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  • E62
  • Heidelberg: Springer  (35)
  • Wiley
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  • 1
    Publication Date: 2019-05-17
    Description: Eine moderne öffentliche Infrastruktur ist die Grundlage einer leistungsfähigen Volkswirtschaft. Immer wieder ist in diesem Kontext von einer öffentlichen Investitionsschwäche die Rede. Mitunter wird angesichts negativer Nettoinvestitionen oder eines stagnierenden öffentlichen Nettoanlagevermögens sogar attestiert, Deutschland verzehre seinen staatlichen Kapitalstock. Zur Beurteilung der gesamtwirtschaftlichen Produktionswirkung sind jedoch das Nettoanlagevermögen und die Nettoinvestitionen keine geeigneten Indikatoren. Auf Basis des Bruttoanlagevermögens kann das pauschale Urteil, Deutschland verzehre seinen staatlichen Kapitalstock, verworfen werden.
    Keywords: E22 ; E62 ; H54 ; ddc:330
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: German
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  • 2
    Publication Date: 2018-09-10
    Description: We evaluate the impact of fiscal stimulus measures during the financial crisis and the subsequent turn to fiscal consolidation during the Euro Area crisis. Based on an exploitation of the information contained in systematic forecast errors, we identify a robust and substantial underestimation of the multiplier effects linked to these measures. Moreover the effects are highly persistent, pointing to hysteresis effects of fiscal measures during deep crises.
    Keywords: E62 ; H68 ; ddc:330
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: German
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  • 3
    Publication Date: 2019-04-11
    Description: This paper assesses the relationship between public and private wages in the EU, as measured by general government and manufacturing compensations, respectively. We find that the long-run relation between the two is stronger when the government is a large employer. Manufacturing compensations are better aligned with productivity and unemployment when general government compensations, to which they generally respond, are set through bargaining. Finally, manufacturing compensations react in the same way whether those in the general government sector are increased or cut, a relation that seems to hold also under fiscal consolidation provided the government is a large employer.
    Keywords: C32 ; E24 ; E62 ; H59 ; ddc:330 ; General government compensations ; Wage setting ; Cost competitiveness ; Fiscal consolidation ; Co-integration
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 4
    Publication Date: 2019-05-17
    Description: Kreditfinanzierte staatliche Investitionsprogramme können zur Sicherung der Generationengerechtigkeit beitragen, wenn sie Wachstumspotenziale stärken und die staatliche Schuldenquote langfristig senken. Eine neue Studie zeigt, dass zielgerichtete Investitionen in Infrastruktur, Hochschulen, Ganztagsschulen und Ganztagsbetreuung in Kitas die Generationengerechtigkeit verbessern. Investitionen in Schulen und Kitas erzielen dabei die höchste fiskalische Effizienz und verbessern zusätzlich die Verteilungsgerechtigkeit. Die Politik sollte die vorhandenen fiskalischen Spielräume für zusätzliche öffentliche Investitionen nutzen.
    Description: Credit financed public investment programmes can improve generational justice if they strengthen economic growth and reduce public debt in the long run. A new study shows that public investments in infrastructure, universities, and fullday schools and preschools improve generational justice. Public investments in fullday schools and preschools have the largest impact on generational justice and improve distributional justice as well. These results suggest that economic policy should use the available fiscal space to enhance public investment.
    Keywords: E62 ; J22 ; J68 ; ddc:330
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: German
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  • 5
    Publication Date: 2019-05-17
    Description: 25 Jahre nach Abschluss des Maastricht-Vertrages gibt es durchaus Zweifel an dessen Erfolg. Die Autoren zeigen auf, dass nur die Kernländer der Europäischen Wirtschafts- und Währungsunion eine dauerhafte Konvergenz ihrer wirtschaftlichen Entwicklung erlebten. Daher halten sie die gemeinsame Währungspolitik für verfehlt. Zudem werden Reformen, die auf eine intensivere Integration setzen, als kaum durchsetzbar angesehen.
    Description: The paper argues that 18 years after the introduction of the Euro, the European Monetary Union has yet been unable to achieve sufficient real economic convergence among its member economies. As a result, the European Central Bank (ECB) still faces a dilemma in the sense that the common monetary policy is unable to meet current policy requirements in both boom and recession countries. Of course, the extensive asset purchase programmes of the ECB in the aftermath of the Euro crisis provided the necessary time for policy reforms, but deep rooted structural problems in a number of member countries and a divergent understanding of macroeconomic policy have remained and will lead to sustained high tensions in the eurozone in the foreseeable future.
    Keywords: E52 ; E58 ; E62 ; ddc:330
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: German
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  • 6
    Publication Date: 2019-11-12
    Description: Seit langem hat es keine umfassende Reform im deutschen Steuersystem gegeben. Vor der Bundestagswahl und angesichts deutlicher und wohl auch längerfristiger gesamtstaatlicher Überschüsse werden zunehmend Vorschläge zur Entlastung der Steuerzahler gemacht. Dabei sind viele Aspekte zu berücksichtigen: beispielsweise die Frage, welche Einkommensgruppe entlastet werden sollte und welche tatsächlich durch die Vorschläge entlastet würde. Im Wesentlichen beziehen sich die Reformvorschläge auf die Einkommensteuer. Es müssen aber auch die Sozialabgaben und andere Steuerarten wie die Körperschaft-, Vermögen- und Erbschaftsteuer sowie die Energiesteuern in den Blick genommen werden.
