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Tax Competition with Formula Apportionment : The Interaction between Tax Base and Sharing Mechanism
Kolmar, Martin; Wagener, Andreas - 2021
The EU Commission is advocating a common consolidated tax base for the corporate income tax, accompanied by a revenue sharing mechanism based on formula apportionment. We analyse tax competition in such a regime, focussing on the interaction between the definition of the tax base and the...
Persistent link: https://www.econbiz.de/10013316828
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Optimal Energy Taxes and Subsidies under a Cost-Effective Unilateral Climate Policy : Addressing Carbon Leakage
Kruse-Andersen, Peter - 2019
We analyze how a country pursuing a unilateral climate policy may contribute to a reduction in global CO2 emissions in a cost-effective way. To do so its system of energy taxes and subsidies must account for leakage of emissions from the domestic to the foreign economy. We focus on leakage...
Persistent link: https://www.econbiz.de/10012859989
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Fair and efficient taxation under partial control: Theory and evidence
Ooghe, Erwin; Peichl, Andreas - 2011
There is clear evidence that fairness plays a role in redistribution. Individuals want to compensate others for their misfortune, while they allow them to enjoy the fruits of their effort. This paper introduces fairness in a tax-benefit scheme that is based on several characteristics in order to...
Persistent link: https://www.econbiz.de/10010277364
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Income Tax Credits for Consumer Services : A Tool for Tackling VAT Evasion?
Buettner, Thiess; Madzharova, Boryana; Zaddach, Orlando - 2022
This paper analyzes the effects of an income tax credit for hard-to-tax consumer services on evasion of the value-added-tax (VAT). Based on the individual tax files of the universe of VAT payers in Germany, our analysis shows that harnessing incentives for consumers through tax credits fosters...
Persistent link: https://www.econbiz.de/10014242786
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Reasons for the Demise of Interest : Savings Glut and Secular Stagnation or Central Bank Policy?
Schnabl, Gunther - 2019
for the future (global savings glut). Low growth is linked to slowing population growth and a declining marginal …, from the perspective of Austrian business cycle theory, interest rates were step by step decreased by central banks to … nihilo and the need of time to produce capital invalidates the IS identity assumed in the Keynesian theory to hold …
Persistent link: https://www.econbiz.de/10012858697
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Uncertainty and Monetary Policy During Extreme Events
Pellegrino, Giovanni - 2020
How damaging are uncertainty shocks during extreme events such as the great recession and the Covid-19 outbreak? Can monetary policy limit output losses in such situations? We use a nonlinear VAR framework to document the large response of real activity to a financial uncertainty shock during...
Persistent link: https://www.econbiz.de/10012822498
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Market-Based Monetary Policy Uncertainty
Bauer, Michael - 2019
This paper investigates the role of monetary policy uncertainty for the transmission of FOMC actions to financial markets using a novel model-free measure of uncertainty based on derivative prices. We document a systematic pattern in monetary policy uncertainty over the course of the FOMC...
Persistent link: https://www.econbiz.de/10012871021
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Uncertainty and Monetary Policy During the Great Recession
Pellegrino, Giovanni; Castelnuovo, Efrem; Caggiano, Giovanni - 2021
We employ a nonlinear VAR framework and a state-of-the-art identification strategy to document the large response of real activity to a financial uncertainty shock during and in the aftermath of the great recession. We replicate this evidence with an estimated DSGE framework featuring a concept...
Persistent link: https://www.econbiz.de/10013235107
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Risk Sharing in Currency Unions : The Migration Channel
Kohler, Wilhelm; Müller, Gernot J.; Wellmann, Susanne - 2021
and thus on the extent of risk sharing across member states. The literature to date has focused on financial and credit … markets as well as on transfer schemes as channels of risk sharing. In this paper, we show how the standard approach to … quantify risk sharing can be extended to account for migration as an additional channel of cross-country risk sharing. In …
Persistent link: https://www.econbiz.de/10013235109
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Does U.S. Monetary Policy Respond to Macroeconomic Uncertainty?
Gomez, Thomas; Piccillo, Giulia - 2023
We find that macroeconomic uncertainty plays a significant role in U.S. monetary policy. First, we construct a measure of uncertainty as felt by policymakers at the time of making their rate-setting decisions. This measure is derived from a real-time, Bayesian estimation of a small monetary VAR...
Persistent link: https://www.econbiz.de/10014357029