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Economic convergence of the new member states (NMS) of the EU towards the old EU countries (EU-15), not only in terms …, consumption, and labour mobility behaviour to address several other issues like welfare and sustainability in terms of foreign … indebtedness. At the same time we evaluate the impact of convergence on the EU-15 countries also, by endogenising offshoring and …
Persistent link: https://www.econbiz.de/10005136618
This paper provides instrumental variables estimates of the response of aggregate private consumption to transitory … transitory shocks to aggregate output on private consumption in poor countries. …
Persistent link: https://www.econbiz.de/10011083244
We estimate tax multipliers in a "Blanchard-Yaari" consumption model where Ricardian equivalence is broken because the …
Persistent link: https://www.econbiz.de/10005114505
The wealthy hand-to-mouth are households who hold little or no liquid wealth (cash, checking, and savings accounts), despite owning sizable amounts of illiquid assets (assets that carry a transaction cost, such as housing or retirement accounts). We use survey data on household portfolios for...
Persistent link: https://www.econbiz.de/10011084522
According to conventional wisdom, fiscal policy is more effective under a fixed than under a flexible exchange rate regime. In this paper we reconsider the transmission of shocks to government spending across these regimes within a standard new-Keynesian model of a small open economy. Because of...
Persistent link: https://www.econbiz.de/10008784752
order of 1% of permanent consumption equivalent. …
Persistent link: https://www.econbiz.de/10011083850
part applies the methodology to the long-run allocation of capital and consumption in a large cross section of countries … systematic relation between fast growth and preference for delayed consumption. The third part applies the methodology to the …
Persistent link: https://www.econbiz.de/10011083981
Between 2000 and 2012, the Portuguese economy grew less than the United States during the Great Depression and less than Japan during its lost decade. This paper asks why this happened, with a particular focus on the slump between 2000 and 2007. It describes the main facts of Portugal's recent...
Persistent link: https://www.econbiz.de/10011084366
In 2007, countries in the euro periphery were enjoying stable growth, low deficits, and low spreads. Then the Financial crisis erupted and pushed them into deep recessions, raising their deficits and debt levels. By 2010, they were facing severe debt problems. Spreads increased and,...
Persistent link: https://www.econbiz.de/10011084507
sector. A period of large capital inflows, triggered by a fall in the interest rate, is associated with a consumption boom …. While the increase in tradable consumption is financed through foreign borrowing, the increase in non-tradable consumption …
Persistent link: https://www.econbiz.de/10011084525