This paper studies the local dynamic properties of a simple general equilibrium model with Social vat. Strict balanced budget rules often lead to real indeterminacy of aggregate equilibrium, leaving room for « sunspots » fluctuations. In a closed-economy setup, social vat escapes this...

This paper characterizes the short– and long–run effects of overtime de taxation. A dynamic general equilibrium with overtime hours is first developed and calibrated to French data. A fiscal shock consisting of a complete de taxation of overtime hours is then implemented in the model....

The present paper investigates the dynamic effects of disinflation shocks for a number of real macroeconomic variables in the euro area. Using structural VARs, we identify disinflation shocks as the only shocks that can exert a long—run effect on inflation as well as other nominal variables...

Cet article étudie les effets des politiques de désin?ation sur la dynamique macroéconomique américaine. Les politiques de désin?ation sont identifiées à l?aide d?une technique d?épisode comme des chocs réduisant de façon permanente le niveau d?in?ation de long terme. Nous montrons que...

[eng] Estimation of the Implicit Inflation Target in the Euro Area. . Euro area countries as a whole have experienced a marked downward trend over the 1980s. Over this period, the unemployment rate has increased and economic activity has been sluggish. Changes in the implicit inflation target,...

[eng] The authors use two general-equilibrium models to assess the quantitative and dynamic impact of “ social VAT”, i.e., a tax reform that would substitute a value-added tax for employers’ social contributions. The first model is a Walrasian model with no frictions other than...

[eng] This review of the literature presents the main tools and results of research at the crossroads between finance and macroeconomics. The literature seeks to jointly analyze the economic cycle and fluctuations in financial-asset prices. Our article follows this approach : we offer a critical...

Structural Vector Autoregressions with a differenced specification of hours (DSVAR) suggest that productivity shocks identified using long--run restrictions lead to a persistent and significant decline in hours worked. This evidence calls into question standard business cycle models in which a...