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The impact of numerical expenditure rules on budgetary discipline over the cycle

Holm-Hadulla, Fédéric; Hauptmeier, Sebastian; Rother, … - 2010

We study the impact of numerical expenditure rules on the propensity of governments to deviate from expenditure targets in response to surprises in cyclical conditions. Theoretical considerations suggest that due to political fragmentation in the budgetary process expenditure policy might be...

Persistent link: https://www.econbiz.de/10011605215

How far are we from the slippery slope? The Laffer curve revisited

Trabandt, Mathias; Uhlig, Harald - 2010

We characterize the Laffer curves for labor taxation and capital income taxation quantitatively for the US, the EU-14 and individual European countries by comparing the balanced growth paths of a neoclassical growth model featuring ”constant Frisch elasticity” (CFE) preferences. We derive...

Persistent link: https://www.econbiz.de/10011605220

Nominal and real wage rigidities. In theory and in Europe

Knell, Markus - 2010

In this paper I study the relation between real wage rigidity (RWR) and nominal price and wage rigidity. I show that in a standard DSGE model RWR is mainly affected by the interaction of the two nominal rigidities and not by other structural parameters. The degree of RWR is, however,...

Persistent link: https://www.econbiz.de/10011605226

Inter-industry wage differentials in EU countries: what do cross-country time varying data add to the picture?

Du Caju, Philip; Kátay, Gábor; Lamo, Ana; Nicolitsas, … - 2010

This paper documents the existence and main patterns of inter-industry wage differentials across a large number of industries for 8 EU countries (Belgium, Germany, Greece, Hungary, Ireland, Italy, Netherlands, and Spain) at two points in time (in general 1995 and 2002) and explores possible...

Persistent link: https://www.econbiz.de/10011605228

Changes in the wage structure in EU countries

Christopoulou, Rebekka; Jimeno, Juan F.; Lamo, Ana - 2010

We study changes in the wage structures in nine EU countries over 1995-2002 and the role of demand, supply and institutional developments in shaping these changes. Using comparable cross-country microeconomic data, we compute for each country and at each decile of the wage distribution, the part...

Persistent link: https://www.econbiz.de/10011605245

Efficiency and risk in european banking

Fiordelisi, Franco; Marqués-Ibáñez, David; Molyneux, Phil - 2010

We analyze the impact of efficiency on bank risk. We also consider whether bank capital has an effect on this relationship. We model the inter-temporal relationships among efficiency, capital and risk for a large sample of commercial banks operating in the European Union. We find that reductions...

Persistent link: https://www.econbiz.de/10011605257

What lies beneath the euro's effect on financial integration? Currency risk, legal harmonization, or trade?

Kalemli-Ozcan, Sebnem; Papaioannou, Elias; Peydró, … - 2010

Although recent research shows that the euro has spurred cross-border financial integration, the exact mechanisms remain unknown. We investigate the underlying channels of the euro’s effect on financial integration using data on bilateral banking linkages among twenty industrial countries in...

Persistent link: https://www.econbiz.de/10011605262

Fiscal policy and growth: do financial crises make a difference?

Afonso, António; Grüner, Hans Peter; Kolerus, Christina - 2010

In this paper we assess to what extent in the existence of a financial crisis, government spending can contribute to … mitigate economic downturns in the short run and whether such impact differs in crisis and non crisis times. We use panel … instrumented regular and crisis spending is about 0.6-0.8 considering the sample average government spending share of GDP of about …

Persistent link: https://www.econbiz.de/10011605263

Transmission of government spending shocks in the euro area: Time variation and driving forces

Kirchner, Markus; Cimadomo, Jacopo; Hauptmeier, Sebastian - 2010

This paper provides new evidence on the effects of government spending shocks and the fiscal transmission mechanism in the euro area for the period 1980-2008. Our contribution is two-fold. First, we investigate changes in the macroeconomic impact of government spending shocks using time-varying...

Persistent link: https://www.econbiz.de/10011605265

Wages, labor or prices: how do firms react to shocks?

Dhyne, Emmanuel; Druant, Martine - 2010

Survey results in 15 European countries for almost 15,000 firms reveal that Belgian firms react more than the average European firm to adverse shocks by reducing permanent and temporary employment. On the basis of a firm-level analysis, this paper confirms that the different reaction to shocks...

Persistent link: https://www.econbiz.de/10011605270