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  • E62
  • Mannheim: Zentrum für Europäische Wirtschaftsforschung (ZEW)  (23)
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  • 1
    Publication Date: 2019-03-01
    Description: We analyze data from an author-conducted survey of members of the French and German parliaments on European Monetary Union reform preferences. We consider three potential drivers of preferences: nationality, ideology, and personal characteristics. For European Monetary Union policies like Eurobonds, the Fiscal Compact and the European Central Bank asset purchase program we find a robust difference between parliamentarians of both countries if they belong to the same party family and controlling for individual characteristics. Based on our estimates, however, we predict agreement between German left-wingers and French conservatives even for ideological differences that are smaller than the current difference between the left and the right European party families. Our findings suggest that deeply-rooted national differences do not impose a prohibitive obstacle to a German-French parliamentary consensus on European Monetary Union policies.
    Description: This Version: February 12, 2019
    Keywords: E60 ; E62 ; F15 ; H60 ; ddc:330 ; Comparative politics ; European Monetary Union reforms ; elite survey ; members of national ; parliament ; policy preferences
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 2
    Publication Date: 2018-12-22
    Description: While emissions trading schemes are developed by nations to mitigate their greenhouse gas emissions, behavioural studies have shown that the political and public acceptability of these market-based instruments depends on the way the associated revenues are used. One option the general public approves of is to use them to support renewable energy. If this consists in reducing a pre-existing electricity levy that heterogeneously applies to the various sectors of the economy, the reduction of this distortionary tax thanks to the carbon revenues results in general equilibrium effects that may have unequal sectoral impacts. This is what we examine in the case of the European Union. With a modelling approach including a detailed disaggregation of European sectors, we find that using auction revenues from the Emissions Trading Scheme (ETS) to support electricity generation from renewable sources results in a 2% rise in electricity demand in the whole economy due to the reduced electricity levy that electricity consumers have to pay to support renewable energy. This results in a 1.8% ETS carbon price increase. The carbon constraint for the non-ETS sectors is 5.9% looser as a consequence of the larger electricity use by these sectors. While the energy intensive sectors generally benefit from electricity levy exemptions, we observe that, due to the energy and ETS price increase, the combination of these exemptions and of the use of carbon auction revenues to support renewable energy makes the ETS sectors worse off than if carbon revenues are transferred to households. In aggregate, the recycling option analysed here results in a GDP gain due to its impacts on the non-ETS sectors, the reduction of the electricity levy and associated distortionary effects.
    Keywords: C68 ; E62 ; H21 ; H23 ; Q42 ; Q54 ; ddc:330 ; carbon auctions ; renewable energy support ; electricity levy ; emissions trading scheme ; revenues recycling
    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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    Mannheim: Zentrum für Europäische Wirtschaftsforschung (ZEW)
    Publication Date: 2019-05-21
    Description: We ask whether a pay-as-you-go financed social security system is welfare improving in an economy with idiosyncratic productivity and aggregate business cycle risk. We show analytically that the whole welfare benefit from joint insurance against both risks is greater than the sum of benefits from insurance against the isolated risk components. One reason is the convexity of the welfare gain in total risk. The other reason is a direct risk interaction which amplifies the utility losses from consumption risk. We proceed with a quantitative evaluation of social security's welfare effects. We find that introducing an unconditional minimum pension leads to substantial welfare gains in expectation, even net of the welfare losses from crowding out. About 60% of the welfare gains would be missing when simply summing up the isolated benefits.
    Keywords: C68 ; E27 ; E62 ; G12 ; H55 ; ddc:330 ; social security ; idiosyncratic risk ; aggregate risk ; welfare
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 4
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    Mannheim: Zentrum für Europäische Wirtschaftsforschung (ZEW)
    Publication Date: 2019-05-21
    Description: Do governments strategically choose debt maturity to fill supply gaps across maturities? Building on a new panel data set of more than 9,000 individual Eurozone government debt issues between 1999 and 2015, I find that governments increase long-term debt issues following periods of low aggregate Eurozone long-term debt issuance, and vice versa. This gap-filling behavior is more pronounced for (1) less financially constrained and (2) higher rated governments. Using the ECB's three-year LTRO in 2011-2012 as an event study, I find that core governments filled the supply gap of longer maturity debt, which resulted from peripheral governments accommodating banks' short-term debt demand for "carry trades". This gap-filling implies that governments act as macro-liquidity providers across maturities, thereby adding significant risk absorption capacity to government bond markets.
