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Caporale, Guglielmo Maria - 2012

This paper analyses the dynamic effects of fiscal imbalances in a given EMU member state on the borrowing costs of … VAR, or GVAR) using quarterly data for the EMU period suggests that euro-denominated government yields are strongly linked … imbalances in Italy and in other peripheral countries should be closely monitored by their EMU partners and the European …

Persistent link: https://www.econbiz.de/10013112600

Fiscal Adjustments and Business Cycle Synchronization

Agnello, Luca - 2013

Using a panel of annual data for 20 countries we show that synchronized fiscal consolidation (stimulus) programmes in different countries make their business cycles more closely linked, especially in the case of fiscal adjustments lasting 2 or 3 years. We also find: (i) little evidence of...

Persistent link: https://www.econbiz.de/10013071388

Time-consistent Fiscal Policy under Heterogeneity: Conflicting or Common Interests?

Angelopoulos, Konstantinos; Malley, Jim; … - CESifo - 2011

This paper studies the aggregate and distributional implications of Markov-perfect tax-spending policy in a neoclassical growth model with capitalists and workers. Focusing on the long run, our main findings are: (i) it is optimal for a benevolent government, which cares equally about its...

Persistent link: https://www.econbiz.de/10009020092

The Distributional Consequences of Supply-Side Reforms in General Equilibrium

Angelopoulos, Konstantinos; Fernandez, Bernardo X.; … - CESifo - 2011

Using a heterogeneous agent model allowing for different degrees of complementarity between capital, skilled and unskilled labour, this paper evaluates supply-side reforms consistent with lower public debt-to-GDP in the long-run. We find that, relative to the other tax reforms, capital tax cuts...

Persistent link: https://www.econbiz.de/10009144878

Fiscal Spillovers in the Euro Area

Caporale, Guglielmo Maria; Girardi, Alessandro - CESifo - 2011

Persistent link: https://www.econbiz.de/10009391724

The Distributional Consequences of Tax Reforms under Market Distortions

Angelopoulos, Konstantinos; Jiang, Wei; Malley, Jim - CESifo - 2011

In this paper we examine the importance of imperfect competition in product and labour markets in determining the long-run welfare effects of tax reforms assuming agent heterogeneity in capital holdings. Each of these market failures, independently, results in welfare losses for at least a...

Persistent link: https://www.econbiz.de/10009325806

Human Capital, Social Mobility and the Skill Premium

Angelopoulos, Konstantinos; Malley, Jim; … - CESifo - 2013

This paper develops a dynamic general equilibrium model to highlight the role of human capital accumulation of agents differentiated by skill type in the joint determination of social mobility and the skill premium. We first show that our model captures the empirical co-movement of the skill...

Persistent link: https://www.econbiz.de/10010693467

Tax Smoothing in a Business Cycle Model with Capital-Skill Complementarity

Angelopoulos, Konstantinos; Asimakopoulos, Stylianos; … - CESifo - 2014

This paper undertakes a normative investigation of the quantitative properties of optimal tax smoothing in a business cycle model with state contingent debt, capital-skill complementarity, endogenous skill formation and stochastic shocks to public consumption as well as total factor and capital...

Persistent link: https://www.econbiz.de/10010757726

Fiscal Adjustments and Business Cycle Synchronization

Agnello, Luca; Caporale, Guglielmo Maria; Sousa, Ricardo M. - CESifo - 2013

Persistent link: https://www.econbiz.de/10010721606

The Optimal Distribution of the Tax Burden over the Business Cycle

Angelopoulos, Konstantinos; Asimakopoulos, Stylianos; … - CESifo - 2013

This paper analyses optimal income taxes over the business cycle under a balanced-budget restriction, for low, middle and high income households. A model incorporating capital-skill complementarity in production and differential access to capital and labour markets is de-veloped to capture the...

Persistent link: https://www.econbiz.de/10010711142