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  • 1
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    Perugia: University of Perugia Electronic Press
    Publication Date: 2018-06-22
    Description: This paper utilizes an otherwise standard micro-founded general-equilibrium setup, which is augmented with a revenue-extraction mechanism to assess the magnitude of VAT evasion. The model is calibrated to Bulgaria after the introduction of the currency board (1999-2014), as one of the very few countries in Europe with a non-di fferentiated consumption tax rate, and an economy where VAT revenue makes almost half of total government tax revenue. A computational experiment performed within this setup estimates that on average, the size of evaded VAT is a bit more than one-fourth of output, an estimate which is in line with the figures provided in both Philip (2014) and the European Commission (2014). In addition, model-based simulations suggest that increases in spending on law and order could generate substantial welfare gains by decreasing VAT evasion.
    Keywords: D58 ; E26 ; H26 ; K42 ; ddc:330 ; VAT evasion ; general equilibrium ; Bulgaria
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:article
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  • 2
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    London: Taylor & Francis | ZBW – Leibniz Information Centre for Economics Kiel, Hamburg
    Publication Date: 2018-07-06
    Description: We introduce an environmental dimension into a real-business-cycle model augmented with a detailed government sector. We calibrate the model to Bulgarian data for the period following the introduction of the currency board arrangement (1999-2016). We investigate the quantitative importance of utility-enhancing environmental quality, and the mechanics of an "environmental" output tax levied on the polluting firm's output, as well as the effect of government spending on pollution abatement over the cycle. In particular, a positive shock to pollution emission in the model works like a positive technological shock, but its effect is quantitatively very small. Overall, the model performs relatively well when evaluated against data, but less so along the environmental dimension, so more research is needed to understand the aggregate effects of pollution.
    Keywords: E32 ; C68 ; Q2 ; Q58 ; ddc:330 ; Business cycles ; pollution ; environmental quality ; environmental tax ; abatement spending
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 3
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    Kiel, Hamburg: ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften, Leibniz-Informationszentrum Wirtschaft
    Publication Date: 2018-12-05
    Description: We introduce consumption habits into an exogenous growth model augmented with a detailed government sector, and calibrate the model to Bulgarian data for the period following the introduction of the currency board arrangement (1999-2016). We show that in contrast to the case without habits, e.g., Vasilev (2009), when the economy features saddle-path stability, the habit motive alone leads to equilibrium indeterminacy in the model. When habits enter multiplicatively in the representative agent's utility function, the setup exhibits "sink" dynamics, and equilibrium paths are determined by "animal spirits." These results are in line with the findings in the literature, e.g., Benhabib and Farmer (1994, 1996) and Farmer (1999), and have major implications for policy-making and welfare.
    Keywords: E32 ; E37 ; ddc:330 ; Equilibrium indeterminacy ; animal spirits ; multiplicative consumption habits ; Bulgaria
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper
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  • 4
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    Kiel, Hamburg: ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften, Leibniz-Informationszentrum Wirtschaft
    Publication Date: 2018-12-05
    Description: We introduce internal consumption habits into a real-business-cycle setup augmented with a detailed government sector. We calibrate the model to Bulgarian data for the period following the introduction of the currency board arrangement (1999-2016). We investigate the quantitative importance of the presence of internal consumption habits motive for the propagation cyclical fluctuations in Bulgaria. Allowing for habits in consumption improves the model performance against data, and in addition this extended setup dominates the standard RBC model framework without habits, e.g., Vasilev (2009).
    Keywords: E32 ; E37 ; ddc:330 ; Business cycles ; consumption habits ; Bulgaria
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 5
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    Kiel, Hamburg: ZBW – Leibniz Information Centre for Economics
    Publication Date: 2018-12-05
    Description: We introduce Epstein-Zin (1989, 1991) preferences into a real-business-cycle setup augmented with a detailed government sector. We calibrate the model to Bulgarian data for the period following the introduction of the currency board arrangement (1999-2016). We investigate the quantitative importance of the presence of "early resolution of uncertainty" motive for the propagation of cyclical fluctuations in Bulgaria. Allowing for Epstein-Zin preferences improves the model performance against data, and in addition this extended setup dominates the standard RBC model framework, e.g., Vasilev (2009).
