Showing 1 - 10 of 20
景気循環会計の理解には,動学的一般均衡モデルの知識が必要となるため,その分野の専門外からすると理解し難い.本稿では,景気循環会計において労働市場の歪みを表すlabor wedge...
Persistent link: https://www.econbiz.de/10011115734
We consider an economy where individuals face uninsurable risks to their human capital accumulation, and study the problem of determining the optimal level of linear taxes on capital and labor income together with the optimal path of the debt level. We show both analytically and numerically that...
Persistent link: https://www.econbiz.de/10010799094
We study a monetary model in which buyers choose search intensity and prices are considered as given in the decentralized market. In doing so, we indicate that the Friedman rule may not be optimal. Buyers' search intensity is excessively low under the rule, because their surplus is less than the...
Persistent link: https://www.econbiz.de/10010764054
This study investigates aggregate implications of fiscal policy that responds to asset price fluctuations. In our sticky-price model, the monetary authority follows a Taylor rule and the fiscal authority follows a rule that the target of government spending is asset prices and responds...
Persistent link: https://www.econbiz.de/10010764055
本稿の目的は,英国ブレア労働党政権の医療改革が財政にどのような影響を与えたか, 健全性・公平性の観点から検証することにある。先進諸外国は福祉国家として財政を維持...
Persistent link: https://www.econbiz.de/10010764056
When individuals' labor and capital income are subject to uninsurable idiosyncratic risks, should capital and labor be taxed, and if so how? In a two period general equilibrium model with production, we derive a decomposition formula of the welfare e ects of these taxes into insurance and...
Persistent link: https://www.econbiz.de/10010764057
This paper investigates the Laffer curves in Japan, based on a neoclassical growth model. It is found that while the labor tax rate is smaller than that at the peak of the Laffer curve, the capital tax rate is either very close to, or larger than, that at the peak of the Laffer curve. This...
Persistent link: https://www.econbiz.de/10010860724
Many authors argue that financial constraints have been tightened in several countries since the Great Recession in 2007–2009. To explain this, we construct a model in which borrowing constraints for firms are tightened as a result of mass default due to a bubble collapse. In Jermann and...
Persistent link: https://www.econbiz.de/10010860725
We develop a simple macroeconomic model that captures key features of a liquidity crisis. During a crisis, the supply of short-term loans vanishes, the interest rate rises sharply, and the level of economic activity declines. A crisis may be caused either by self-ful lling beliefs or by...
Persistent link: https://www.econbiz.de/10010860726
This paper investigates the monetary policy design for restoring equilibrium determinacy. Our interests are whether a central bank should respond to asset price fluctuations, and if so, what asset prices should be targeted. We show that a monetary policy response to the price of a productive...
Persistent link: https://www.econbiz.de/10010904679