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Favero, Carlo A.; Giavazzi, Francesco - C.E.P.R. Discussion Papers - 2007

A shift in taxes or in government spending (a ”fiscal shock”) at some point in time puts a constraint on the path of taxes and spending in the future, since the government intertemporal budget constraint will eventually have to be met. This simple fact is surprisingly overlooked in analyses...

Persistent link: https://www.econbiz.de/10005497892

Public Saving and Policy Coordination in Ageing Economies

Flodén, Martin - C.E.P.R. Discussion Papers - 2002

. According to optimal taxation theory, public debts should be reduced before the baby-boom generation retires. I find that if …

Persistent link: https://www.econbiz.de/10005497919

How Large Are the Effects of Tax Changes?

Favero, Carlo A.; Giavazzi, Francesco - C.E.P.R. Discussion Papers - 2009

We use the time series of shifts in U.S. Federal tax liabilities constructed by Romer and Romer to estimate tax multipliers. Differently from the single-equation approach adopted by Romer and Romer, our estimation strategy (a Var that includes output, government spending and revenues, inflation...

Persistent link: https://www.econbiz.de/10005082536

Country Heterogeneity and the International Evidence on the Effects of Fiscal Policy

Favero, Carlo A.; Giavazzi, Francesco; Perego, Jacopo - C.E.P.R. Discussion Papers - 2011

This paper shows how the richer frequency and variety of fiscal policy shocks available in an international sample can be analyzed recognizing the heterogeneity that exists across different countries. The main conclusion of our empirical analysis is that the question 'what is the fiscal policy...

Persistent link: https://www.econbiz.de/10009201121

Reconciling VAR-based and Narrative Measures of the Tax-Multiplier

Favero, Carlo A.; Giavazzi, Francesco - C.E.P.R. Discussion Papers - 2010

The currently available empirical evidence shows remarkable differences between various estimates of the effects on U.S. output of an exogenous shift in Federal tax liabilities. Shocks identified via the narrative method imply a multiplier of about three over an horizon of three years. Tax...

Persistent link: https://www.econbiz.de/10008468626

Unequal Societies

Bénabou, Roland - C.E.P.R. Discussion Papers - 1996

redistributions decreases with the degree of inequality, at least over some range. Moreover, capital market imperfections make future … high inequality and low redistribution, or vice versa. Temporary shocks to the distribution of income or the political …

Persistent link: https://www.econbiz.de/10005792191

Sovereign Debt and Structural Reforms

Müller, Andreas; Storesletten, Kjetil; Zilibotti, Fabrizio - C.E.P.R. Discussion Papers - 2015

Motivated the European debt crisis, we construct a tractable theory of sovereign debt and structural reforms under …

Persistent link: https://www.econbiz.de/10011276380

Inequality and Growth

Bénabou, Roland - C.E.P.R. Discussion Papers - 1996

’ rent-seeking abilities, as well as with the gap between rich and poor. It is not income inequality per se that matters …, however, but inequality in the relative distribution of earning and political power. For each of the three channels of …-country differences in inequality permanent, or gradually narrowing? Equivalently, is there convergence not just in the first moment of …

Persistent link: https://www.econbiz.de/10005123982

Indian Public Finance in the 1990s: Challenges and Prospects

Buiter, Willem H.; Patel, U - C.E.P.R. Discussion Papers - 1994

This study updates and extends to the period 1988/9--1992/3 our earlier analysis of the public finances of India. The foreign exchange crisis of early 1991 forced the government to recognize the severity of the fiscal crisis it was facing and led to the implementation of a restrictive fiscal and...

Persistent link: https://www.econbiz.de/10005114352

The Enfranchisement of Women and the Welfare State

Bertocchi, Graziella - C.E.P.R. Discussion Papers - 2007

We offer a rationale for the decision to extend the franchise to women within a politico-economic model where men are richer than women, women display a higher preference for public goods, and women’s disenfranchisement carries a societal cost. We first derive the tax rate chosen by the male...

Persistent link: https://www.econbiz.de/10005067632