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作者：Bohacek, Radim; Zubricky, Jozef
作者单位：Charles University Prague; Czech Academy of Sciences; Economics Institute of the Czech Academy of Sciences
摘要：This article studies a flat tax reform and capital tax reform in an economy with occupational choice and borrowing constraints. Building on previous models with heterogeneous agents and the flat tax reform within the representative firm framework, we introduce entrepreneurs as an occupation. We model endogenous entry and exit of firms whose size, number and production decisions are affected by the tax system. We compare steady state allocations in the benchmark economy with a progressive tax s...
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作者：Bruelhart, Marius; Jametti, Mario; Schmidheiny, Kurt
作者单位：University of Lausanne; Universita della Svizzera Italiana; University of Basel
摘要：Recent theoretical work in economic geography has shown that agglomeration forces can mitigate race-to-the-bottom tax competition, by partly or fully offsetting firms sensitivity to tax differentials. We test this proposition using data on firm births across Swiss municipalities. We find that corporate taxes deter firm births less in more spatially concentrated sectors. Firms in sectors with an agglomeration intensity in the top quintile are less than half as responsive to differences in corpo...
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作者：Arezki, Rabah; Brueckner, Markus
作者单位：International Monetary Fund; University of Adelaide
摘要：We examine the effects that windfalls from international commodity price booms have on external debt in a panel of 93 countries during the period 19702007. Our main finding is that increases in the international prices of exported commodity goods lead to a significant reduction in the level of external debt in democracies but to no significant reduction in the level of external debt in autocracies. To explain this finding, we show that in autocracies commodity windfalls lead to a statistically...
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作者：Dixon, Huw; Le Bihan, Herve
作者单位：Cardiff University; European Central Bank; Bank of France
摘要：The Generalised Calvo and the Generalised Taylor models of price and wage setting are, unlike the standard Calvo and Taylor counterparts, exactly consistent with the distribution of durations observed in the data. Using price and wage micro-data from a major euro area economy (France), we develop calibrated versions of these models. We assess the consequences for monetary policy transmission by embedding these calibrated models in a standard dynamic stochastic general equilibrium model. The Ge...
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作者：Andres, Javier; Arce, Oscar
作者单位：University of Valencia
摘要：We develop a macroeconomic model with an imperfectly competitive bank-loans market and collateral constraints that tie investors credit capacity to the value of their real estate holdings. Lending margins are optimally set by banks and have a significant effect on aggregate variables. Over the long run, stronger banking competition increases output by triggering a reallocation of available collateral towards investors. In the short-run, output, credit and housing prices are more responsive on ...
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作者：Joyce, Michael; Miles, David; Scott, Andrew; Vayanos, Dimitri
作者单位：Bank of England; University of London; London School Economics & Political Science
摘要：This article assesses the impact of Quantitative Easing and other unconventional monetary policies followed by central banks in the wake of the financial crisis that began in 2007. We consider the implications of theoretical models for the effectiveness of asset purchases and look at the evidence from a range of empirical studies. We also provide an overview of the contributions of the other articles in this Feature.
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作者：Cappellari, Lorenzo; Dell'Aringa, Carlo; Leonardi, Marco
作者单位：Catholic University of the Sacred Heart; University of Milan
摘要：We investigate the effects of two reforms of temporary employment using panel data on Italian firms. We exploit variation in their implementation across regions and sectors for identification. Our results show that the reform of apprenticeship contracts increased job turnover and induced the substitution of external staff with firms apprentices, with an overall productivity-enhancing effect. The reform of fixed-term contracts instead did not produce the intended results: it induced a substitut...
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作者：Efferson, Charles; Sugden, Robert
作者单位：University of Zurich; University of East Anglia
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作者：Clemens, Michael A.; Radelet, Steven; Bhavnani, Rikhil R.; Bazzi, Samuel
作者单位：United States Agency for International Development (USAID); University of Wisconsin System; University of Wisconsin Madison; University of California System; University of California San Diego
摘要：Recent research yields widely divergent estimates of the cross-country relationship between foreign aid receipts and economic growth. We re-analyse data from the three most influential published aidgrowth studies, strictly conserving their regression specifications, with sensible assumptions about the timing of aid effects and without questionable instruments. All three research designs show that increases in aid have been followed on average by increases in investment and growth. The most pla...
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作者：De Mel, Suresh; McKenzie, David; Woodruff, Christopher
作者单位：University of Warwick; University of Peradeniya; The World Bank
摘要：Using unique, panel data and a randomised experiment, we assess the effects of relief aid and access to capital on the recovery of Sri Lankan microenterprises following the December 2004 tsunami. Our results show that a lack of access to capital inhibits the recovery process; firms receiving randomly allocated grants recover profit levels almost 2 years before other damaged firms. Access to capital is particularly important for the retail sector; the role of capital in recovery for manufacturi...
