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Die Zinselastizität im Wohnungsbau

Lieber fünf Prozent Inflation als 100 Prozent Staatsverschuldung: Kommentar

Differential Taxation and Firms' Financial Leverage: Evidence from the Introduction of a Flat Tax on Interest Income

Tax competition for the mobile factor capital has led to a trend in many countries to levy lower taxes on interest income, often introducing differential taxation between interest and business income. In this study, we analyze the effect of such differential taxation on the debt ratio of firms. We exploit a 2009 tax reform in Germany as a quasi-experiment, which introduced a flat final withholding ...

Durchführung von Workshops zu wichtigen finanz- und wirtschaftspolitischen Themen

Organisatorische Vorbereitung und Durchführung von Workshops zu aktuellen Themen in enger Abstimmung mit thematisch zuständigen MitarbeiterInnen des BMF

Persistence and Cyclical Dependence in the Monthly Euribor Rate

This paper analyses two well-known features of interest rates, namely their time dependence and their cyclical structure. Specifically, it focuses on the monthly Euribor rate, using monthly data from January 1994 to May 2011. Models based on fractional integration at the long run or zero frequency, although adequately describing the persistent behaviour of the series, do not take into account its cyclical ...

Ramifications of Debt Restructuring on the Euro Area: The Example of Large European Economies' Exposure to Greece

Ramifications of Debt Restructuring on the Euro Area: The Example of Large European Economies' Exposure to Greece

The Greek government budget situation plays a central role in the debt crisis in the euro area. The debt to GDP ratio is above 150 percent, while the deficit to GDP ratio exceeds 10 percent. To re-establish the Maastricht criteria, respectively, strong consolidation measures need to be implemented, with potential adverse effects on the Greek economy, and further credit requirements. Therefore, a debt ...

Employment Growth, Inflation and Output Growth: Was Phillips Right? Evidence from a Dynamic Panel

In this paper we analyse the short- and long-run relationship between employment growth, inflation and output growth in Phillips' tradition. For this purpose we apply FMOLS, DOLS, PMGE, MGE, DFE, and VECM methods to a nonstationary heterogeneous dynamic panel including annual data for 119 countries over the period 1970-2010, and also carry out multivariate Granger causality tests. The empirical results ...

Sparer reagieren kaum auf Zinsänderungen

Wie reagieren private Haushalte auf eine Veränderung der Verbraucherpreise oder des Zinsniveaus? Reduzieren sie gegenwärtigen Konsum und sparen stattdessen für die Zukunft, wenn Preise oder Zinssätze steigen? Oder lassen sie ihren einmal gewählten Konsumpfad unverändert? Nur wer die Antworten auf diese Fragen kennt, kann steuer- und sozialpolitische Reformen wie die Einführung einer Abgeltungsteuer, ...

Global Liquidity, World Savings Glut and Global Policy Coordination

The global imbalances of the 2000s and the recent global financial crisis are intimately connected. Both originate in the combination of economic policies adopted by the two key economies, the US and China. Global financial markets served as a transmission belt, both during the boom as during the bust. In the US, the interaction among the Fed's monetary stance, global real interest rates, distorted ...