    Description: Some authors focus on the fact that Germany shows one of the highest tax burdens among the OECD countries. Based on their analysis, they suggest approaches to reduce the tax burden in particular for lower and medium incomes. These tax reliefs are possible, and would not compromise new public investment. But decreases in personal income tax rates mainly relieve higher income earners and are accompanied by high tax losses if the top tax rates are not increased. Alternatives are relief for social contributions or VAT. Other researchers do not look at the tax burden this way: as the income tax burden in Germany is not high from a historical perspective or by international standards, there is no case for massive tax cuts, as this would jeopardise the government's ability to act and fail to correct past shifts of the tax burden at the expense of households with low incomes. Any tax cuts should be targeted at the bottom half of the income distribution without creating any revenue shortfalls. Instead, the government would be well advised to increase its efforts to overcome the public investment backlog and ensure a well functioning civil service. Furthermore, sustainability oriented tax reforms should focus on a shift of the tax burden from taxes on labour towards environmental and wealth based taxes.
    Keywords: D31 ; E62 ; H20 ; ddc:330
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: German
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  • 7
    Publication Date: 2019-11-12
    Description: Der deutsche Leistungsbilanzüberschuss lag 2016 deutlich über dem Schwellenwert von 6% im Makroökonomischen Ungleichgewichtsverfahren der EU-Kommission. Dies wird sich so schnell auch nicht ändern. Daher fordern Ökonomen, aber auch der Internationale Währungsfonds, die Binnennachfrage mit Mitteln der Finanzpolitik zu erhöhen. Unter Verwendung eines makroökonometrischen Weltwirtschaftsmodells untersucht der Autor, welchen Einfluss konkrete finanzpolitische Maßnahmen auf die Entwicklung von Bruttoinlandsprodukt und Leistungsbilanz in Deutschland und in der restlichen Eurozone haben könnten. Er kommt zu dem Ergebnis, dass die internationalen Übertragungseffekte eher gering sind. Um die 6%-Schwelle zu unterschreiten, wäre zudem ein immenses fiskalisches Volumen erforderlich, und die Auswirkungen der temporären Fiskalmaßnahmen auf die öffentliche Verschuldung Deutschlands wären dauerhaft.
    Description: Can an expansive fiscal policy help to reduce Germany's current account surplus while simultaneously creating positive spillover effects for the eurozone? If yes, what amount of measures would be required in order to bring the current account surplus below the 6% of GDP threshold specified in the EU Commission's macroeconomic imbalance procedure? An analysis based on a global macroeconometric model shows that fiscal policy measures could reduce Germany's surplus. The positive spillovers for the eurozone would be relatively small, however, while a huge amount of fiscal stimuli would be required to reach the 6% threshold. In addition, there would be a lasting increase in Germany's public debt.
    Keywords: E62 ; F41 ; F47 ; ddc:330
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: German
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  • 8
    Publication Date: 2019-11-12
    Description: Anfang Juni 2017 wurden die Finanzbeziehungen zwischen Bund und Ländern für die Zeit ab 2020 neu geordnet. Das Ergebnis führt zu einer Verschiebung der föderalen Kräfteverhältnisse. Der Bund wird finanziell stärker belastet, zugleich steigt seine Verantwortung für einen angemessenen Finanzkraftausgleich zwischen den Ländern und bei der Erfüllung öffentlicher Aufgaben. Die Länder erhalten zusätzliche finanzielle Mittel vom Bund, begeben sich jedoch auch in eine größere Abhängigkeit. Wichtige Reformen, etwa bei der Steuerzuordnung oder der Berücksichtigung demografiebedingter Sonderlasten wurden im Ergebnis ausgelassen. Sie skizzieren künftige Diskussionsfelder.
    Description: The reorganisation of financial relations between the federal government and the federal states by the German parliament changes the federal system in Germany at crucial points. With the agreed new financial equalisation system a restructuring of the federal solidarity occurs. The federal government gains a lot of responsibility; the federal states receive more revenue, but become more dependent. More income is redistributed, and in different ways, which could counteract the convergence among states. In addition, important reform fields were left unprocessed. The overall result is a political compromise, which is to be criticised objectively.
    Keywords: E61 ; E62 ; H77 ; ddc:330
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: German
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  • 9
    Publication Date: 2017-03-07
    Description: This paper studies the wasteful effect of bureaucracy on the economy by addressing the link between opportunistic behavior of government bureaucrats and the public sector wage bill. In particular, public officials are modeled as individuals competing for a larger share of those public funds. A simple extraction technology in the government administration is introduced in a standard Real-Business-Cycle (RBC) setup augmented with detailed public sector. The model is calibrated to German data for the period 1970-2007. The main findings are: (i) the model performs well vis-a-vis the data; (ii) Due to the existence of a significant public sector wage premium and the high public sector employment, a substantial amount of working time is spent in opportunistic activities, which in turn leads to significant losses in terms of output; (iii) The model-based loss measures obtained for the EU-12 countries are highly-correlated to indices of bureaucratic inefficiency.
