Does the state of the business cycle matter for the effects of fiscal policy shocks on GDP? This study analyses quarterly German data from 1976 to 2009 in a threshold SVAR, expanding the SVAR approach by Blanchard and Perotti (2002). In a linear benchmark SVAR, the analysis finds that hiking...

Against the background of the euro area sovereign debt crisis, our paper investigates the relationship between public debt and economic growth and adds to the existing literature in the following ways. First, we extend the threshold panel methodology by Hansen (1999) to a dynamic setting in...

The empirical and theoretical literature on long-term relationships in public finance is dominated by two approaches: Fiscal sustainability and Wagner's law of an increasing state activity. In this paper, we argue that these two relationships should be analyzed simultaneously and not separately....

We analyse tax revenue elasticities by applying dynamic models to a new disaggregated dataset for Germany, which is adjusted for the effects of tax reforms. We estimate long-run elasticities that are substantially lower than in comparable studies for profit-related taxes and are slightly lower...

Das Urteil des Bundesverfassungsgerichts vom Januar 2005 hat die Tür zu Studiengebühren geöffnet. Damit ist eine notwendige Bedingung für eine fundamentale Hochschulreform erfüllt. Welche verteilungs- und bildungspolitischen Folgen hat die derzeitige Hochschulfinanzierung? Wie sind...

Nach dem Scheitern der Referenden über die EU Verfassung in Frankreich und den Niederlanden und der gescheiterten Einigung über den Finanzrahmen 2007 bis 2013 befindet sich die EU in einer Krise. Wie ist es zu dieser Entwicklung gekommen? Welche Folgen ergeben sich für den Europäischen...

There is little disagreement that the EU budget should be refocused. Redistributive agricultural and structural spending should be reduced in favour of more public good spending as the Boege and Sapir reports demand. But a public choice analysis can show that the current deadlock makes a...

The sovereign debt crisis in the euro area has increased the interest in early warning indicators, with the aim to indicate the build?up of fiscal stress early on and to facilitate crisis prevention by a timely counteraction of fiscal and macroeconomic policies. This paper presents possible...

In February 1998 a work was published in the series of discussion papers produced by the Bundesbank which was concemed with problems of measuring inflation in Gerrnany. This paper met with a lively response. The Research Group of the Bundesbank therefore staged a workshop on this subject at...