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  • 1
    Electronic Resource
    Electronic Resource
    Springer
    Journal of economics 71 (2000), S. 255-280 
    ISSN: 1617-7134
    Keywords: endogenous growth ; public capital ; indeterminacy ; limit cycles ; E62 ; H54 ; O41
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract This paper studies the patterns of growth in an endogenous-growth model where the labor supply is endogenous and sustained growth arises because the services derived from public capital increase the economic productivity. It is assumed that these services are congested by the number of households in the economy but they are not congested by the units of time that each household devotes to work. With this assumption, the dynamic equilibrium exhibits multiple balanced-growth paths, local and global indeterminacy, and limit cycles under some plausible fiscal policies. Our analysis points out that a large lump-sum tax is a necessary condition to obtain this complex equilibrium dynamic behavior.
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  • 2
    Electronic Resource
    Electronic Resource
    Springer
    Journal of economics 72 (2000), S. 241-262 
    ISSN: 1617-7134
    Keywords: social status ; relative consumption ; economic growth ; D62 ; D91 ; E21 ; E62
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract This paper studies the influence of consumption externalities in the Ramsey model. In contrast to the recent literature, a quite general specification of preferences is used and the concept of the effective intertemporal elasticity of substitution is introduced. We give conditions for the observational equivalence between economies with consumption externalities and externality-free economies. An additional key result is that there exist several types of instantaneous utility functions in which the decentralized solution coincides with the socially planned one in spite of the presence of consumption externalities. The conditions for optimal taxation are also derived.
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  • 3
    Electronic Resource
    Electronic Resource
    Springer
    Economic theory 11 (1998), S. 295-315 
    ISSN: 1432-0479
    Keywords: JEL Classification Numbers: D52 ; D84 ; E62 ; G10.
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Summary. We study sunspot immunity in a dynamic monetary economy in which consumers are allowed to trade put and call option contracts on the general price level. We define the concept of strong sunspot immunity to characterize economies that have no sunspot equilibria regardless of the number of extrinsic states and their probabilities of occurrence. We show that a small number of option contracts can make an economy strongly sunspot immune. In addition, we demonstrate how asset re-trading opportunities, and the associated capital gains and losses, reduce the number of options needed for this result to obtain.
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  • 4
    Electronic Resource
    Electronic Resource
    Springer
    Journal of economics 67 (1998), S. 265-285 
    ISSN: 1617-7134
    Keywords: fiscal policy ; monetary policy ; time discount rate ; inflation target ; E52 ; E62
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract This paper considers a closed macroeconomy where the monetary authority pursues an inflation target and policy outcomes are the consequence of a Nash game between fiscal and monetary authorities. The specification of the macroeconomic framework is characterized by nonlinearities which lead to multiple equilibria with differing stability properties. Employing a calibrated model and simulations derived using the Mathematica package, the stability properties of the economy and the likely choice of equilibrium are examined. Within this framework, the dynamic consequences of different time discount rates for the fiscal authority are investigated, both in a world of certainty and also in a world of uncertainty. It is shown that, in a world of certainty, it will be optimal to choose the fiscal authority's time discount rate equal to the market rate of interest. However, depending on the degree of uncertainty in evaluating the time discount rates of consumers and of the fiscal authority, it may be appropriate to bias the fiscal authority's discount rate above or below the expected interest rate.
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  • 5
    Electronic Resource
    Electronic Resource
    Springer
    Journal of economics 67 (1998), S. 287-316 
    ISSN: 1617-7134
    Keywords: endogenous growth ; environmental externalities ; environmental tax reform ; elastic labor supply ; optimal taxation ; E62 ; Q28 ; O41 ; D62
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract This paper analyzes tax-policy measures within a two-sector endogenously-growing economy with elastic labor supply. Pollution is either modeled as a side product of physical capital used as a production factor in the final-good sector or as a side product of production. The framework allows us to analyze the consequences of isolated tax changes or of a revenue-neutral environmental tax reform for economic growth. Although pollution does not directly affect production processes, it can be shown that a higher pollution tax as well as a revenue-neutral environmental tax reform boost economic growth, whereas a tax on capital, consumption, or labor reduces the long-term growth rate of the economy.
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  • 6
    Electronic Resource
    Electronic Resource
    Springer
    Journal of economics 68 (1998), S. 93-110 
    ISSN: 1617-7134
    Keywords: optimal control ; Maastricht criteria ; C61 ; E62
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract The reduction of government debt to 60% of the GDP in order to satisfy the requirements of the Maastricht Treaty for participation in the European Monetary Union is one of the primary economic-policy goals for most of the European Union countries. The first aim of the present paper is to characterize the optimal path of the primary surplus that leads to the achievement of this Maastricht target. Using optimal-control theory we are able to determine an upper bound of the public-debt-to-GDP ratio above which no retrenchment policy becomes effective. The second issue taken up is that of the sensitivity analysis with respect to the initial level of the debt-to-GDP ratio, the growth rate of the economy, the interest rate, the inflation rate, and the inverse of the velocity of the monetary base circulation.
