We investigate long-run earnings responses to taxes in the presence of dynamic returns to effort. First, we develop a theoretical model of earnings determination with dynamic returns to effort. In this model, earnings responses are delayed and mediated by job switches. Second, using...

This paper describes the structure and estimation of a structural macro-econometric model of the Northern Ireland economy. We show how it can be used to assess the potential impact of economic shocks and policy changes. Specifically, we have done so by examining the effects of shocks to UK...

We develop a new model of cycles and crises in emerging markets, featuring an occasionally binding borrowing constraint and stochastic volatility, and estimate it with quarterly data for Mexico since 1981. We propose an endogenous regime‐switching formulation of the occasionally binding...

We construct a macroeconomic model based on household wealth preferences to identify the theoretical conditions under which full-employment and/or stagnation steady states hold. The theoretical conditions also specify the minimum level of inflation target that shifts the economy from stagnation...

This paper describes the structure and estimation of a structural macro-econometric model of the Northern Ireland economy. We show how it can be used to assess the potential impact of economic shocks and policy changes. Specifically, we have done so by examining the effects of shocks to UK...

We construct a macroeconomic model based on household wealth preferences to identify the theoretical conditions under which full-employment and/or stagnation steady states hold. The theoretical conditions also specify the minimum level of inflation target that shifts the economy from stagnation...

The primary goal of the present study was to assess the efficacy of the inflation-targeting framework (ITF) within the Egyptian economy. This was achieved by scrutinizing the monetary policy framework (MPF) from 2005 to 2022 and measuring its effectiveness in realizing monetary policy objectives...

We examine the impact of central bank digital currency (CBDC) on banks and the broader economy - drawing on novel survey evidence and using a structural macroeconomic model with endogenous bank runs. A substantial share of German respondents would include CBDCs in their portfolio in normal times...

"A foundational text, this book explores the key components of international macroeconomics at the undergraduate level. In fifteen chapters and five broad sections, the topics covered include the exchange rate, interest rates, and expectations; the intertemporal approach to net exports and the...

Gegenstand der vorliegenden Analyse ist die Frage, wie Lohn-Preis-Spiralen die makroökonomische Stabilität und Inflationsentwicklung in Deutschland beeinflussen und in welcher Form sie auftreten können. Im Jahr 2023 wird die Inflation von binnenwirtschaftlichen Preistreibern verursacht....

CORTAX is a macroeconomic model that focuses on corporate taxation and is used extensively for European Commission policy assessments. As a macroeconomic model, it simulates variables such as GDP, investment and employment, while being especially notable for its focus on corporate income...

Although the agricultural sector plays a minor economic role in the national economy, macroeconomic impacts are relevant for the achievement of climate goals due to forward and backward linkages with sectors in the food value chain. Agricultural land use also has some positive external effects...

We analyse the (techno- and macro-)economic and distributive effects of a transformation to a renewable electricity system in Austria by 2030, as stipulated by the Austrian government. For the analysis, the macroeconomic model DYNK and ATLANTIS, a partial model of the electricity market, were...

Die Folgen und daraus resultierenden Kosten des Klimawandels sind inzwischen unvermeidbar. In makroökonomischen Modellen wie INFORGE, welche Abschätzungen zur Zukunft bis 2050 liefern, müssen die Folgen des Klimawandels in der Projektion daher berücksichtigt werden. Ziel dieses Beitrags ist...

We analyse the (techno- and macro-)economic and distributive effects of a transformation to a renewable electricity system in Austria by 2030, as stipulated by the Austrian government. For the analysis, the macroeconomic model DYNK and ATLANTIS, a partial model of the electricity market, were...

This paper analyses the post-pandemic inflation dynamics in Canada using a behavioral macroeconomic model of the Bank of Canada. Two crucial behavioral assumptions in line with empirical evidence characterize the model: firms make price-quantity decisions according to a simple heuristic rule and...

Energy efficiency can help facing the climate crises. Yet the energy intensity has decreased more slowly than it is required to achieve climate goals. Based on this premise, we build an agent-based model to study the effects of different policies on energy efficiency. Policies analysed range...

We define risk transfer as the percent change in the market risk exposure for a group of investors over a given period. We estimate risk transfer using novel data on U.S. investors' portfolio holdings, flows, and returns at the security level with comprehensive coverage across asset classes and...

We develop a dynamic macroeconomic model in which the secular decline in real interest rates arises endogenously from rising wealth inequality. Challenging the standard "safe asset shortage" hypothesis, the model shows how falling real rates can coexist with a stable safe asset ratio--closely...

This book comprehensively studies the critical role that financial frictions, and credit market imperfections in particular, play in macroeconomic models, and how they affect the effectiveness of monetary and macroprudential policies. To that effect, the book offers numerous insights into the...

This book presents the answers to the exercises in Macroeconomic Theory, Fluctuations, Inflation and Growth in Closed and Open Economies, 2nd Edition, by Fernando de Holanda Barbosa (Cham, Switzerland: Springer, 2024), hereafter referred as Macro Theory. Altogether, there are 170 exercises in...

We introduce endogenous labour supply decisions with an extensive and intensive margin in a spatial computational general equilibrium model. We show that endogenising labour supply generates an additional economic loss from a negative economic shock compared to a model with fixed labour supply....