of the innovation on NNP and on welfare is hardly acknowledged, with...
Persistent link: https://www.econbiz.de/10013315579
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Liquidity Shortages and Monetary Policy
Cao, Jin; Illing, Gerhard - 2021
The paper models the interaction between risk taking in the financial sector and central bank policy for the case of pure illiquidity risk. It is shown that, when bad states are highly unlikely, public provision of liquidity may improve the allocation, even though it encourages more risk taking...
Persistent link: https://www.econbiz.de/10013316591