The system of capital taxation consists of two instruments, namely a tax on profits and a depreciation allowance on investment. We will show in this paper that by acting on both instruments simultaneously it is possible to achieve both a growth and a fiscal net revenue target even in cases when a trade off prevails when each instrument is used individually. This is an application of the Tinbergen rule ...
We study the state-dependent trading behavior of financial institutions in the oil futures market, using structural vector autoregressions with Markov switching in heteroskedasticity. We consider two states of the world: tranquil and turbulent. We decompose the observable time-varying price volatility during the period 2006M6–2016M5 into changes in the slopes of traders’ demand curves and into changes ...
Negative interest rates remain a controversial policy for central banks. We study a novel signalling channel and ask under what conditions negative rates should exist in an optimal policymaker’s toolkit. We prove two necessary conditions for the optimality of negative rates: a time-consistent policy setting and a preference for policy smoothing. These conditions allow negative rates to signal policy ...
Der Deka-S-Finanzklima wurde in der Coronapandemie entwickelt und ermöglicht durchdie breite Erhebung auf Top-Managementebene eine Reflektion bzgl. der Einschätzung zur Wirtschaftslage inDeutschland. Insgesamt zeigt sich, dass die Folgen der Coronapandemie zwar belasten, die weiteren Umfeldbedingungen(insbesondere die Negativzins-Beeinträchtigungen) hinterließen und hinterlassen jedoch deutlichereSpuren. ...
Spillovers from US monetary policy entail spillbacks to the domestic economy. Applying counterfactual analyses in a Bayesian proxy structural vector-autoregressive model we find that spillbacks account for a non-trivial share of the slowdown in domestic real activity following a contractionary US monetary policy shock. Spillbacks materialise as a monetary policy tightening depresses foreign sales and ...
We test for the empirical relevance of partial and asymmetric dominant-currency pricing (DCP), the hypothesis that large but not necessarily identical shares of economies’ export and import prices are sticky in US dollar. We first set up a structural three-country New Keynesian dynamic stochastic general equilibrium model which nests DCP, producer-currency pricing and local-currency pricing. Under ...
Ziel der Konferenz ist, die Bedeutung von nachhaltiger, grüner, öffentlicher Beschaffung für die Transformation zu einer Erneuerbaren-Energien-Ökonomie zu unterstreichen, sowie die Praxis der Finanzierung der grünen Transformation zu diskutieren. Wir diskutieren zudem der Frage, ob der Gewinn einer grünen, öffentlichen Ausschreibung Einfluss auf den Finanzierungszugang der erfolgreichen Firmen hat.