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Members of the US House of Representatives have proposed a major overhaul of the US corporate tax system, the so-called "destination-based border-adjusted cash-flow tax" (DBCFT). The literature on the economic implications and spillovers of such a DBCFT is scarce. This paper aims to provide a...
Persistent link: https://www.econbiz.de/10011804408
Members of the US House of Representatives have proposed a major overhaul of the US corporate tax system, the so-called “destination-based border-adjusted cash-flow tax” (DBCFT). The literature on the economic implications and spillovers of such a DBCFT is scarce. This paper aims to provide...
Persistent link: https://www.econbiz.de/10012949917
In this paper we propose an extension to New International Macroeconomic framework by introducing the vertical investment margin. The dynamic properties of the extended model are discussed in relation to relevant existing models with particular emphasis on the impact of productivity convergence...
Persistent link: https://www.econbiz.de/10011604837
In this paper we propose an extension to New International Macroeconomic framework by introducing the vertical investment margin. The dynamic properties of the extended model are discussed in relation to relevant existing models with particular emphasis on the impact of productivity convergence...
Persistent link: https://www.econbiz.de/10013316902
Standard New Keynesian (NK) models feature an optimal inflation target well below two percent, limited welfare losses from business cycle fluctuations and long-term monetary neutrality. We develop a NK framework with labour market frictions, endogenous productivity and downward wage rigidity...
Persistent link: https://www.econbiz.de/10012819049
This paper analyses how labour market heterogeneity affects unemployment, productivity and business cycle dynamics that are relevant for monetary policy. The model matches remarkably well the short and long run dynamics of skilled and unskilled workers. Skill mismatch and skill-specific labour...
Persistent link: https://www.econbiz.de/10013272142
We propose a theoretical framework to reconcile episodes of V-shaped and L-shaped recovery, en- compassing the behaviour of the U.S. economy before and after the Great Recession. In a DSGE model with endogenous growth, negative demand shocks destroy productive capacity, moving GDP to a lower...
Persistent link: https://www.econbiz.de/10012661624
The sectoral allocation of labor differs considerably across developed economies, even in the presence of similar patterns of structural change. A general equilibrium model that captures the stylized facts of structural change is presented. In this framework, product market regulations raise...
Persistent link: https://www.econbiz.de/10011604263
Persistent link: https://www.econbiz.de/10011604326
This paper presents a two period overlapping generations model with endogenous growth in the presence of a public sector with objectives of convergence for public debt and primary balance to GDP ratios. In order to ensure the existence of converging paths towards the target values of fiscal...
Persistent link: https://www.econbiz.de/10011604427