    Description: in press
    Keywords: E62 ; J45 ; E69 ; E32 ; ddc:330 ; rent-seeking ; opportunism ; public employment ; government wages
    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: 2019-04-11
    Description: The Great Recession has revived aggregate demand management policies. In particular, automatic stabilizers are praised since they are rule based and thus operate swiftly and symmetrically across the cycle. However, automatic stabilizers are not a result of macro design but the structure of the social safety net and the taxation system. The participation tax is a key determinant of the strength of the automatic stabilizers. Paradoxically, the disincentive effects of high participation taxes are often discussed at the same time as automatic stabilizers are praised. The paper considers the sources of automatic stabilizers and whether they (un)intentionally have been weakened via structural reforms to strengthen work incentives. It is considered whether it is possible to maintain strong automatic stabilizers without jeopardizing incentives via the design of the social safety net (workfare) or business cycle-dependent unemployment insurance. The criticism that automatic stabilizers may prolong downturns is also considered. Finally, it is discussed to what extent aggregate demand management policy can stabilize labour markets and, in particular, whether it is well targeted towards marginalized groups. Also, the potential sources of marginalization in the labour market are discussed.
    Keywords: E62 ; H24 ; H61 ; J60 ; ddc:330
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 11
    Publication Date: 2018-09-10
    Description: Angesichts der stark steigenden Zuzüge hat in Deutschland wieder eine gesellschaftliche Debatte darüber begonnen, was die richtige Zuwanderungspolitik ist, welche Vor- und Nachteile für das Land mit Zuwanderung verbunden sind und ob Migranten die öffentlichen Haushalte belasten, weil eine Zuwanderung in die Sozialsysteme stattfindet. Vor diesem Hintergrund analysiert der Autor die langfristigen Erträge von Migration für verschiedene Szenarien künftiger Zuwanderung mit den Mitteln der Generationenbilanzierung.
    Description: The paper employs generational accounting to assess the long-term fiscal impact of future immigration to Germany. Using micro data on age-specific government revenue and expenditure, it demonstrates that the intertemporal government budget, given current fiscal parameters and no migration, is heavily imbalanced due to demographic ageing. Immigration may reduce the burden of the necessary fiscal policy changes on the incumbent population, both via an added revenue effect and an added tax payer effect. However, fiscal relief requires that future migrants are on average at least medium-skilled and hence better qualified than the current population of foreign nationals in Germany. This calls for selective migration policies with a strong labour market focus.
    Keywords: E62 ; E66 ; F22 ; ddc:330 ; Einwanderung ; Öffentliche Finanzen ; Generationengerechtigkeit ; Deutschland
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: German
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  • 12
    Publication Date: 2018-09-10
    Description: Die Ergebnisse der griechischen Wahlen vom Januar haben deutlich gemacht, dass die betroffene Bevölkerung eine einseitige Politik des Sparens nicht mitträgt. Auch in anderen Krisenländern regt sich Widerstand. Darüber, inwieweit und in welchen Ländern eine Austeritätspolitik durchgeführt wurde und ob sie ökonomisch erfolgreich war, gehen die Auffassungen ebenso auseinander wie über das weitere: Sollte Griechenland aus dem Euro aussteigen oder sind nachhaltigere Strukturreformen erforderlich?
    Description: The authors express different opinions about the outcomes of austerity policies. They do not even agree on the number of states that adopted austerity policies, as measured by deficit and debt ratios. However, most of the authors consider that austerity in Greece has failed due to the lack of political will and the lack of a functioning administration, which obstructs the reform process complementary to austerity policies. Another reason for the failure of austerity policies is probably a delayed and insuffi cient debt restructuring in Greece a lesson which should be taken on board for future adjustment programmes. Apart from economic effects, a continuation of austerity policies in Southern Europe would further damage the social structures and political cultures of the respective countries. Therefore, one author suggests a jointly conducted exit from the eurozone of countries with high effective overvaluations, combined with solidaristic transfers during the period of transition.
    Keywords: E62 ; F45 ; H63 ; ddc:330 ; Haushaltskonsolidierung ; Wirkungsanalyse ; Wirtschaftliche Anpassung ; Griechenland ; EU-Staaten
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: German
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  • 13
    Publication Date: 2018-09-10
    Description: Der griechische Staat hat von seinen europäischen Partnern ein drittes Hilfspaket erhalten. Neben der Frage, ob der griechischen Regierung die Umsetzung der dabei vereinbarten Reformen zugetraut werden kann, gilt die weiterhin hohe Staatsverschuldung als größte Hypothek für die ökonomische Entwicklung des Landes. Die Verschuldungsfrage ist politisch brisant, weil die griechischen Staatsschulden als Folge der Rettungspolitik der vergangenen fünf Jahre fast ausschließlich von den öffentlichen Haushalten der europäischen Partnerländer und nicht mehr von privaten Anlegern gehalten bzw. verbürgt werden.
    Description: Greece was granted a third bailout package by its European partners, although it is unclear whether Greece will be able to keep its reform commitments. Because Greece's debt is now held primarily by the eurozone public sector, any concessions on credit terms constitute fiscal transfers between the countries involved.
    Keywords: E62 ; F34 ; H63 ; ddc:330 ; Öffentliche Schulden ; Schuldenerlass ; Geberländer ; Europäischer Stabilitätsmechanismus ; Griechenland
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: German
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  • 14
    Publication Date: 2018-09-10
    Description: Der Länderfinanzausgleich soll reformiert werden, da er mit den bestehenden Regeln nach 2019 ausläuft. Entsprechend werden aktuell verschiedene Vorschläge und deren Auswirkungen diskutiert. In diesem Beitrag kommt der Wirtschaftskraft - gemessen auf Basis der Bruttowertschöpfung - die Rolle als zentraler Indikator für die Zuordnung der Gemeinschaftssteuern zu. Damit werden die Steuereinnahmen der aufkommensstarken Steuerarten eng an den Ort der Wertschöpfung geknüpft und das Umverteilungsvolumen wird insgesamt reduziert.