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  • 7
    Electronic Resource
    Electronic Resource
    Springer
    Journal of economics 68 (1998), S. 193-198 
    ISSN: 1617-7134
    Keywords: endogenous growth ; welfare ; public investment ; fiscal policy ; O41 ; H20 ; E62
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract This note extends the basic endogenous-growth model by Barro [Journal of Political Economy (1990) 98: S103–S125]. It is supposed that the government pays lump-sum transfers to the representative household or levies a lump-sum tax, besides financing public investment. Growth and welfare effects of fiscal policy are studied for the competitive economy and the growth rate of the social optimum is compared with the one of the competitive economy.
    Type of Medium: Electronic Resource
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  • 8
    Electronic Resource
    Electronic Resource
    Springer
    Empirical economics 22 (1997), S. 63-81 
    ISSN: 1435-8921
    Keywords: Marginal rate of substitution ; crowding out ; cointegration ; error correction ; E21 ; E62
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract This paper uses the life-cycle approach to derive an equilibrium intratemporal efficiency condition which relates the marginal utility of consumption of nondurable goods and services to the marginal utility of consumption of services from durable goods. Given this condition and the assumption that marginal utilities are affected by the level of public spending, a long-run relationship between components of private consumption and public expenditure is then postulated. The application of cointegration analysis to UK data supports the existence and uniqueness of such a long-run relationship, and estimates based on the error correction approach produce results which suggest that (i) a change in public spending has different effects on components of private consumption in the short-run, and (ii) the entire burden of long-run substitution falls on nondurable consumption.
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  • 9
    Electronic Resource
    Electronic Resource
    Springer
    Empirical economics 22 (1997), S. 615-635 
    ISSN: 1435-8921
    Keywords: Fiscal Policy ; Generational Accounts ; Public Debt ; E62 ; H60
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract Using the device of generational accounting, this paper assesses the distribution of lifetime net tax payments across gender and generations in Denmark. We find two significant biases associated with the current structure and stance of public finances. First, not only do men contribute a much large share of their lifetime incomes to the government than women, womens' net payments are even negative. Second, the tax burden on future generations is likely to be substantially higher than the tax burden on current generations.
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  • 10
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    Electronic Resource
    Springer
    Journal of economics 66 (1997), S. 43-69 
    ISSN: 1617-7134
    Keywords: commodity taxation ; anticipated switch ; H24 ; E62
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract This paper investigates the macroeconomic and welfare effects of an anticipated future switch from destination- to origin-based commodity taxation. We set up an intertemporal representative-agent model of an open economy and study especially consumption, investment, and trade-balance responses to the commodity-tax reform. The anticipation effects on the macroeconomy are significant, whereas their welfare implications are not.
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  • 11
    Electronic Resource
    Electronic Resource
    Springer
    Journal of economics 64 (1996), S. 265-280 
    ISSN: 1617-7134
    Keywords: fiscal spending ; heterogeneous agents ; lifetime utility ; F34 ; F41 ; E62
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract Using a two-country dynamic optimization model where the less patient country decumulates and the more patient one accumulates wealth, we analyze spillover effects of lump-sum and consumption taxes. A lump-sum tax on a country definitely harms the other country through a change in the rate of interest. A lump-sum tax on either country always improves the less patient country's asset position. A consumption tax has no spillover effect, although it is Pareto-inferior. Applying these results into a closed-country context with heterogeneous agents, we also discuss policy implications of a discriminatory tax.
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  • 12
    Electronic Resource
    Electronic Resource
    Springer
    Empirical economics 20 (1995), S. 271-297 
    ISSN: 1435-8921
    Keywords: E24 ; E62 ; C32 ; C12
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract A 10-dimensional vector space is defined which is in accordance with a model of wage setting and demand for labour specified in a bargaining framework. Structural restrictions identifying the long-run relations of interest are specified. Restrictions which characterize wage-seting and labour demand schedules are imposed and tested, first separately and then jointly. The FIML procedure proposed in Johansen and Juselius (1990) is applied. Generally, restrictions satisfying the condition for formal identification pass the tests at a fairly high signficance level. The plausibility of resulting cointegrating relations applies not only to the signs but also to the magnitudes of the coefficients. The relations show up almost identically in partial and joint analysis. They do not appear to be sensitive to the choice between four or three cointegrating relations in the system. Finally, the relations are hardly influenced at all by alterative conjectures concerning endogeneity of various tax rates. The results indicate that there has been a considerable degree of real wage resistance in action in Finland.
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  • 13
    Electronic Resource
    Electronic Resource
    Springer
    Empirical economics 19 (1994), S. 329-342 
    ISSN: 1435-8921
    Keywords: E13 ; E62 ; H26
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract When tax payments take place with a considerable time lag, inflation erodes part of their real value, and this loss may be comparable or even surpass the well-known gains from seigniorage. The paper finds that for the economy of Greece, a reduction of inflation will actually raise the total sum of tax collection and seigniorage, thus easing and not aggravating the debt-accumulation process.
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