    Keywords: E58 ; E62 ; G11 ; H63 ; ddc:330 ; Sovereign Debt ; Maturity Structure ; Market Segmentation ; Central Bank Liquidity Provision ; Long-Term Refinancing Operations
    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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    Mannheim: Zentrum für Europäische Wirtschaftsforschung (ZEW)
    Publication Date: 2019-05-21
    Description: This paper examines how local governments adjust their spending, savings and taxes in response to a temporary revenue windfall generated by a housing boom and how they cope with the inevitable shortfall that appears during the bust. We focus on Spanish local governments given the intensity of the last housing boom-bust experienced there and the large share of construction-related revenues they obtain. We find, first, that just a small share of the boom windfall was saved, with revenues being used primarily to increase spending (above all, current spending) and (to a lesser extent) to cut taxes. Second, we find that the failure to save during the boom is higher in places with less informed voters and more contested elections. Third, we also examine the what happens during the bust, and find that these governments had to cut abruptly their spending (above all, capital), raise taxes, and allow deficits to grow. Finally, in places wit less informed voters and more contested elections local governments had more trouble in adjusting during the bust, and they tend to rely more on spending cuts than on tax increases.
    Keywords: E62 ; H72 ; R5 ; ddc:330 ; tax volatility ; forward-looking behaviour ; voter information
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 6
    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
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  • 7
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    Mannheim: Zentrum für Europäische Wirtschaftsforschung (ZEW)
    Publication Date: 2017-12-06
    Description: We contribute to the literature on the long-run effect of fiscal consolidation on economic growth by applying a novel method for quantitative case studies. Relying on a qualitative (narrative) definition of fiscal consolidations based on an examination of historical policy documents and using the synthetic control method (SCM), we investigate the evolution of post-consolidation trajectories of economic growth in six case studies of OECD countries. In contrast to recent studies that reject the hypothesis of non-Keynesian effects, our results do not offer clear-cut evidence on the long-run effect of fiscal consolidation on economic growth. Half of the case studies point to a positive effect with the other half indicating a negative effect. We further do not find a specific effect of the strength of the fiscal adjustment and the type of consolidation, i.e., whether the consolidation is rather based on expenditure cuts or revenue increases.
    Description: First Version: June 2016. This Version: November 2016
    Keywords: O40 ; E62 ; H60 ; ddc:330 ; economic growth ; fiscal adjustment ; fiscal consolidation ; synthetic control method
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 8
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    Mannheim: Zentrum für Europäische Wirtschaftsforschung (ZEW)
    Publication Date: 2017-12-19
    Description: This paper analyzes the distribution of discretionary transfers from higher tiers of government in the process of fiscal adjustment in local jurisdictions which were hit by a negative revenue shock in formula transfers. Spanish local governments experienced a 30% fall in their revenue-sharing revenues at the beginning of the Great Recession. We use a 'difference-in-discontinuities' design to identify the causal effect of that shock on the amount of discretionary grants provided by three higher tiers of government (i.e., central, regional, and provincial) and on other budget items (i.e., spending and taxation). We identify these effects using an exogenous variation in formula transfers, as the losses during the crisis of municipalities above the 5,000 population threshold were greater than the losses of those below this threshold. We find that, on average, municipalities above and below the 5,000 inhabitant threshold did not differentially adjust their budgets during the crisis. Rather, we find that for themost indebted municipalities, a substantial share of the shock was absorbed by discretionary grants provided by regional and provincial governments.