    Keywords: E32 ; E22 ; E37 ; ddc:330 ; business cycle fluctuations ; Epstein-Zin preferences ; Bulgaria
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 6
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    Kiel, Hamburg: ZBW – Leibniz Information Centre for Economics
    Publication Date: 2018-12-05
    Description: We show that in a exogenous growth model with Epstein-Zin (1989, 1991) recursive preferences calibrated to Bulgarian data under the progressive taxation regime (1993- 2007), the economy exhibits equilibrium indeterminacy. These results are in line with the fi ndings in Benhabib and Farmer (1994, 1996) and Farmer (1999). Also, the findings in this paper are in contrast to Guo and Lansing (1988) who argue that progressive taxation works as an automatic stabilizer. In contrast, under the flat tax regime (2008-16), the same economy calibrated to Bulgarian data now displays saddle-path stability. The decrease in the average effective tax rate addresses the indeterminacy issue and eliminates the "sink" dynamics.
    Keywords: D51 ; D91 ; ddc:330 ; Progressive taxation ; Epstein-Zin preferences ; Equilibrium (In)determinacy ; Bulgaria
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 7
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    Warsaw: De Gruyter Poland | ZBW – Leibniz Information Centre for Economics Kiel, Hamburg
    Publication Date: 2018-09-18
    Description: We introduce a pro-cyclical endogenous utilization rate of physical capita1 stock into a real-business-cycle model augmented with a detailed government sector. We calibrate the model to Bulgarian data for the period following the introduction of the currency board arrangement (1999-2016). We investigate the quantitative importance of the endogenous depreciation rate, and the capital utilization mechanism working through the use of energy for cyclical fluctuations in Bulgaria. In particular, a positive shock to energy prices in the model works like a negative technological shock. Allowing for variations in factor utilization and the presence of energy as a factor of production improves the model performance against data, and in addition this extended setup dominates the standard RBC model framework with constant depreciation and a fixed utilization rate of physical capital, e.g., Vasilev (2009)
    Keywords: E32 ; E22 ; E27 ; ddc:330 ; Business fluctuations ; capital utilization rate ; endogenous depreciation rate ; energy use ; energy prices ; Bulgaria
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 8
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    Kiel und Hamburg: ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften, Leibniz-Informationszentrum Wirtschaft
    Publication Date: 2017-03-07
    Description: This paper describes the lottery- and insurance-market equilibrium in an economy with non-convex private- and public-sector employment. In contrast to Vasilev (2015a, 2015b), the public-sector labor supply decision is a sequential one. This requires two separate insurance market to operate, one for private-sector work, and one for public- sector employment. In addition, given that the labor choice for private- and public- sector hours is made in succession, the insurance market for public emloyment needs to open once the other insurance market has closed. This segmentation and sequentiality of insurance markets operation is a new result in the literature and a direct consequence of the double non-convexity, and the sequential nature of the sectoral labor supply decision.
    Keywords: J22 ; J45 ; ddc:330 ; indivisible labor ; public employment ; sequential lotteries ; insurance
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:preprint
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  • 9
    Publication Date: 2017-03-07
    Description: This paper explores the problem of non-convex labor supply decisions in an economy with both private and public sector jobs. In contrast to Vasilev (2015a), the sectoral labor choice is made in a sequential manner. Still, the micro-founded representation obtained from explicit aggregation over homogeneous individuals again features different disutility of labor across the two sectors. Thus, there is little merit in the timing of the sectoral non-convex labor choice.
    Keywords: J22 ; J45 ; ddc:330 ; indivisible labor ; public employment ; sequential lottery ; sequential lottery
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 10
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    Kiel und Hamburg: ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften, Leibniz-Informationszentrum Wirtschaft
    Publication Date: 2017-03-07
    Description: notes on exogenous growth models
    Keywords: A1 ; ddc:330 ; exogenous growth
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:report
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