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  • 1
    Electronic Resource
    Electronic Resource
    Oxford, UK and Boston, USA : Blackwell Publishers Ltd.
    Review of international economics 10 (2002), S. 0 
    ISSN: 1467-9396
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: For present member countries, eastern EU enlargement entails gains from integration as well as fiscal costs. The authors use a calibrated model to quantify the dynamic effects of discriminatory trade liberalization and immigration from eastern applicants. It is found that enlargement is expansionary and yields a remarkable fiscal dividend. Surprisingly, integration compresses the wage spread between skilled and unskilled labor. Overall, the (dynamic) gains from integration clearly outweigh the fiscal cost. While ambiguous a priori, enlargement is found to hold a remarkable net welfare gain for Austria.
    Type of Medium: Electronic Resource
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  • 2
    Electronic Resource
    Electronic Resource
    Oxford, UK : Blackwell Publishing Ltd
    Review of international economics 3 (1995), S. 0 
    ISSN: 1467-9396
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: The paper presents a multisectoral CGE model with overlapping generations in which intertemporal optimization by households and firms determines savings and investment under perfect foresight. We calibrate the model to Austrian data and simulate a unilateral tariff liberalization scenario. We find that unilateral tariff reductions are expansionary in the long-run but involve considerable diversity in sectoral adjustment. Foreign debt increases in the long-run, causing an improvement in the trade balance. In terms of welfare, some old generations gain at the expense of young and future generations. Budgetary policies are shown to be crucial for several effects.
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  • 3
    Electronic Resource
    Electronic Resource
    Oxford, UK and Boston, USA : Blackwell Publishers Ltd
    Metroeconomica 53 (2002), S. 0 
    ISSN: 1467-999X
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: We study the role of public policy in promoting efficiency in human capital accumulation. Agents accumulate human capital by allocating time to home study and school attendance. The return to time spent in school is subject to congestion. The individual also faces an aggregate externality in skill accumulation. We find that a tuition fee combined with personal stipends can correct the resulting distortions by partly shifting educational effort from schools and universities to noninstitutional forms of learning, such as home study. The dynamic effects of education policy as well as their welfare implications are also calculated in the paper.
    Type of Medium: Electronic Resource
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  • 4
    Electronic Resource
    Electronic Resource
    Oxford, UK and Boston, USA : Blackwell Publishers Ltd
    The @world economy 24 (2001), S. 0 
    ISSN: 1467-9701
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Law , Economics
    Type of Medium: Electronic Resource
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  • 5
    Electronic Resource
    Electronic Resource
    Springer
    Empirica 27 (2000), S. 325-351 
    ISSN: 1573-6911
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract An eastern enlargement of the EU, from an incumbent country point of view,involves a fiscal burden from extending Union agricultural and cohesion policiesto new members, coupled with potential gains as well as adjustment problemsderiving from an extended customs union and a larger single market. Enlargementis controversial, because the net effect is unclear, a priori, and will certainly vary across individual countries. Our two-part contribution tries to do shed light on this controversy. In this first part, we present a general treatment of the likely effects on different incumbent countries, while a subsequent companion paper will take a closer look at the specific case of Austria. The general view of part I, in turn, first focuses on various empirical measures highlighting crucial differences between incumbents, pertaining to the fiscal burden on the one hand, and integration gains on the other. We then argue that a proper evaluation must rely on an explicit welfare criterion, and we use a general model of economic integration in order to identify the principalchannels through which aggregate welfare of an incumbent country is affected by an enlargement of the EU. We address traditional effects of trade creation and trade diversion, as well as growth effects arising from an abolition of trade barriers. In addition, we ask how enlargement affects foreign direct investmentand labor migration, and what this implies in welfare terms for an incumbent western European country. Taken together, these effects generate a certain presumption of integration gains, which need to be set against the fiscal burden. However, a final judgement requires a case-by-case approach, based on empirical implementations of enriched and parameterized models for specific countries. The companion paper, therefore, uses a suitably specified, calibrated dynamic equilibrium model, in order to take a closer look at the Austrian case.