    Keywords: E62 ; H72 ; R5 ; ddc:330 ; intergovernmental transfers ; bailouts ; fiscal consolidation
    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: 2017-05-19
    Description: This paper examines whether revenue decentralization and direct external financial supervision affect the incidence and strength of political budget cycles, using a panel of Israeli municipalities during the period 1999-2009. We find that high dependence on central government transfers - as reflected in a low share of locally raised revenues in the municipality's budget - exacerbates political budget cycles, while tight monitoring - exercised through central government appointment of external accountants to debt accumulating municipalities - eliminates them. These results suggest that political budget cycles can result from fiscal institutions that create soft budget constraints: that is, where incumbents and rational voters can expect that the costs of pre-election expansions will be partly covered later by the central government.
    Keywords: D72 ; H72 ; H74 ; E62 ; ddc:330 ; political budget cycles ; soft budget constraint ; local governments ; decentralization
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 10
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    Mannheim: Zentrum für Europäische Wirtschaftsforschung (ZEW)
    Publication Date: 2017-12-19
    Description: The recent financial and sovereign debt crises around the world have sparked a growing literature on models and empirical estimates of defaultable debt. Frequently households and firms come under default threat, local governments can default, and recently sovereign default threats were eminent for Greece and Spain 2012-13. Moreover, Argentina experienced an actual default in 2001. What causes sovereign default risk, and what are the escape routes from default risk? Previous studies such as Arellano (2008), Roch and Uhlig (2013) and Arellano et al. (2014) have provided theoretical models to explore the main dynamics of sovereign defaults. These models can be characterized as threshold models in which there is a convergence toward a good no-default equilibrium below the threshold and a default equilibrium above the threshold. However, in these models aggregate output is exogenous, so that important macroeconomic feedback effects are not taken into account. In this paper, we 1) propose alternative model variants suitable for certain types of countries in the EU where aggregate output is endogenously determined and where financial stress plays a key role, 2) show how these model variants can be solved through the Nonlinear Model Predictive Control numerical technique, and 3) present some empirical evidence on the nonlinear dynamics of output, sovereign debt and financial stress in some euro area and other industrialized countries.
    Keywords: E44 ; E62 ; H63 ; ddc:330 ; sovereign default risk ; financial stress ; macroeconomic dynamics ; euro crisis
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 11
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    Mannheim: Zentrum für Europäische Wirtschaftsforschung (ZEW)
    Publication Date: 2017-12-19
    Description: This paper considers the effects of inaccurate real-time output data on fiscal policy, both with respect to budgetary planning and fiscal surveillance. As newer and better information becomes available, output data available in real time get revised and are likely to conflict with final figures that are only released some years later. By contrast, fiscal policy is inevitably based on real-time figures. The paper develops a simple but comprehensive modeling framework to formalize the linkages between output data revisions and fiscal policy and combines it with a newly compiled dataset from the International Monetary Fund's World Economic Outlook, comprising final and real-time output data for 175 countries, over a period of 17 years. Based on a simulation exercise, it finds that output data revisions alone may significantly undermine the reliability of real-time estimates of the overall and structural fiscal balances, and that output data revisions may result in unplanned and substantial debt accumulation. The paper also shows that there are significant differences across country income groups.
    Keywords: E01 ; E62 ; H68 ; ddc:330 ; Real-time Output Data ; Fiscal Policy ; Data Revisions ; Public Debt
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 12
    Publication Date: 2015-07-06
    Description: We analyze the effectiveness of fiscal policy in general and automatic stabilizers in particular to stabilize output in Eurozone member states under the current institutional framework of fiscal governance. First, a descriptive analysis based on macro data is conducted for the period 2007-2014, bothfor ex-post as well as real-time data. In the second step, we analyze the potential of automatic stabilizers for output stabilization in steady state, i.e., when member states have achieved balanced budgets, using micro data and microsimulation tools for Europe and the United States.
