Der schnelle Anstieg der Zinsen in Kombination mit den stark gestiegenen Baukosten hat nicht nur den Wohnungsbau in Deutschland ausgebremst, sondern auch die Zielkonflikte zwischen erschwinglichem Wohnen und Klimaschutz offengelegt. Höhere energetische Standards steigern die Erstellungskosten...

This paper uses a Dynamic General Equilibrium model that incorporates a detailed fiscal policy structure to examine how changes in the tax mix influence economic activity and welfare in the Greek economy. The results suggest that tax reforms that reduce the labour and capital income tax rates...

Fiscal devaluations—an increase in import tariffs and export subsidies (IX) or an increase in value-added taxes and payroll subsidies (VP)—have been shown to provide as much stimulus under fixed exchange rates as a currency devaluation. We find that if agents expect policies to be reversed...

Over the last years, numerous national governments as well as the European Union have initiated so-called missions to guide transformation processes and tackle grand challenges, such as climate change, digitalization and an aging society. Previous research on mission-oriented innovation...

Through the canon of the UN SDGs or the European Green Deal, sustainability goals are finding their way into legislation. From an economic point of view, these targets often aim to reduce negative external effects, which is in many cases in line with the economic goal of maximising welfare. The...

The paper provides an integrated analysis of globalization effects on the inflation-output tradeoff and monetary policy in the New-Keynesian framework. The prediction of the analysis is threefold. First, labor, goods, and capital mobility flatten the Phillips curve, the tradeoff between...

The ECB's strategy of inflation targeting as currently practiced requires only minor adjustments to allow the ECB to best provide price stability and support the EU's general economic policies. The key to inflation targeting is a distinct and symmetric inflation target that serves as a benchmark...

A two-country sticky-price model is used to analyse the interactions between fiscal and monetary policy. The role of an 'activist' fiscal policy as a stabilisation tool is considered and a measure of the welfare gains from international fiscal policy cooperation is derived. It is found that...

This paper explores the distributional implications of a fiscal devaluation acquired through a shift from labor to consumption taxes in an open-economy Heterogeneous Agents New Keynesian model with incomplete markets and uninsurable income risk. A permanent fiscal devaluation perfectly mimicking...

The completion of EMU, and banking union as its critical component, requires that certain taboos in the policy debate are brought out in the open. First, the Commission must stop pretending that Italian public debt is sustainable under current policies and shift from politically motivated...

In der gegenwärtigen COVID-19 Krise wurde die wirtschaftliche und gesellschaftliche Rolle von modernen und leistungsfähigen Internetinfrastrukturen und darauf basierenden Diensten besonders deutlich. So haben eine Reihe von Diensten, etwa im Bereich der Ausbildung ("e-learning" und...

Despite a strong connection between the Paris Agreement and the 2030 Agenda for Sustainable Development, climate change mitigation actions and sustainable development objectives are oftentimes not aligned efficiently, causing conflicts between the objectives. This thesis creates a systematic...

Fiscal devaluation works as an alternative instrument to monetary de- valuation, helping countries to regain competitiveness in a monetary union. Focusing on a closed economy, this paper analyzes its effects in a dynamic framework. In the case of an increasing relative love for variety, fiscal...

The fiscal position can affect fiscal multipliers through two channels. Through the Ricardian channel, households reduce consumption in anticipation of future fiscal adjustments when fiscal stimulus is implemented from a weak fiscal position. Through the interest rate channel, fiscal stimulus...

The fiscal position can affect fiscal multipliers through two channels. Through the Ricardian channel, households reduce consumption in anticipation of future fiscal adjustments when fiscal stimulus is implemented from a weak fiscal position. Through the interest rate channel, fiscal stimulus...

I offer both a moral and a macroeconomic case for institutionalizing continuous public operations in labor markets analogous to continuous Fed operations in money markets. The macroeconomic case stems from prevailing wage and salary rates' status as what I call ‘systemically important prices'...

