This paper investigates the macroeconomic effects of tax changes. Using annual data from 1870 to 2013 for a panel of seventeen OECD economies, the empirical findings show that changes in the tax rate have temporary effects on the real growth rate but permanent effects on the level of output. The...

Nominale Effekte der griechischen Fiskal- und Geldpolitik In diesem Beitrag werden die Effekte der Fiskal- und Geldpolitik auf das Preisniveau und auf die Wechselkurse in Griechenland untersucht. Es erweist sich, daß eine expansive Geldpolitik in starkem Maße für die Inflation und Abwertung...

This paper investigates the relationship between the Great Moderation and two measures of inflation performance: trend inflation and inflation volatility. Using annual data from 1970 to 2011 for a large panel of 180 developed and developing economies, the results show that, as expected, both...

We provide new evidence on the spillover effects from US interest rate changes, focusing on factors that are pertinent to the current conjuncture: weak recovery prospects in emerging market and developing economies (EMDEs), and the confluence of macroeconomic shocks shaping the path of interest...

This paper presents a new measure of aggregate trade restrictions (MATR) using data from the International Monetary Fund's Annual Report on Exchange Arrangements and Exchange Restrictions. MATR is strongly correlated with existing measures of trade restrictiveness but is more comprehensive in...

How do severe recessions, such as those brought about by the Global Financial Crisis or the COVID-19 pandemic, affect the composition of energy generation between green and dirty sources? Does creative destruction during recessions result in a sustained greening of the energy mix? The empirical...

We examine the economic and electoral effects of liberalisation measures using newlyconstructed databases on structural economic reforms and the outcome of democratic elections since the 1970s. The data shows a remarkable slowdown in the pace of liberalisation in both advanced and emerging...

The aim of this paper is to investigate how the birth of a central fiscal authority or the creation of a fiscal transfer mechanism could improve the action of fiscal policy in terms of stabilization in the EMU. In particular, the paper examines the theoretical reasons to support this conclusion...

We show that an increase in aggregate uncertainty - measured by stock market volatility - reduces productivity growth more in industries that depend heavily on external finance. The mechanism at play is that during periods of high uncertainty, firms that are credit constrained switch the...