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Vierteljahrshefte zur Wirtschaftsforschung 3 / 2004

Does the EMU Need a Fiscal Transfer Mechanism?

Die zentrale Frage des Aufsatzes lautet: Ob und wie kann eine zentrale Fiskalbehörde oder ein fiskalischer Transfermechanismus die fiskalpolitische Stabilisierung in der EWU verbessern? Dazu werden theoretische Argumente und empirische Evidenz präsentiert, die die These bestätigen, dass die gegenwärtige EWU nicht in der Lage ist, asymmetrische und symmetrische idiosynkratische Schocks zu verarbeiten.The ...

2004| Davide Furceri
Monographien

Macroeconomic Uncertainty and Firm Leverage

Frankfurt/Oder: Universität, 2004, 23 S.
(Capital Markets and Finance in the Enlarged Europe : The Postgraduate Research Programme Working Paper Series ; 19/2004)
| Christopher F. Baum, Andreas Stephan, Oleksandr Talavera
Monographien

Macroeconomic Uncertainty and Firm Leverage

Chestnut Hill, Mass.: Boston College, Department of Economics, 2004, 23 S.
(Boston College Working Papers in Economics ; 602)
| Christopher F. Baum, Andreas Stephan, Oleksandr Talavera
Diskussionspapiere 443 / 2004

Macroeconomic Uncertainty and Firm Leverage

This paper investigates the link between the optimal level of nonfinancial firms' leverage and macroeconomic uncertainty. We develop a structural model of a firm's value maximization problem that predicts that as macroeconomic un-certainty increases the firm will decrease its optimal level of borrowing. We test this proposition using a panel of non{financial US firms drawn from the COM-PUSTAT quarterly ...

2004| Christopher F. Baum, Andreas Stephan, Oleksandr Talavera
Externe referierte Aufsätze

Misleading Indicators? The Argentinean Currency Crisis

Despite the fact that Argentina has been suffering from recession for years, the timing and severity of the recent currency crisis surprised most observers. There is an extensive literature on early warning systems, which claim to be apt for a systematical prediction of currency crises. One of the most prominent "early warning system" approaches was first developed by Kaminsky, Lizondo, and Reinhart ...

In: Journal of Policy Modeling 26 (2004), 5, S. 587-603 | Patricia Alvarez-Plata, Mechthild Schrooten
Diskussionspapiere 427 / 2004

Fiscal Policy Rules for Stabilisation and Growth: A Simulation Analysis of Deficit and Expenditure Targets in a Monetary Union

We analyse the effectiveness of fiscal policy rules for business cycle stabilisation in a monetary union using a quarterly macro-econometric model of Germany. The simulations compare a deficit target and an expenditure target under a range of supply, demand and fiscal shocks. Their effects are evaluated by their impact on prices and output. The analysis demonstrates that in general the deficit target ...

2004| Tilman Brück, Rudolf Zwiener
Monographien

Trends in Infrastructure Regulation and Financing: International Experience and Case Studies from Germany

Cheltenham [u.a.]: Edward Elgar, 2004, XIV, 295 S. | Christian von Hirschhausen, Thorsten Beckers, Kay Mitusch (Eds.)
Monographien

Special Issue: Entrepreneurship, Innovation and Growth

London: Carfax, 2004, VI S., S. 161-263
(Industry and Innovation ; 11,3)
| Birgit Soete, Andreas Stephan (Eds.)
Weitere Aufsätze

Introduction

In: Christian von Hirschhausen, Thorsten Beckers, Kay Mitusch (Eds.) , Trends in Infrastructure Regulation and Financing
Cheltenham [u.a.] : Edward Elgar
S. 1-10
| Christian von Hirschhausen, Thorsten Beckers, Kay Mitusch
Diskussionspapiere 348 / 2003

The Argentinean Currency Crisis: A Markov-Switching Model Estimation

Despite the fact that Argentina has been suffering from a recession for years, the timing and severity of the recent currency crisis surprised most observers. This paper analyzes the role of fundamentals and self-fulfilling speculation in the Argentinean crisis. Arguing within a theoretical model of a fixed exchange rate system that allows for multiple equilibria, we show that the crisis, while being ...

2003| Patricia Alvarez-Plata, Mechthild Schrooten
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