    Keywords: H2 ; H30 ; E32 ; E62 ; ddc:330 ; Automatic Stabilization ; Stability and Growth Pact ; Europäische Finanzpolitik ; Stabilisierungspolitik ; Europäischer Stabilitätsmechanismus ; Wirkungsanalyse ; Eurozone
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 13
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    Mannheim: Zentrum für Europäische Wirtschaftsforschung (ZEW)
    Publication Date: 2018-06-20
    Description: There is a growing empirical literature studying whether fiscal rules reduce borrowing costs. Nevertheless, it remains an open question whether these rules are effective genuinely or just because they mirror fiscal preferences of politicians and voters. In our analysis of European bond spreads, we shed light on this issue by employing several types of stability preference related proxies. These proxies refer to a country's past stability performance, government characteristics and survey results related to general trust. We find evidence that these preference indicators have an influence on risk premia and dampen the measurable impact of fiscal rules. Yet, the interaction of stability preferences and rules points to a particular potential of fiscal rules in countries with a historically low stability culture.
    Keywords: H63 ; E62 ; G12 ; ddc:330 ; fiscal preferences ; fiscal rules ; debt crisis ; bond markets
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 14
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    Mannheim: Zentrum für Europäische Wirtschaftsforschung (ZEW)
    Publication Date: 2018-06-20
    Description: This paper assesses the merits of using surveys of business perceptions of growth constraints as a guide to growth-enhancing fiscal policy reforms. Using endogenous growth models in which the government levies an income tax to provide public inputs to the production of private firms, the paper demonstrates that business perceptions of growth constraints are subject to systematic biases except when firms compare different types of public services or different types of public capital. In particular firms can be expected to systematically over-estimate the growth-enhancing effects of lower tax rates, and under-estimate the growth-enhancing effects of greater provision of public capital. It is then shown that these theoretical predictions regarding how firms rank constraints correspond closely to the observed ranking of constraints by firms in the World Bank's Enterprise Surveys.
    Keywords: D20 ; E62 ; O12 ; ddc:330 ; Economic Growth ; Fiscal Policy ; Imperfectly Informed Governments ; Business Perceptions ; Diagnostics ; Subjective Data
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 15
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    Mannheim: Zentrum für Europäische Wirtschaftsforschung (ZEW)
    Publication Date: 2017-12-19
    Description: This paper addresses the major weakness of measuring tax evasion through business and household surveys, namely the reluctance of respondents to answer truthfully due to the threat of disclosure. First, we assess the merits of a novel questioning method to gather information about tax evasion by means of business surveys. This approach allows estimating the prevalence of tax evasion, but it does not allow identifying whether the individual firm engages in tax evasion or not, therefore providing incentives for survey participants to answer truthfully. Second and contrary to most other business surveys, we differentiate between two common modes of tax evasion, namely underreporting of sales and informal supplements to official wages ('envelope wages'). Using evidence from Serbia, we show that the estimated share of firms which underreport sales and wages, respectively, by at least 10% is higher under the crosswise model compared to the case when conventional questioning methods applied in business surveys such as the World Bank Enterprise Surveys are used. However, the difference is only significant with respect to sales. These results appear to be robust to a number of modifications, and we explore various potential causes that lead to these results.
    Keywords: H20 ; E62 ; ddc:330 ; tax evasion ; shadow economy ; measurement ; developing countries
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 16
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    Mannheim: Zentrum für Europäische Wirtschaftsforschung (ZEW)
    Publication Date: 2017-12-19
    Description: This paper introduces a methodological innovation into Generational Accounting. By incorporating cyclically-adjusted balances into the forward-looking budget projections underlying the concept we isolate pure policy effects, which render comparisons of the fiscal sustainability indicators obtained across time and countries truly meaningful. We also show that a demographic effect and a debt effect may bias fiscal sustainability measures over time, and establish a routine to control for these effects in the generational accounting framework. An empirical application for Spain illustrates that our proposed decomposition of indicators is empirically relevant. Standard generational accounting suggests that fiscal sustainability in Spain improved substantially in preparing for EMU. However, calculation of the pure policy effects reveals that this has not been the case.