    Description: In the year 2020, a new system of financial flows among the several tiers of government in Germany as well as equalisation payments among the federal states has to be implemented. A variety of concepts are currently under discussion, ranging from small adjustments to paradigmatic shifts. The model presented here suggests an alternative reference value for tax allocation. Introducing gross value added as an indicator for tax allocation offers several advantages. The process of splitting up and ascribing the joint tax volume would be substantially facilitated. The calculated gap between the financial capacities of the federal states would be reduced, resulting in less need for equalisation in the first place and thus less potential for conflict.
    Keywords: E61 ; E62 ; H77 ; ddc:330 ; Länderfinanzausgleich ; Ländersteuer ; Steuereinnahmen ; Wirtschaftsindikator ; Deutschland
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: German
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  • 15
    Publication Date: 2018-09-10
    Description: Griechenlands Zahlungsprobleme gefährden offensichtlich nicht die Stabilität der Eurozone, obwohl seine Schuldentragfähigkeit langfristig nicht gewährleistet ist. Dennoch wurde Griechenland eine Programmverlängerung um vier Monate zugestanden und auch über ein drittes Hilfsprogramm wird bereits diskutiert. Der Autor prüft die rechtlichen Voraussetzungen für weitere Hilfen und entwirft ein Ablaufszenario für einen Zahlungsausfall Griechenlands. Neben einer Analyse EU-vertragskonformer Möglichkeiten eines Austritts werden die Ausgabe einer Notwährung sowie die einer vermögensfundierten Neä Drachmä zur Diskussion gestellt.
    Description: Greece's financial difficulties apparently do not endanger the stability of the eurozone, nor is Greek debt sustainability guaranteed. Nevertheless, Greece was granted a four-month extension to its aid programme and a third programme is already being discussed. This contribution first examines the legal requirements for further aid. Then, a process scenario is used to examine the possible consequences of a Greek default and the ensuing options for the country. Besides an analysis of exit options which are in accordance with the EU treaties, the issuance of an emergency currency as well as an asset-backed Neä Drachmä are discussed.
    Keywords: E42 ; E58 ; E62 ; ddc:330 ; Staatsbankrott ; Eurozone ; EU-Mitgliedschaft ; Währungsreform ; Griechenland
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: German
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  • 16
    Publication Date: 2018-09-10
    Description: Im Juni 2015 wird die Initiative der Europäischen Kommission zur Finanzierung von Infrastrukturinvestitionen, der sogenannte Juncker-Plan, in Kraft treten. Dazu wird ein Europäischer Fonds gegründet, dessen finanzielle Ausstattung vor allem vom Kapitalmarkt kommen soll und von der EU garantiert wird. Von den Fondsmitteln wird eine große Hebelwirkung erwartet: Sie sollen privates Kapital im Umfang des 15-fachen der anfänglich bereitgestellten 21 Mrd. Euro mobilisieren. Die Autoren fragen nach der ökonomischen Begründung für das Investitionspaket. Eine übersteigerte Verunsicherung der Investoren aufgrund der Finanzkrise, die zu einem von der Kommission unterstellten Marktversagen führen würde, können sie allerdings nicht erkennen.
    Description: The global financial and economic crisis has starkly unsettled private investors. An investment plan recently initiated by the president of the EU Commission, Jean-Claude Juncker, is supposed to bring private investors back into the market. Through the assumption of partial risk, the investment plan targets a leverage ratio of 15, multiplying the fund's 21 billion euro equity with private investments. The authors question the Commission's economic reasoning behind the initiative. In fact, investors uncertainties seem to accurately reflect market risks rather than indicating a market failure. The investment plan's motivation is based on erroneous economic reasoning.
    Keywords: E22 ; E61 ; E62 ; ddc:330 ; Infrastrukturinvestition ; Finanzintermediation ; EU-Staaten
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: German
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  • 17
    Publication Date: 2018-09-10
    Description: Im Rahmen eines klassischen keynesianischen Modells kommt Hans-Werner Sinn zu dem Ergebnis, dass kreditfinanzierte Staatsausgaben den induzierten Steuermehrertrag immer übertreffen. Permanente Restdefizite ließen daher die Schulden sowohl absolut als auch im Verhältnis zum Sozialprodukt ins Unendliche wachsen. Der Autor hält den Ansatz für kausalanalytisch fraglich sowie den Multiplikator für kreislauftheoretisch unzureichend spezifiziert. Nach seiner Modellvariante beschert ein Steuersatz ab einer Mindestmarke dem Fiskus Einnahmen, die größer als das Defizit ausfallen.
    Description: Referring to an allegedly classical Keynesian model Hans-Werner Sinn wants to prove with mathematical rigor that credit-financed government expenditures always exceed the induced increase in tax revenues. Apparently, the remaining deficits accumulate over time. As a consequence, debts are supposed to grow both absolutely and in relation to the national product beyond all limits. These statements rest on a dubious causal analysis and an inadequate definition of the relevant multiplier. Rather, tax rates above a certain minimum yield fiscal revenues greater than the initial deficit. Besides, the debt-to-GDP ratio does not necessarily converge to infinity even if the state's liabilities rise steadily.
    Keywords: E62 ; H62 ; H63 ; ddc:330 ; Haushaltsdefizit ; Schuldenmanagement ; Steuereinnahmen ; Multiplikator ; Postkeynesianismus
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: German
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  • 18
    Publication Date: 2016-01-08
    Description: This essay aims to discuss the conditions for a successful implementation of the European Youth Guarantee in Italy. In principle, the program should be able to affect the frictional and mismatch components of unemployment, if not the Keynesian and neoclassical ones, as the experience of Scandinavian countries suggests. However, this requires an in-depth transformation of the entire school-to-work transition system, involving not only public employment services, but also educational and training systems. To tackle the Keynesian and neoclassical components of unemployment, instead, it is vital to rethink European austerity and reduce the labor wedge.