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  • 6
    Electronic Resource
    Electronic Resource
    Springer
    International tax and public finance 5 (1998), S. 449-469 
    ISSN: 1573-6970
    Keywords: monopolistic competition ; diversification of production ; investment multiplier ; underaccumulation of capital ; small businesses
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract The paper proposes an intertemporal equilibrium model that highlights the interdependence between aggregate investment and the degree of product differentiation with free entry of monopolistic producers. An investment externality is identified that results in underaccumulation of capital in the decentralized market equilibrium. Some form of investment promotion is called for. The paper compares the effectiveness of a general investment tax credit and an ad valorem output subsidy with policies that favor smaller business size. It is also shown that the complementarity among individual investments creates a potentially powerful investment multiplier.
    Type of Medium: Electronic Resource
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  • 7
    Electronic Resource
    Electronic Resource
    Springer
    Open economies review 7 (1996), S. 237-255 
    ISSN: 1573-708X
    Keywords: transitory savings ; current account ; net foreign assets ; overshooting ; F13 ; F32 ; F41
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract The article analyzes the dynamic effects of tariff liberalization on a small open economy. The primary focus is on nonmonotonic adjustment patterns of net lending such as overshooting or opposite short-and long run effects. When capital accumulation tilts wage income toward the future in the early transition periods, present generations perceive life-cycle type savings disincentives which create a transitory shortfall in savings. In the long run, wage profiles become flat again, and the savings deficiency vanishes. The transitory savings component may give rise to overshooting or opposite short- and long-run adjustment in the total stock of savings and net foreign assets.
    Type of Medium: Electronic Resource
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  • 8
    Electronic Resource
    Electronic Resource
    Springer
    Journal of economics 60 (1994), S. 189-197 
    ISSN: 1617-7134
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract The overlapping generations model with life-time uncertainty is capable of generating unfamiliar, nonmonotonic adjustment phenomena that are attributed to a transitory savings motive. Slowly falling (increasing) wages create transitory savings (dis-)incentives which vanish in the long run when wage profiles become stationary again. Such a transitory savings component comes on top of a base component created by the permanently operating long-run savings incentives, and it easily gives rise to overshooting adjustment. Assets and consumption may even move first in a direction opposite to the implied long-run changes.
    Type of Medium: Electronic Resource
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  • 9
    Electronic Resource
    Electronic Resource
    Springer
    Empirical economics 19 (1994), S. 131-164 
    ISSN: 1435-8921
    Keywords: C68 ; D58 ; F13
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract We present a multi-sector CGE model featuring forward looking investiment and savings behavior within an intertemporal optimization framework. Thus, the model captures several of the intertemporal effects of commercial policy that have been stressed by recent literature on current account adjustment. We argue that pursuing a simulation approach in addressing these issues is warranted by certain limitations and ambiguities of the analytical literature. In addition to presenting the details of the model structure, the paper addresses calibration issues relating to intertemporal parameters. The model is calibrated to a microconsistent data set for the Austrian economy. Finally, the paper features an application of the model to a simple tariff liberalization scenario.
    Type of Medium: Electronic Resource
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  • 10
    Electronic Resource
    Electronic Resource
    Springer
    Empirica 16 (1989), S. 31-51 
    ISSN: 1573-6911
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Zusammenfassung In einem einfachen dynamischen Gleichgewichtsmodell mit überlappenden Generationen werden die Wachstumswirkungen von Investitionsförderungsmaßnahmen simuliert. Dabei stellt sich heraus, daß die Wirkung des Steuersatzes von den anderen Bestimmungen der Unternehmenssteuer abhängt. Wenn die Steuer bereits in der Ausgangslage durch großzügige steuerliche Absetzbarkeit der Investitionsausgaben investitionsfördernd ist, dann kann nur eine Erhöhung des Steuersatzes zusätzliche Investitionen induzieren. Der höhere Steuersatz steigert den Wert der Absetzbarkeit von Investitionsausgaben und schafft damit den Investitionsanreiz. Außerdem erweist sich die Erhöhung des Absetzbetrages als eine Investitionsförderungsmaßnahme, die sich selbst finanziert. Dennoch ist die Erhöhung des Absetzbetrages kein “free lunch”, weil die Reduktion der Anschaffungskosten für neues Kapital aufgrund einer einfachen Arbitrage-Bedingung auch das alte Kapital entwertet. Dieser Kapitalisierungseffekt von Investitionsförderungsmaßnahmen belastet die Kapitaleigner und wirkt daher wie eine versteckte Vermögenssteuer.
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