    Keywords: E62 ; H55 ; ddc:330 ; Fiscal Sustainability ; Demographic Ageing ; Cyclically-Adjusted Budget Balance ; Spain
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 17
    Publication Date: 2013-06-01
    Description: We investigate the political determinants of risk premiums which sub-national governments in Switzerland have to pay for their sovereign bond emissions. For this purpose we analyse financial market data from 288 tradable cantonal bonds in the period from 1981 to 2007. Our main focus is on two different institutional factors. First, many of the Swiss cantons have adopted strong fiscal rules. We find evidence that both the presence and the strength of these fiscal rules contribute significantly to lower cantonal bond spreads. Second, we study the impact of a credible no-bailout regime on the risk premia of potential guarantors. We make use of the Leukerbad court decision in July 2003 which relieved the cantons from backing municipalities in financial distress, thus leading to a fully credible no-bailout regime. Our results show that this break lead to a reduction of cantonal risk premia by about 25 basis points. Moreover, it cut the link between cantonal risk premia and the financial situation of the municipalities in its canton which existed before. This demonstrates that a not fully credible no-bailout commitment can entail high costs for the potential guarantor.
    Keywords: E62 ; G12 ; H63 ; H74 ; ddc:330 ; Sub-national government bonds ; fiscal rules ; no-bailout clause ; sovereign risk premium
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 18
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    Mannheim: Zentrum für Europäische Wirtschaftsforschung (ZEW)
    Publication Date: 2018-06-20
    Description: The paper investigates the effects of temporary consumption tax cuts using firm-level data. As part of its countercyclical measures implemented during the recent global economic crisis, Turkey temporarily lowered consumption taxes on selected durables. Using data on the change of sales of firms that benefited from this measure and of those that did not over different periods, we perform a difference-in-difference analysis where we also control for various unobservable effects including sector-specific shocks to address potential endogeneity. We find positive and robust effects of consumption tax cuts on the change of firm sales which is consistent with theoretical predictions.
    Keywords: E32 ; E62 ; H20 ; ddc:330 ; countercyclical fiscal policy ; consumption tax cuts ; firm-level data
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 19
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    Mannheim: Zentrum für Europäische Wirtschaftsforschung (ZEW)
    Publication Date: 2013-05-22
    Description: This paper considers the implications of complementarity in private production and constraints on government for optimal fiscal policy. Using an endogenous growth model with public finance, it derives three central results which modify findings in the literature under standard assumptions. First, it shows that optimal public spending composition and taxation are interrelated so that first- and second-best fiscal policies differ. Second, it shows that the growth-maximizing fiscal policy is affected by preference parameters. Third, it shows that with budget rigidities and informational limitations, knowledge about the optimal fiscal policy parameter values is not necessary for growth-enhancing fiscal policy adjustments.
    Keywords: E62 ; H21 ; H50 ; O40 ; ddc:330 ; Imperfect Knowledge ; Economic Growth ; Productive Public Spending ; Optimal Fiscal Policy
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 20
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    Mannheim: Zentrum für Europäische Wirtschaftsforschung (ZEW)
    Publication Date: 2016-11-24
    Description: This paper reviews the existing evidence on the effects of tax reforms on output levels and growth over the short and long run from different strands of the literature. It develops and applies criteria to evaluate the usefulness of ex-post estimates to predict the effects of tax reforms ex-ante. These include whether the estimated policy change can be replicated in practice and whether the estimates are reliable. Based on these criteria we present detailed tables summarizing and comparing ex-post estimates of the effects of tax reforms. Overall, our review suggests that at least the direction of the long-run growth effects can be predicted with a reasonable degree of certainty. However, our review also suggests that depending on the tax change, trade-offs between short-run stabilization and long-run growth may arise and that more research on this question is needed.