    Keywords: E12 ; E62 ; H52 ; J13 ; J24 ; ddc:330 ; European youth guarantee ; European social model ; School-to-work transition ; Youth unemployment ; Youth experience gap ; Keynesian unemployment ; Neoclassical unemployment ; Mismatch and frictional unemployment ; Italy
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 19
    Publication Date: 2017-02-24
    Description: This paper examines the role of fiscal policies in the dynamics of the labor market. Through the lenses of Okun's Law, we assess how fiscal policy instruments as well as fiscal consolidation and expansion episodes affect labor market outcomes. Using a panel of 34 OECD countries over the period 1985 - 2013, we find that fiscal consolidation has a sizeable, positive and robust impact on the Okun's coefficient. This effect is particularly strong for expenditure based consolidations, suggesting that a reduction in the size of the government increases the responsiveness of employment to output and is not altered by an expansionary or recessionary position in the business cycle. Interestingly, we find no impact of fiscal expansion on the Okun's coefficient nor for specific fiscal instruments.
    Keywords: E24 ; E32 ; E62 ; ddc:330 ; Okun's Law ; Fiscal policy
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 20
    Publication Date: 2018-09-10
    Description: Nach über 20 Jahren Diskussionen liegen derzeit drei Modelle zur Reform der Grundsteuer vor. Sie basieren auf wert- und flächenbezogenen Bemessungsgrundlagen sowie einer Kombination aus beiden. Die Rechnungen zum regionalen Aufkommen belegen, dass die wertbasierten Modelle mit der höheren Verteilungsgerechtigkeit von den finanzstarken Ländern im Länderfinanzausgleich abgelehnt werden, weil sie dann höhere Transferzahlungen an die finanzschwachen Länder leisten müssten.
    Description: For many years property tax in its current form has been exhibiting increasing problems. There are three reform models currently being discussed that differ in their respective tax bases using either property values or areas, or both. They create different individual tax burdens and amounts of tax revenue in each state compared to the current property tax amount which alters local tax capacity within the fiscal equalisation system among the 16 states. The calculations on regional local tax revenue prove that the value-based models which promote greater equity are being neglected by the financially strong states. This is because they would be forced to provide higher transfer payments to the financially weaker states.
    Keywords: H21-23 ; H71 ; R14 ; R51 ; E62 ; ddc:330 ; Grundsteuer ; Steuerreform ; Besteuerungsverfahren ; Verteilungsgerechtigkeit ; Länderfinanzausgleich ; Deutschland
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 21
    Publication Date: 2017-02-23
    Description: This paper evaluates the effects of a fall in payroll taxes on employment and wages in the presence of high labor informality. For that purpose, the paper examines a recently approved tax reform in Colombia especially targeted to promote labor formality. The model suggests that the reform would increase total employment by between 0.3 to 0.5 percent and formal employment by between 3.4 to 3.7 percent over the pre-reform scenario. In addition, formal wage rates would increase by 4.9 percent as a result of the reform. This finding suggests that the pass-through effect in labor markets may be large in these economies.
    Keywords: E62 ; H26 ; J21 ; O17 ; ddc:330 ; Labor informality ; Payroll taxes ; Tax incidence
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 22
    Publication Date: 2016-01-08
    Description: Since the beginning of the financial crisis in 2008, the Dutch economy lost 6% of gdp relative to Germany, even though the Netherlands (unlike the GIPSI countries) did not face serious problems to finance its sovereign debt. This bad performance is explained by the interaction of fiscal policy and the housing market. This makes the Netherlands an interesting case because these effects can be analyzed in isolation of stress on financial markets. We sketch a simple overlapping generation framework. House price declines lead to a temporary drop in consumption, forcing a reallocation of labour from domestic to tradable industries. This leads to a loss in industry specific human capital, causing a jump in unemployment. The analysis yields a number of lessons for fiscal policy in the aftermath of a financial crisis and for the current EU framework for the evaluation of member states' fiscal policy. Fiscal policy provided too little intergenerational insurance and the EU framework is an obstacle to do that.
    Keywords: E32 ; E62 ; J64 ; ddc:330 ; House price crises ; Fiscal policy
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 23
    Publication Date: 2018-11-29
    Description: A New Keynesian DSGE model with non-Ricardian households is estimated for the Portuguese economy and the stability of the model’s prediction (posterior distributions, impulse responses, and sources of fluctuations in endogenous variables) tested under different assumptions on non-Ricardian households. Their share is estimated to be relatively high (58 %). Furthermore, estimates of several parameters as well as the magnitude and persistence of shocks are particularly sensitive to the share of non-Ricardian households. Impulse responses to consumption preference and productivity shocks are amplified for lower shares;for greater proportions, the model predicts more noticeable responses to price markup and government spending shocks. Fluctuations in output growth are mainly driven by productivity shocks for a lower share and by price markup shocks in the opposite scenario. A high proportion of these households together with a high degree of price stickiness lead the Taylor-type interest rate rule solution to be locally indeterminate.
    Keywords: C11 ; E12 ; E37 ; E52 ; E62 ; ddc:330 ; DSGE ; New Keynesian model ; non-Ricardian households ; Bayesian inference ; Portugal
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 24
    facet.materialart.
