1,721,208 research outputs found
The effects of tax shocks on output: not so large, but not small either
No full textIn a seminal contribution, Romer and Romer (2010) introduce a new dataset of
exogenous tax changes and estimate a tax multiplier at 3 years of about -3. These
results have been criticized as implausibly large.
In this paper, I argue that on theoretical grounds the discretionary component
of taxation should be allowed to have di¤erent e¤ects on output than the automatic
response of tax revenues to macroeconomic variables. Existing approaches, that do not
allow for this di¤erence, exhibit impulse responses that are biased towards 0. I then
show that allowing for this di¤erence leads to tax multipliers that are about half-way
between the large e¤ects estimated by Romer and Romer and the much smaller e¤ects
estimated by Favero and Giavazzi (2010): typically, a one percentage point of GDP
increase in taxes leads to a decline in GDP by about 1.5 percentage points after 3
years
In search of the transmission mechanism of fiscal policy
No full textAn empirical analysis of fiscal polic
Public Spending on Social Protection in Colombia: Analysis and Proposals
No full textAn empirical analysis of fiscal polic
Fiscal Policy, the Real Exchange Rate and Traded Goods
No full textWe estimate the effects of government spending shocks on the CPI real exchange rate, the trade balance and their co-movements with GDP and private consumption. We decompose the variations of the CPI real exchange rate into variations of the traded goods real exchange rate and the relative price of traded to non-traded goods. We reach three main conclusions: a rise in government spending induces a "depreciation" of the CPI real exchange rate and a trade balance deficit; private consumption rises in response to a government spending shock and therefore co-moves positively with the real exchange rate; both components of the CPI real exchange depreciate. Copyright � The Author(s). Journal compilation � Royal Economic Society 2010.
Gestire un’impresa multi-business. L’esperienza del gruppo De’Longhi
No full textPrendendo spunto dall'esperienza di generazione di valore dei business in cui storicamente il gruppo De'Longhi ha operato, si sono indagati i tratti distintivi delle strategie a livello corporate. Si propone così il concetto di vantaggio/svantaggio parentale frutto delle strategie dell'headquarters. Si suggerisce, quindi, una modalità per rappresentare e valutare tale vantaggio specifico delle imprese multi-business che si integra con il più conosciuto vantaggio competitivo. Inoltre sono presentate le diverse strategie di base realizzabili dall'headquarters sottolineando quelle di successo perseguite dal Gruppo De'Longhi nella sua crescita diversificata. Così facendo l'articolo propone un approccio alla gestione delle imprese multi-business che cerca di andare oltre le tradizionali matrici di portafoglio
Is government spending at the zero lower bound desirable?
No full textWe build a medium-scale DSGE model and calibrate it to fit the dynamics of the main macroeconomic variables during the US Great Recession. We then evaluate the welfare effects of increasing government consumption at the zero lower bound beyond what actually observed in the data. We reach three main results. First, the increase in government consumption after 2008, albeit small in present value terms, was close to optimal. Second, frontloading the same stimulus would have been welfare-improving. Third, larger welfare effects occur in our model for parameter values implying either large welfare costs of modest recessions (e.g. high consumption curvature), or large recessions
Fiscal policy in Europe: controversies over rules, mutual insurance, and centralization
No full textThe paper critically discusses the challenges faced by the process of integration of fiscal policy in the Eurozone
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