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  • 1
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    London: Taylor and Francis | ZBW – Leibniz Information Centre for Economics Kiel, Hamburg
    Publication Date: 2019-01-29
    Description: We introduce progressive consumption taxation 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 of progressive taxation of consumption expenditures for the stabilization of cyclical fluctuations in Bulgaria. We find the quantitative effect of such a tax to be very small, and thus not important for either business cycle stabilization, or public finance issues.
    Keywords: E24 ; E32 ; ddc:330 ; business cycles ; progressive consumption taxation ; Bulgaria
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 2
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    Brussels: The Economics and Econometrics Research Institute | ZBW – Leibniz Information Centre for Economics Kiel, Hamburg
    Publication Date: 2019-01-29
    Description: We show that in a exogenous growth model with non-market ("home") sector calibrated to Bulgarian data under the progressive taxation regime (1993-2007), the economy exhibits equilibrium indeterminacy due to the presence of non-market production. These results are in line with the findings 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. Under the flat tax regime (2008-16), the economy calibrated to Bulgarian data displays saddle-path stability. The decrease in the average effective tax rate addresses the indeterminacy issue and eliminates the "stable focus" dynamics.
    Keywords: J46 ; D91 ; O41 ; ddc:330 ; Progressive taxation ; Non-market sector ; Home production ; Equilibrium (In)determinacy
    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 und Hamburg: ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften, Leibniz-Informationszentrum Wirtschaft
    Publication Date: 2016-04-21
    Description: This is the Technical appendix to the article published in Economic Change and Restructuring 48(2), 2015.
    Keywords: H22 ; ddc:330 ; taxation
    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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  • 4
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    Kiel und Hamburg: ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften, Leibniz-Informationszentrum Wirtschaft
    Publication Date: 2016-04-21
    Description: This is a Technical Appendix to the paper published in Bulgarian Economic Papers BEP 2015-01.
    Keywords: D91 ; ddc:330 ; RBC ; health
    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 und Hamburg: ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften, Leibniz-Informationszentrum Wirtschaft
    Publication Date: 2016-04-21
    Keywords: C63 ; ddc:330 ; log-linearization
    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 und Hamburg: ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften, Leibniz-Informationszentrum Wirtschaft
    Publication Date: 2017-12-14
    Description: Motivated by recent debates on the possible role of wages as an income policy tool, in this study we examine the dynamic inter-relationship between wages in Bulgaria, mainly in the context of its EU accession. Relative to the WDN studies on the other EU member states, the novelty in this paper is the inclusion of the minimum wage as a possible conditional determinant of the other two wages. We demonstrate that minimum wage increases do not cause changes in average wages in either the government or the private sector. Using variety of econometric tests, we also demonstrate the leadership of private sector wage over public compensation and recommend the implementation of policy measures aimed at labor productivity growth.
    Keywords: J3 ; J4 ; ddc:330 ; private sector wages ; public sector wages ; minimum wages ; causality
    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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  • 7
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    Kiel und Hamburg: ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften, Leibniz-Informationszentrum Wirtschaft
    Publication Date: 2017-12-14
    Description: This paper describes the lottery- and insurance-market equilibrium in an economy with non-convex market-sector employment and informal sector work. In contrast to Vasilev (2016a), the discrete-continuous labor supply decision in this paper is a sequential one, and instead of home production, we focus on informal activity. This still requires a single insurance market to operate - in particular, one for market-sector employment. In addition, given that the labor choice for market- and informal-sector hours is made in succession, the insurance market for market employment needs to close before the- labor supply choice in the grey economy is made. This segmentation is reminiscent of the results obtained in Vasilev (2015) and also a direct consequence of the sequential nature of the discrete-continuous sectoral labor supply decision.
    Keywords: J22 ; J46 ; ddc:330 ; indivisible labor ; lotteries ; discrete-continuous mix ; insurance ; informal economy
    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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    Lodz: Polish Academy of Sciencies
    Publication Date: 2017-12-14
    Description: In this paper we investigate the quantitative importance of e fficiency wages in explaining fluctuations in Bulgarian labor markets. This is done by augmenting an otherwise standard real business cycle model a la Long and Plosser (1983) with unobservable workers e ort by employers and wage contracts as in Shapiro and Stiglitz (1984), as well as a detailed government sector. This imperfection in labor markets introduces a strong propagation mechanism that allows the model to capture the business cycles in Bulgaria better than earlier models. The model performs well vis-a-vis data, especially along the labor market dimension, and in addition dominates the market-clearing labor market framework featured in the standard RBC model, e.g Vasilev (2009).
    Keywords: E24 ; E32 ; J41 ; ddc:330 ; general equilibrium ; shirking ; efficiency wages ; unemployment ; Bulgaria
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 9
    Publication Date: 2018-01-19
    Description: This paper describes the lottery- and insurance-market equilibrium in an economy with non-convex market-sector employment and informal sector work. In contrast to Vasilev (2016a), the discrete-continuous labor supply decision in this paper is a sequential one, and instead of home production, we focus on informal activity. The presence of non- convexity requires that an insurance market for market-sector employment be put in operation to achieve market completeness. In addition, given that the labor choice for market work and informal-sector hours is made in succession, the insurance market for market employment needs to close before the labor supply choice in the grey economy is made. This timing is reminiscent of the results obtained in Vasilev (2016b) and also a direct consequence of the sequential nature of the discrete-continuous sectoral labor supply decision.
    Keywords: E1 ; J22 ; J46 ; ddc:330 ; Indivisible labor ; lotteries ; discrete-continuous mix ; informal economy ; insurance
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 10
    Publication Date: 2017-10-30
    Description: The integration of technology in the educational process is becoming increasingly important for improving the 21st century student’s understanding and retention of academic material. Being able to readily apply the theory covered in class and to automatically receive immediate feedback is invaluable. And with gamification now permeating into nearly every area of our lives, computer games are proving to be an effective way to successfully engage any audience. Presently, there are only a few freely available macroeconomic simulators on the Internet which are suitable for undergraduate students. The two most prominent ones are the European Central Bank’s €conomia and the Chair the Fed game. But both of them focus solely on monetary policy. Thus, there is no educational simulator that allows students to examine the effects of fiscal policy. This is particularly problematic since Bulgaria and several other countries in the region, which are not part of the Eurozone, operate under a currency board, meaning that they do not have much control over their monetary policy, so the emphasis there is mainly on conducting fiscal policy. Hence, we developed the “Keynesian Macroeconomic Simulator of Fiscal Policy”.
    Description: Forthcoming
    Keywords: A22 ; E62 ; ddc:330 ; fiscal policy ; simulator
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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