Europa braucht eine neue Fortschrittsvision. Eine Energiewende hat dieses Potenzial. Sie kann der "Europäischen Idee" einen zukunftsorientierten Inhalt geben. Das Ziel für 2050 ist klar: ein Europa ohne fossile und nukleare Energie! Das ist keine Utopie. Studien, Beschlüsse der EU und einiger...

The fiscal position can affect fiscal multipliers through two channels. Through the Ricardian channel, households reduce consumption in anticipation of future fiscal adjustments when fiscal stimulus is implemented from a weak fiscal position. Through the interest rate channel, fiscal stimulus...

Europa braucht eine neue Fortschrittsvision. Eine Energiewende hat dieses Potenzial. Sie kann der »Europäischen Idee« einen zukunftsorientierten Inhalt geben. Das Ziel für 2050 ist klar: ein Europa ohne fossile und nukleare Energie! Das ist keine Utopie. Studien, Beschlüsse der EU und...

- In Deutschland ist es schlecht um die ökologische und soziale Nachhaltigkeit bestellt. Beide gehören zu den insgesamt vier Zielen des Neuen Magischen Vierecks der Wirtschaftspolitik. - Bei der ökologischen Nachhaltigkeit hat Deutschland keines seiner Ziele erreicht. Besonders die...

The fiscal position can affect fiscal multipliers through two channels. Through the Ricardian channel, households reduce consumption in anticipation of future fiscal adjustments when fiscal stimulus is implemented from a weak fiscal position. Through the interest rate channel, fiscal stimulus...

Die Eindämmung der Klimakrise ist die gröt︣e Herausforderung unserer Zeit, ökologische Nachhaltigkeit die Voraussetzung für Lebensqualität und Wohlstand künftiger Generationen. Der Weg zu einer Nachhaltigen Sozialen Marktwirtschaft ist allerdings gekennzeichnet von komplexen...

Chapter 1. Introduction -- Part 1. Upgrading from Above: Industry 4.0 and China’s New Development Strategies -- Chapter 2. Made in China 2025: Advanced Manufacturing and Transformation of Production Networks -- Chapter 3. Alibaba’s Distribution-Driven Approach Towards the Industrial...

This paper analyzes the relationship between fiscal multipliers and fiscal positions of governments using an Interactive Panel Vector Auto Regression model and a large data-set of advanced and developing economies. The methodology permits tracing the endogenous relationship between fiscal...

Das HWWI hat gemeinsam mit dem Institut für Weltwirtschaft Kiel (IfW) im Auftrag der Initiative Neue Soziale Marktwirtschaft (INSM) die Wahlprogramme der möglichen Regierungsparteien unter die Lupe genommen und in den Bereichen Arbeitsmarkt, Soziale Sicherung, Steuern, Haushalt und Bildung...

Firms in Africa report "regulatory and economic policy uncertainty" as a top constraint to their growth. This paper argues that often firms in Africa do not cope with policy rules, rather they face deals: firm-specific policy actions that can be influenced by firm actions (such as bribes) and...

This paper analyzes the relationship between fiscal multipliers and fiscal positions of governments using an Interactive Panel Vector Auto Regression model and a large dataset of advanced and developing economies. Our methodology permits us to trace the endogenous relationship between fiscal...

In der Dezemberausgabe 2015 veröffentlichte der Wirtschaftsdienst einen Aufsatz zur Überprüfung des Stabilitäts- und Wachstumsgesetzes (StabG) von Henrike Michaelis, Steffen Elstner und Christoph M. Schmidt. Dazu erscheinen diese Replik und eine Erwiderung der Autoren.

This paper analyzes the relationship between fiscal multipliers and fiscal positions of governments using an Interactive Panel Vector Auto Regression model and a large data-set of advanced and developing economies. The methodology permits tracing the endogenous relationship between fiscal...

This paper analyzes the relationship between fiscal multipliers and fiscal positions of governments using an Interactive Panel Vector Auto Regression model and a large dataset of advanced and developing economies. Our methodology permits us to trace the endogenous relationship between fiscal...