    Unknown
    Heidelberg: Springer
    Publication Date: 2018-09-10
    Description: Nachdem das Bundesverfassungsgericht im einstweiligen Verfahren mit Urteil vom 12.9.2012 die Ratifikation des ESM-Vertrags unter Einfügung von Kautelen billigte, fand am 11./12.6.2013 die mündliche Verhandlung in der Hauptsache statt. Der folgende Beitrag gibt die wesentlichen Punkte des Eingangs- und Schlussplädoyers des Verfahrensbevollmächtigten der Klägergruppe Europolis wieder.
    Description: After the German Federal Constitutional Court had given its consent to the ratification of the ESM Treaty in an interim proceeding with judgment dated 12 September 2012, subject to several precautionary provisions, the court audience of the main action took place on the 11-12 June 2013. Apart from the acts approving the ESM and the fiscal treaty as well as the regulation (EU) 1176/2011, the German Constitutional Court dealt intensely with the announcement of the ECB Council dated 6 September 2012 to buy bond issues to an unlimited extent from ESM/EFSF-programme states (the so-called OMT programme). The author is the attorney in the procedure 2 BvR 1824/12 of Professor von Stein and others. The article reproduces the essential points of his opening and closing pleadings.
    Keywords: E52 ; E58 ; E62 ; ddc:330
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: German
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  • 25
    Publication Date: 2018-09-10
    Description: Die gesetzliche Krankenversicherung schwimmt zurzeit im Geld: Ende des 3. Quartals 2012 verfügten Gesundheitsfonds und Krankenkassen zusammen über Finanzreserven von rund 23,5 Mrd. Euro. Das schafft Begehrlichkeiten - nicht nur bei Ärzten, Apotheken und Krankenhäusern, sondern auch beim Bundesfinanzminister. Eine klare Regelbindung bei der Beitragsgestaltung hätte diese ungeplante Entwicklung verhindert. Sie wäre vor allem aber auch dann hilfreich, wenn die aktuelle 'Schönwetterphase' hoher Überschüsse vorüber ist.
    Description: An unexpected surplus in the German statutory health insurance central fund has led to unwise discretionary decisions which should be avoided in the future. First, the setting of the contribution rate, which is currently politically determined, should be replaced by a rule-based procedure to adjust contribution revenues to expected expenditures. Furthermore, in view of the European Fiscal Compact's debt criteria becoming effective in 2014, health care financing's dependence on the state budget should be reduced. However, reorganising health care financing is only one area of reform. It should be accompanied by implementing workable solutions for increased competition among health insurers as well as providers.
    Keywords: E62 ; H55 ; I18 ; ddc:330 ; Gesetzliche Krankenversicherung ; Sozialversicherungsbeitrag ; Sozialversicherungsfinanzierung ; Deutschland
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: German
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  • 26
    Publication Date: 2018-09-10
    Description: Im September 2012 hatte EZB-Präsident Draghi angekündigt, dass die Europäische Zentralbank - wenn es notwendig ist - unbegrenzt Staatsanleihen von Krisenstaaten aufkauft, um die Refinanzierung ihrer Staatsschulden zu ermöglichen und ihre Zinsbelastung zu senken. Nach Auffassung des Autors überschreitet die EZB damit ihre Kompetenzen und verlässt die ihr zugewiesene Rolle als geldpolitische Institution. Wenn die EZB aber zunehmend auch fiskalpolitische Aufgaben übernimmt, müsste sie stärker parlamentarisch kontrolliert werden und könnte ihre Unabhängigkeit verlieren. Zur Vermeidung von monetärer Staatsfinanzierung wird vorgeschlagen, künftig Staatsanleihekäufe auch auf dem Sekundärmarkt zu untersagen.
    Description: In September 2012, in order to save the euro, the Governing Council of the European Central Bank (ECB) announced unlimited purchases of crisis-country bonds if necessary (Outright Monetary Transactions). This was a significant change in monetary policy, leading to a controversial integration with fiscal policy and endangering the ECB's independence as well as the preservation of price stability as its primary target. To restore the strict distinction between monetary and fiscal policy and to avoid monetary deficit financing, the author proposes to forbid purchases of government bonds not only on primary but also on secondary financial markets.
    Keywords: E52 ; E58 ; E62 ; ddc:330 ; Öffentliche Anleihe ; Geldpolitik ; Zentralbankautonomie ; EU-Staaten
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: German
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  • 27
    facet.materialart.
    Unknown
    Heidelberg: Springer
    Publication Date: 2018-09-10
    Description: Die Kirchen fordern immer wieder eine gerechtere Verteilung ein. Bei der Besteuerung ihrer eigenen Mitglieder weichen sie jedoch regelmäßig von der durch den Einkommensteuertarif vorgegebenen durchgängigen Progression ab: bei der Kirchensteuer gibt es regional unterschiedliche Kappungssätze. Nach Auffassung des Autors begibt sich die Kirche damit in Widerspruch zu dem von ihr proklamierten Verteilungsziel.
    Description: At Easter representatives of the Roman Catholic Church and of the German Protestant Church argued for more redistribution. The main tool for redistribution in the German tax system is the progressive income tax. The most important source of funding for the church, the church tax, is directly linked to income. However, for top earners an alternative tax scale applies. In most federal states the church tax is limited to a certain percentage of taxable income, a provision known as 'capping': hence, in contrast to the throughout progressive income tax, the church tax is lowered to a proportional burden for top earners. Therefore, the churches' demands for more redistribution are inconsistent with the 'capping'. An institution that campaigns for a specific type of distribution of taxation burden should at first apply the underlying principles to its own members.
