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Fiscal Federlism in a Monetary Union : The Cooperation Pitfall
Kempf, Hubert - 2018
Fiscal federalism may not be a panacea in a monetary union if it does not address the non-cooperative behaviour between fiscal policymakers. To prove this, we assess the relative merits of a fiscal federalism scheme in a monetary union and intergovernmental fiscal cooperation without such a...
Persistent link: https://www.econbiz.de/10012930695
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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
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The Distributional Consequences of Tax Reforms Under Market Distortions
Angelopulos, Kōnstantinos; Jiang, Wei; Malley, James R. - 2021
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/10013315966
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Structural Distortions and Decentralized Fiscal Policies in EMU
Beetsma, Roel; Bovenberg, Lans - CESifo - 2001
The combination of discretionary monetary policy, labor-market distortions and nominal wage rigidity yields an inflation bias as monetary policy tries to exploit nominal wage contracts to address labour-market distortions Although an inflation target eliminates this inflation bias, it creates a...
Persistent link: https://www.econbiz.de/10005765964
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The Unemployment Accelerator
Blanco, Julio A. - 2017
This paper studies the unemployment accelerator, a mechanism where workers directly affect the firms' financial … conditions, and, in turn, firms' financial conditions feedback again to the real economy. The unemployment accelerator builds on … in labor and financial markets. We provide compelling micro-evidence of the unemployment accelerator: a 10% increase in a …
Persistent link: https://www.econbiz.de/10012964383
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Heterogeneity in Staggered Wage Bargaining and Unemployment Volatility Puzzle
Kara, Engin - 2017
It has been noted that the search and matching model cannot account for the observed unemployment fluctuations. Gertler …
Persistent link: https://www.econbiz.de/10012951773
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Business Cycle Asymmetries and the Labor Market
Kohlbrecher, Britta - 2016
density function with higher density and thereby generate large, asymmetric job-finding rate and unemployment reactions. Our …
Persistent link: https://www.econbiz.de/10012994696
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The Effects of Monetary Policy on Unemployment Dynamics under Model Uncertainty - Evidence from the US and the Euro Area
Altavilla, Carlo - 2013
surrounding the effects of rule-based monetary policy on unemployment dynamics in the euro area and the US. We employ a Bayesian …
Persistent link: https://www.econbiz.de/10012753184
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Financial Frictions and Inflation Differentials in a Monetary Union
Hristov, Nikolay; Hülsewig, Oliver; Wollmershäuser, Timo - CESifo - 2010
This paper employs a stylized New Keynesian DSGE model for a monetary union to analyze whether cyclical inflation differentials can be explained by cross-country differences concerning the characteristics of financial markets. Our results suggest that empirically plausible degrees of...
Persistent link: https://www.econbiz.de/10008727289
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Financial Frictions and Inflation Differentials in a Monetary Union
Hristov, Nikolay - 2010
This paper employs a stylized New Keynesian DSGE model for a monetary union to analyze whether cyclical inflation differentials can be explained by cross-country differences concerning the characteristics of financial markets. Our results suggest that empirically plausible degrees of...
Persistent link: https://www.econbiz.de/10013136243