ALBERT

All Library Books, journals and Electronic Records Telegrafenberg

feed icon rss

Your email was sent successfully. Check your inbox.

An error occurred while sending the email. Please try again.

Proceed reservation?

Export
Filter
  • ddc:330  (5)
  • Consumption and Saving  (1)
  • Interest Rates  (1)
  • International Business Cycles
  • ZBW – Leibniz Information Centre for Economics Kiel, Hamburg  (5)
  • 1
    facet.materialart.
    Unknown
    London: Taylor & Francis | ZBW – Leibniz Information Centre for Economics Kiel, Hamburg
    Publication Date: 2020-01-03
    Description: In this paper, we analyze the impact fiscal policy rules have on budget deficits and forecasting biases in official budget outlooks. Persistent budget deficits and over-optimistic budget forecasts have been observed in many countries in the past, especially in the euro area. To prevent such developments from happening in the future, fiscal rules have been revised or implemented with the aim to strengthen both preventive (ex-ante) and corrective (ex-post) elements of fiscal rules frameworks. Do such ex-ante and ex-post rules differ in their effects? In an attempt to answer this question, we build a two-period model and distinguish between ex-ante rules that apply to budget forecasts and ex-post rules that apply to realized budget deficits. Our model indicates that effectively enforced ex-post rules are more effective than ex-ante rules at reducing budget deficits. Interestingly, ex-ante rules differ from ex-post rules in their effects on forecasting biases. Only ex-post sanctions reduce forecasting biases, while ex-ante rules have no impact on such biases. In addition, we show that political stability and the size of government increase the effectiveness of fiscal rules. If, however, financial markets have a disciplining effect on governments, the effectiveness of fiscal rules is reduced. Our results imply that if fiscal policy rules cannot be effectively enforced, reforming other areas such as electoral rules or financial market regulations might be a more promising approach to ensuring sound public finances than fiscal policy rules.
    Keywords: H6 ; H11 ; E6 ; ddc:330 ; Fiscal Policy Making ; Fiscal Policy Rules ; Forecasting Bias
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:article
    Location Call Number Expected Availability
    BibTip Others were also interested in ...
  • 2
    facet.materialart.
    Unknown
    Amsterdam: Elsevier | ZBW – Leibniz Information Centre for Economics Kiel, Hamburg
    Publication Date: 2020-01-03
    Description: What are the economic effects of a central bank that takes the evolution of house prices into account? In an attempt to answer this question, we use a New Keynesian dynamic stochastic general equilibrium model with a housing sector to explore the economic impacts of a central bank reacting to house price inflation. We examine this in the context of two different shocks that are associated with two factors cited as possible underlying sources of the recent bubble in the housing market and the ensuing financial crisis. First, we allow for a positive shock to the household borrowing constraint. Second, we analyze the effects of a preference shock to housing. Our results indicate that these two shocks lead to a more pronounced increase in house prices and an expansion of the housing sector if the central bank does not react to house prices. If the central bank reacts to house price increases, it must accept lower output growth rates over the business cycle. We also show that welfare decreases if a central bank reacts to house price inflation. Because of these effects, a central bank may be reluctant to react to house price inflation.
    Keywords: E21 ; E22 ; E58 ; R21 ; ddc:330 ; Housing Demand ; House Prices ; Interest Rates ; Consumption and Saving
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:article
    Location Call Number Expected Availability
    BibTip Others were also interested in ...
  • 3
    facet.materialart.
    Unknown
    Heidelberg: Springer | ZBW – Leibniz Information Centre for Economics Kiel, Hamburg
    Publication Date: 2020-01-15
    Description: Intangible capital is an increasingly important factor of production in advanced economies. Governments in Europe and elsewhere promote investment in intangible assets. However, the potential role of intangibles for business cycles and the international transmission of shocks is not well understood. In this paper, we investigate the international business cycle effects of intangible capital. To this aim, we build an otherwise standard two-country real business cycle model augmented by a production sector for intangibles and allow for the non-rivalrous use of intangible capital in the production of final output goods and new intangibles. We find that a model including intangibles is associated with international co-movement of tangible investment, which is a feature observed in the data that many models fail to produce.
    Keywords: ddc:330 ; International Business Cycles ; Investment ; Intangible Capital
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:article
    Location Call Number Expected Availability
    BibTip Others were also interested in ...
  • 4
    facet.materialart.
    Unknown
    New York, NY: Springer US | ZBW – Leibniz Information Centre for Economics Kiel, Hamburg
    Publication Date: 2020-01-25
    Description: The benefits of dual apprenticeship programs are usually discussed in the context of reducing structural unemployment rates, especially among the young. Related to this, the long-run benefits of dual apprenticeship programs are extensively analyzed in the literature. However, empirical evidence regarding the short-run effects of the business cycle on the number of apprenticeships is scarce. In this paper, we use panel-data at the German federal states level ranging from 1999 through 2012 to analyze the effects of the business cycle on the number of new apprenticeship contracts. Using different sample periods and model specifications, we do not find a robust and significant effect of the business cycle on apprenticeships. Hence, the apprenticeship system seems to dampen the volatility of youth unemployment.
    Keywords: ddc:330 ; Economic Fluctuations ; Education ; Hiring ; Unemployment
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:article
    Location Call Number Expected Availability
    BibTip Others were also interested in ...
  • 5
    facet.materialart.
    Unknown
    London: Taylor & Francis | ZBW – Leibniz Information Centre for Economics Kiel, Hamburg
    Publication Date: 2020-05-12
    Description: This paper presents evidence about how research and development (R&D) expenditures affect corporate cash holdings in European country groups that differ in their innovation capacity. In theory, one can expect intangible investments such as R&D to result in higher cash stocks than fixed investments, particularly because intangible capital is less suitable as collateral for obtaining external funds. The relationship can be expected to be particularly strong in innovative countries. These countries carry out a relatively high proportion of cutting-edge R&D, which tends to be particularly risky and may be associated with substantial gestation lags before becoming productive. These features tend to increase firms' precautionary cash holdings. To investigate this issue in a European context, we examine different groups of countries that are clustered based on differences in their innovative capacity. Our estimation results confirm a positive relation between changes in R&D investment and changes in cash holdings, whereas changes in fixed investment do not appear to be related to changes in cash positions. The impact of changes in R&D on cash tends to be higher for country groups characterized by a high level of innovative capacity than for countries with moderate levels of innovative capacity. However, the differences across country groups are less pronounced than expected.
    Keywords: G31 ; G32 ; O16 ; ddc:330 ; cash holdings ; intangible investment,
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:article
    Location Call Number Expected Availability
    BibTip Others were also interested in ...
Close ⊗
This website uses cookies and the analysis tool Matomo. More information can be found here...