    Keywords: E62 ; H24 ; Z12 ; ddc:330 ; Kirchenfinanzierung ; Einkommensteuertarif ; Steuerprogression ; Steuervergünstigung ; Deutschland
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: German
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  • 28
    Publication Date: 2017-05-30
    Description: This paper uses an extended version of 'FiMod-A DSGE Model for Fiscal Policy Simulations' (Stähler and Thomas Econ Model 29:239-261, 2012) with endogenous job destruction decisions by private firms to analyze the effects of several currently discussed labor market reforms on the Spanish economy. The main focus is on the firms' hiring and firing decisions, on the implications for fiscal balances and on Spain's international competitiveness. We find that measures aiming at reducing (policy-induced) outside option of workers, such as a decrease in unemployment benefits, public wages or, to a lesser extent, public-sector employment, seem most beneficial to foster output, employment, international competitiveness and fiscal balances. Decreasing the unions' bargaining power also accomplishes this task. Our simulation suggests that reforming employment protection legislation does not seem to be a suitable tool from the perspective of improving international competitiveness. All measures imply (income) redistribution between optimizing and liquidity-constrained consumers. Our analysis also suggests that those reforms that are beneficial for Spain generate positive spillovers to the rest of EMU, too.
    Keywords: E24 ; E32 ; E62 ; H20 ; H50 ; ddc:330 ; General equilibrium ; Fiscal policy simulations ; Labor market reforms
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 29
    Publication Date: 2019-03-13
    Description: Am 11. und 12. Juni 2013 hat das Bundesverfassungsgericht Experten zur Krisenpolitik der EZB angehört. Dabei ging es um die Frage, ob oder inwieweit die EZB durch das Outright-Monetary-Transactions-Programm (OMT) Kompetenzen beansprucht, die ihr nicht übertragen worden sind. Wir veröffentlichen hier die Stellungnahmen der Ökonomen im Wortlaut.
    Description: In June 2013, the Federal Constitutional Court in Germany held an expert hearing on the suitability of ECB measures, such as the purchase of government bonds, and their compatibility with existing EU and German legislation. The statements of five invited experts are documented here. The authors comment on the path from the agreement that has laid down the basic rules for the euro area to a crisis-driven approach that seems to have forgotten these rules. The ECB policy holds many risks - above all that of financing public budgets almost without limits - for the stability of monetary and fiscal governance in the euro area. On the other hand, ECB measures can also be interpreted as a necessary means to comply with the ultimate task of the ECB, the defence of price stability. Hence the ECB's crisis measures do not represent any intention to intervene in fiscal or economic policy measures, and after the crisis the ECB can return to a narrower interpretation of the role of a central bank. It should not be forgotten that the ECB measures bear high risks for the countries in trouble as well as for those countries supporting them.
    Keywords: E52 ; E58 ; E62 ; ddc:330 ; Öffentliche Anleihe ; Länderrisiko ; Geldpolitik ; Wirkungsanalyse ; EU-Staaten
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: German
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  • 30
    Publication Date: 2014-02-11
    Description: This paper estimates the impact of fiscal consolidation on unemployment and job market flows across EU countries using a recent database of consolidation episodes built on the basis of a 'narrative' approach (Devries et al., 2011). Results show that the impact of fiscal consolidation on cyclical unemployment is temporary and significant mostly for expenditure measures. As expected, the impact of fiscal policy shocks on job separation rates is much stronger in low-EPL countries, while for high-EPL countries there is a stronger reduction in the rate at which new jobs are created. Since a reduced job-finding rate corresponds to a longer average duration of unemployment spells, fiscal policy shocks also tend to have a stronger impact on long-term unemployment if EPL for permanent contracts is stricter.
    Keywords: E62 ; J63 ; J65 ; ddc:330 ; Fiscal consolidation ; Unemployment ; Job market flows ; Employment protection legislation ; Labour market reforms
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 31
    Publication Date: 2018-11-29
    Description: The Swiss fiscal rule or "debt brake" is applied to simulated data of economic output and fiscal revenues. The budget remains almost perfectly balanced and the debt ratio stable over the medium and long term: The cyclical adjustment of the debt brake is effective in terms of its primary objective of achieving a balanced budget over the medium term. The rule also performs well with respect to the objective of taking into account the position of the economy in the cycle. In the case of a non-stationary GDP series, however, this result can not be guaranteed anymore.
    Keywords: H61 ; E62 ; ddc:330 ; Balanced Budget ; Debt ; Deficit ; Budgeting ; Business Cycle
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 32
    Publication Date: 2018-09-10
    Description: Italien leidet politisch und ökonomisch unter der Finanzkrise in der Europäischen Union. Das Wachstum ist negativ und die Arbeitslosigkeit steigt. Obwohl die Neuverschuldung verringert wurde und die Handelsbilanz Überschüsse aufweist, bleibt ein Zinsspread bestehen. Zudem ist zu befürchten, dass die Sparprogramme die Krise weiter verschärfen. Vermögensbezogene Steuern zur Finanzierung von Wachstumsinitiativen wären demgegenüber eine richtige Strategie.