    Keywords: E62 ; H20 ; O20 ; ddc:330 ; Tax Reforms ; Tax Policy ; Aggregate Growth ; Tax Multipliers ; Fiscal Policy
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 21
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    Mannheim: Zentrum für Europäische Wirtschaftsforschung (ZEW)
    Publication Date: 2013-05-22
    Description: We quantify the fiscal multipliers in response to the American Recovery and Reinvestment Act (ARRA) of 2009. We extend the benchmark Smets-Wouters (Smets and Wouters, 2007) New Keynesian model, allowing for credit-constrained households, the zero lower bound, government capital and distortionary taxation. The posterior yields modestly positive short-run multipliers around 0.52 and modestly negative long-run multipliers around -0.42. The multiplier is sensitive to the fraction of transfers given to credit-constrained households, the duration of the zero lower bound and the capital. The stimulus results in negative welfare effects for unconstrained agents. The constrained agents gain, if they discount the future substantially.
    Keywords: E62 ; E63 ; E65 ; H20 ; H62 ; ddc:330 ; Fiscal Stimulus ; New Keynesian model ; liquidity trap ; zero lower bound ; fiscal multiplier ; Konjunkturpolitik ; Finanzpolitik ; Multiplikator ; Steuerprogression ; Zinspolitik ; Verschuldungsrestriktion ; Schätzung ; USA
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 22
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    Mannheim: Zentrum für Europäische Wirtschaftsforschung (ZEW)
    Publication Date: 2013-05-22
    Description: This paper evaluates the trade-off between growth and welfare maximization from two perspectives. Firstly, it synthesizes and extends endogenous growth models with public finance to compare growth and welfare maximizing tax rates. Secondly, it examines the distinct model outcomes in terms of their growth rates and welfare levels. This comparison highlights the range of trade-offs: the growth maximizing tax rate can be above, below, or equal to the welfare maximizing equivalent. We find however that even relatively large differences in growth and welfare maximizing tax rates translate into relatively small differences in growth rates, and, in some cases, welfare levels.
    Keywords: E62 ; H21 ; H50 ; O40 ; ddc:330 ; Economic Growth ; Productive Public Spending ; Optimal Fiscal Policy
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 23
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    Mannheim: Zentrum für Europäische Wirtschaftsforschung (ZEW)
    Publication Date: 2013-05-22
    Description: This paper presents an applied general equilibrium model for Germany. The model integrates specific labour market institutions in an otherwise standard general equilibrium framework. There are sectoral wage negotiations for two skill types of workers between firms and trade unions. The bargaining setup is sensitive to the specific conditions of the respective sector (profits, output and labour demand elasticities, bargaining power) and generates wages that reflect empirical wage differentials across sectors. The model is used to simulate the labour market effects of changes in the taxation of labour: marginal and average wage tax, and social security contributions.
    Keywords: D58 ; E62 ; J60 ; ddc:330 ; applied general equilibrium ; Germany ; labour market ; trade unions ; wage bargaining ; tax policy ; tax progression ; labour mobility ; Steuerpolitik ; Lohnsteuer ; Sozialversicherungsbeitrag ; Steuerwirkung ; Beschäftigungseffekt ; Allgemeines Gleichgewicht ; Lohnverhandlungstheorie ; Lohnstruktur ; Arbeitsmobilität ; Arbeitslosigkeit ; Theorie ; Deutschland
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 24
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    Mannheim: Zentrum für Europäische Wirtschaftsforschung (ZEW)
    Publication Date: 2016-04-21
    Description: In the context of EMU fiscal equalization schemes have been proposed as a means to stabilize regions against asymmetric shocks. A theoretical analysis shows that besides reducing the cross-sectional income variance the redistributive element of fiscal equalization causes incentive effects for regional governments, undermining the efficient supply of public goods. Yet, this objection is shown to be less important in a situation of insufficient demand, where interregional redistribution actually favors stabilization. In an empirical analysis for Germany, the paper adds support for the finding of significant regional stabilization by fiscal flows. The results indicate that about 17 % of GDP variation across West Germany's states has been removed by fiscal flows during the last two decades. Thus, in Germany where the fiscal federalism is criticised for its heavy equalization the extent of regional stabilization provided by fiscal flows is quite similar to other federal countries.
    Keywords: F15 ; H77 ; R11 ; E62 ; ddc:330 ; Finanzausgleich ; Regionale Disparität ; Ökonomischer Anreiz ; Regionale Entwicklung ; Theorie ; Schätzung ; Deutschland
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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