The debt brake: business cycle and welfare consequences of Germany's new fiscal policy rule
Gespeichert in:
| Hauptverfasser: | , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Frankfurt am Main
Dt. Bundesbank
2009
|
| Schriftenreihe: | Discussion paper / Deutsche Bundesbank : Series 1, Economic studies
2009,24 |
| Schlagworte: | |
| Online-Zugang: | http://www.bundesbank.de/download/volkswirtschaft/dkp/2009/200924dkp.pdf Inhaltsverzeichnis |
| Beschreibung: | Zsfassungen in dt. und engl. Sprache |
| Beschreibung: | 61 S. graph. Darst. |
| ISBN: | 9783865585516 |
Internformat
MARC
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Datensatz im Suchindex
| _version_ | 1804144423289749504 |
|---|---|
| adam_text | Titel: The debt brake
Autor: Mayer, Eric
Jahr: 2009
Contents
1 Introduction
2 The model 5
2.1 Firms and price setting.............................. 5
2.1.1 Final goods producers.......................... 5
2.1.2 Intermediate goods producers and prices................ 6
2.2 The household sector............................... 6
2.2.1 Optimizing households.......................... 7
2.2.2 Rule-of-thumb consumers ........................ 7
2.3 Fiscal authorities................................. 8
2.3.1 The balanced budget rule (BB)..................... 9
2.3.2 The debt brake (DB) and additional rule-based stabilization (AS) . . 9
2.4 Market clearance................................. 11
2.5 Linearized equilibrium conditions........................ 11
3 Calibration and impulse response analysis 14
3.1 Calibration strategy................................ 14
3.2 Impulse response analysis ............................ 17
4 Welfare 23
5 Discussion and further research questions 26
6 Conclusion 28
A Design and stress testing 30
A.I How to set the feedback of the adjustment account .............. 30
A.2 Trend estimation errors.............................. 30
B Firms optimal price setting and the Phillips curve 33
C Aggregation of household sector 36
D The fiscal spending rule 39
E Steady-state considerations and social planner s solution 41
F Welfare approximation 44
List of Figures
1 DBandCPS ................................... 18
2 BB and CPS.................................... 18
3 AS and CPS.................................... 18
4 DBandPMS................................... 20
5 BB and PMS................................... 20
6 AS and PMS ................................... 20
7 DB and TS.................................... 22
8 BB and TS.................................... 22
9 AS and TS..................................... 22
10 Preference shock and welfare........................... 25
11 Cost-push shock and welfare........................... 25
12 Technology shock and welfare.......................... 25
13 Fiscal shock and welfare............................. 25
14 Robustness A................................... 26
15 Adjustment account dynamics and feedback parameter............ 27
16 Optimal feedback coefficient for each shock .................. 30
17 Trend estimation errors ............................. 32
List of Tables
1 Baseline calibration................................ 16
2 Standard deviations of shocks......................... 17
|
| any_adam_object | 1 |
| author | Mayer, Eric Stähler, Nikolai 1977- |
| author_GND | (DE-588)132625784 |
| author_facet | Mayer, Eric Stähler, Nikolai 1977- |
| author_role | aut aut |
| author_sort | Mayer, Eric |
| author_variant | e m em n s ns |
| building | Verbundindex |
| bvnumber | BV026959481 |
| classification_rvk | QL 700 |
| ctrlnum | (OCoLC)444926915 (DE-599)HBZHT016055824 |
| dewey-full | 339.52 |
| dewey-hundreds | 300 - Social sciences |
| dewey-ones | 339 - Macroeconomics and related topics |
| dewey-raw | 339.52 |
| dewey-search | 339.52 |
| dewey-sort | 3339.52 |
| dewey-tens | 330 - Economics |
| discipline | Wirtschaftswissenschaften |
| format | Book |
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| geographic_facet | Deutschland |