    Description: Mario Monti became Prime Minister of Italy in the autumn of 2011 after the refinancing of Italy's debt in the financial markets had almost failed. The Monti government has since made the lowering of the risk premium for Italy's government bonds an absolute priority. This, however, has only been somewhat successful. Although the new debt was decreased and the balance of trade recorded a surplus, an interest rate spread remains. At the same time, the government's austerity measures only deepened the economic crisis. By contrast, the decision of the ECB in September 2012 to buy government bonds of crisis-ridden states without limitation has proven to be far more effective. The introduction of taxes on higher incomes and wealth to finance growth programmes could now help to resolve the economic crisis.
    Keywords: E44 ; E61 ; E62 ; E63 ; H60 ; O11 ; O52 ; ddc:330 ; Finanzpolitik ; Wirkungsanalyse ; Wirtschaftslage ; Italien
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: German
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  • 33
    Publication Date: 2018-09-10
    Description: Die neuen Mitgliedstaaten der Europäischen Union haben ihre nominalen Körperschaftsteuersätze vor ihrem Beitritt stark reduziert. Vielfach wurde befürchtet, dass die geringeren nominalen Steuersätze von restriktiveren Verlustverrechnungsmodalitäten begleitet werden. Dies könnte zu einem destruktiven Steuerwettbewerb führen. Der Autor kommt zu dem Ergebnis, dass Steuerwettbewerb in dieser Form nicht vorangetrieben wird, sondern vielmehr die Verlustvortragsfristen in den Mitgliedstaaten ausgedehnt werden.
    Description: This article describes the developments in corporate tax rates and loss-offset provisions in the EU countries and addresses the question of whether the new member states of the EU are applying lower tax rates and therefore boosting their loss-offset restrictions. Such a harmful tax competition has been feared with regard to the case law of the European Court of Justice that considers the cross-border loss offset. This study shows the opposite is true. In recent years, especially the new EU member states have extended the loss carry-forward period.
    Keywords: E62 ; H20 ; K34 ; ddc:330 ; Körperschaftsteuer ; Steuertarif ; Steuerbegünstigung ; Steuerwettbewerb ; EU-Staaten
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: German
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  • 34
    Publication Date: 2018-09-10
    Description: Deutschland ist mit den übrigen Ländern des Euroraums wirtschaftlich eng verknüpft. Einige Länder befi nden sich in einer tiefen Rezession und es wird zum Teil befürchtet, dass Deutschland sich diesem Rezessionssog nicht entziehen kann. Die deutsche Wirtschaft profi tiert aber auch von dem schwachen Euro und den niedrigen Zinsen. Um die Größenordnung dieser gegenläufi gen Effekte abzuschätzen, werden Simulationen mit dem RWI-Mehrländermodell durchgeführt.
    Description: Germany is economically closely intertwined with the other member countries of the euro area. Some of these countries are in a deep recession, and it is feared that Germany will not manage to avoid being swept up by this economic burden for long. However, the German economy also benefi ts from the depreciation of the euro and low interest rates in the euro area - both of which are results of the economic slump in the euro area, too. In order to get an idea of the magnitude of these countervailing effects, we perform simulations with the RWI-Multi Country model.
    Keywords: C54 ; E62 ; F47 ; ddc:330
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: German
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  • 35
    Publication Date: 2013-07-18
    Description: This paper presents the model used for simulation purposes within the Spanish Ministry of Economic Affairs and Finance. REMS (a Rational Expectations Model for the Spanish economy) is a small open economy dynamic general equilibrium model in the vein of the New-Neoclassical-Keynesian synthesis models, with a strongly micro-founded system of equations. In the long run REMS behaves in accordance with the neoclassical growth model. In the short run, it incorporates nominal, real and financial frictions. Real frictions include adjustment costs in consumption (via habits in consumption and rule-of-thumb households) and investment into physical capital. Due to financial frictions, there is no perfect arbitrage between different types of assets. The model also allows for slow adjustment in wages and price rigidities, which are specified through a Calvo-type Phillips curve. All these modelling choices are fairly in line with other existing models for the Spanish economy. One valuable contribution of REMS to the renewed vintage of D(S)GE models attempting to feature the Spanish economy is the specification of the labour market according to the search paradigm, which is best suited to assess the impact of welfare policies on both the intensive and extensive margins of employment. The model's most valuable asset is the rigour of the analysis of the transmission channels linking policy action with economic outcomes.
    Keywords: E24 ; E32 ; E62 ; ddc:330 ; general equilibrium ; rigidities ; policy simulations ; Wirkungsanalyse ; Simulation ; Dynamisches Gleichgewicht ; Kleine offene Volkswirtschaft ; Neue Neoklassische Synthese ; Volkswirtschaft ; Spanien
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 36
    facet.materialart.
    Unknown
    Heidelberg: Springer | ZBW – Leibniz Information Centre for Economics Kiel, Hamburg
    Publication Date: 2019-11-21
    Description: I expand Feldstein's (1983) model by including flexible exchange rate and by introducing endogenous fiscal policy. Using this model, I demonstrate how a positive investment-saving correlation can arise in a world with endogenous fiscal policy. I show that this correlation does not depend on capital mobility and therefore is compatible with any degree of capital mobility. This implies that the observed investment-saving comovement is not necessarily due to imperfect capital mobility. The model has a testable implication: it predicts a lack of Granger causality from private saving to private investment. Empirical examination of this prediction indicates that U.S. time series data is compatible with the hypothesis of endogenous fiscal policy during a flexible exchange rate period, but not during a fixed exchange rate period.
    Keywords: F41 ; E62 ; H39 ; ddc:330 ; Feldstein-Horioka Puzzle ; Investment ; Saving ; Capital Mobility ; Endogenous Fiscal Policy
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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