| id | DE-604.BV026959481 |
| illustrated | Illustrated |
| indexdate | 2024-07-09T23:03:19Z |
| institution | BVB |
| isbn | 9783865585516 |
| language | English |
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| owner_facet | DE-188 |
| physical | 61 S. graph. Darst. |
| publishDate | 2009 |
| publishDateSearch | 2009 |
| publishDateSort | 2009 |
| publisher | Dt. Bundesbank |
| record_format | marc |
| series2 | Discussion paper / Deutsche Bundesbank : Series 1, Economic studies |
| spelling | Mayer, Eric Verfasser aut The debt brake business cycle and welfare consequences of Germany's new fiscal policy rule Eric Mayer ; Nikolai Stähler Frankfurt am Main Dt. Bundesbank 2009 61 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Discussion paper / Deutsche Bundesbank : Series 1, Economic studies 2009,24 Zsfassungen in dt. und engl. Sprache Öffentliche Schulden (DE-588)4043153-8 gnd rswk-swf Konjunktur (DE-588)4032125-3 gnd rswk-swf Finanzpolitik (DE-588)4127795-8 gnd rswk-swf Konsolidierung (DE-588)4114287-1 gnd rswk-swf Sparpolitik (DE-588)4431627-6 gnd rswk-swf Fiskalpolitik (DE-588)4071234-5 gnd rswk-swf Deutschland (DE-588)4011882-4 gnd rswk-swf Deutschland (DE-588)4011882-4 g Konsolidierung (DE-588)4114287-1 s Fiskalpolitik (DE-588)4071234-5 s Konjunktur (DE-588)4032125-3 s DE-188 Öffentliche Schulden (DE-588)4043153-8 s Finanzpolitik (DE-588)4127795-8 s Sparpolitik (DE-588)4431627-6 s 1\p DE-604 Stähler, Nikolai 1977- Verfasser (DE-588)132625784 aut Deutsche Bundesbank <Frankfurt, Main> Discussion paper 1 2009,24 (DE-604)BV017594637 2009,24 http://www.bundesbank.de/download/volkswirtschaft/dkp/2009/200924dkp.pdf HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=021620542&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis 1\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk |
| spellingShingle | Mayer, Eric Stähler, Nikolai 1977- The debt brake business cycle and welfare consequences of Germany's new fiscal policy rule Öffentliche Schulden (DE-588)4043153-8 gnd Konjunktur (DE-588)4032125-3 gnd Finanzpolitik (DE-588)4127795-8 gnd Konsolidierung (DE-588)4114287-1 gnd Sparpolitik (DE-588)4431627-6 gnd Fiskalpolitik (DE-588)4071234-5 gnd |
| subject_GND | (DE-588)4043153-8 (DE-588)4032125-3 (DE-588)4127795-8 (DE-588)4114287-1 (DE-588)4431627-6 (DE-588)4071234-5 (DE-588)4011882-4 |
| title | The debt brake business cycle and welfare consequences of Germany's new fiscal policy rule |
| title_auth | The debt brake business cycle and welfare consequences of Germany's new fiscal policy rule |
| title_exact_search | The debt brake business cycle and welfare consequences of Germany's new fiscal policy rule |
| title_full | The debt brake business cycle and welfare consequences of Germany's new fiscal policy rule Eric Mayer ; Nikolai Stähler |
| title_fullStr | The debt brake business cycle and welfare consequences of Germany's new fiscal policy rule Eric Mayer ; Nikolai Stähler |
| title_full_unstemmed | The debt brake business cycle and welfare consequences of Germany's new fiscal policy rule Eric Mayer ; Nikolai Stähler |
| title_short | The debt brake |
| title_sort | the debt brake business cycle and welfare consequences of germany s new fiscal policy rule |
| title_sub | business cycle and welfare consequences of Germany's new fiscal policy rule |
| topic | Öffentliche Schulden (DE-588)4043153-8 gnd Konjunktur (DE-588)4032125-3 gnd Finanzpolitik (DE-588)4127795-8 gnd Konsolidierung (DE-588)4114287-1 gnd Sparpolitik (DE-588)4431627-6 gnd Fiskalpolitik (DE-588)4071234-5 gnd |
| topic_facet | Öffentliche Schulden Konjunktur Finanzpolitik Konsolidierung Sparpolitik Fiskalpolitik Deutschland |
| url | http://www.bundesbank.de/download/volkswirtschaft/dkp/2009/200924dkp.pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=021620542&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| volume_link | (DE-604)BV017594637 |
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