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144 Ergebnisse, ab 61
  • Externe referierte Aufsätze

    Unemployment and Business Cycles

    We develop and estimate a general equilibrium search and matching model that accounts for key business cycle properties of macroeconomic aggregates, including labor market variables. In sharp contrast to leading New Keynesian models, we do not impose wage inertia. Instead we derive wage inertia from our specification of how firms and workers negotiate wages. Our model outperforms a variant of the standard ...

    In: Econometrica 84 (2016), 4, S. 1523-1569 | Lawrence J. Christiano, Martin S. Eichenbaum, Mathias Trabandt
  • Diskussionspapiere 1724 / 2018

    Early Warning System of Government Debt Crises

    The European debt crisis has revealed serious deficiencies and risks on a proper functioning of the monetary union. Against this backdrop, early warning systems are of crucial importance. In this study that focuses on euro area member states, the robustness of early warning systems to predict crises of government debt is evaluated. Robustness is captured via several dimensions, such as the chronology ...

    2018| Christian Dreger, Konstantin A. Kholodilin
  • Diskussionspapiere 1631 / 2016

    Hysteresis and Fiscal Policy

    Empirical studies support the hysteresis hypothesis that recessions have a permanent effect on the level of output. We analyze the implications of hysteresis for fiscal policy in a DSGE model. We assume a simple learning-by-doing mechanism where demand-driven changes in employment can affect the level of productivity permanently, leading to hysteresis in output. We show that the fiscal output multiplier ...

    2016| Philipp Engler, Juha Tervala
  • Externe referierte Aufsätze

    Sovereign Risk, Interbank Freezes, and Aggregate Fluctuations

    This paper shows how spillovers from sovereign risk to banks׳ access to wholesale funding establish a bank-sovereign nexus. In a dynamic stochastic general equilibrium set-up, heterogeneous banks give rise to an interbank market where government bonds are used as collateral. Government borrowing under limited commitment is costly ex ante as bank funding conditions tighten when the quality of collateral ...

    In: European Economic Review 87 (2016), S. 34-61 | Philipp Engler, Christoph Große Steffen
  • DIW Roundup 120 / 2018

    What Determines the Costs of Fiscal Consolidations?

    Recent studies have proposed several factors that determine how fiscal consolidations affect the economy. This Roundup focuses on several of these determinants. Namely, it discusses how the composition of the consolidation measure, the state of the business cycle, the level of private indebtedness and the amount of fiscal stress during which the measure is implemented influences the consequences of ...

    2018| Mathias Klein
  • Externe referierte Aufsätze

    Austerity and Private Debt

    This study provides empirical evidence that the costs of austerity crucially depend on the level of private indebtedness. In particular, fiscal consolidations lead to severe contractions when implemented in high private-debt states. Contrary, fiscal consolidations have no significant effect on economic activity when private debt is low. These results are robust to alternative definitions of private-debt ...

    In: Journal of Money, Credit and Banking 49 (2017), 7, S. 1555-1585 | Mathias Klein
  • DIW Wochenbericht 8 / 2017

    Austeritätspolitik hat in Spanien, Portugal und Italien die Krise verschärft

    Die von Spanien, Italien und Portugal zwischen 2010 und 2014 unternommenen fiskalischen Konsolidierungsanstrengungen haben entgegen ihrem Ziel nicht zu einer Reduzierung der Staatsschuldenquote dieser drei Länder geführt. Dieser Wochenbericht untersucht, warum die teilweise drastischen Ausgabenkürzungen und Steuererhöhungen erfolglos blieben und sogar spürbar zu einem Rückfall der drei betroffenen ...

    2017| Philipp Engler, Mathias Klein
  • DIW Wochenbericht 8 / 2017

    Ein ausgewogener Politikmix würde bessere Ergebnisse zeigen: Interview mit Philipp Engler und Mathias Klein

  • DIW Economic Bulletin 8 / 2017

    Austerity Measures Amplified Crisis in Spain, Portugal, and Italy

    The fiscal consolidation efforts of Spain, Italy, and Portugal from 2010 to 2014 did not achieve their goal of reducing the debt-to-GDP ratio in any of the three countries. This Economic Bulletin examines why the spending cuts and tax increases, at times drastic, were unsuccessful and perceptibly contributed to sending the three countries back into recession. The sharp decrease in private household ...

    2017| Philipp Engler, Mathias Klein
  • DIW Economic Bulletin 8 / 2017

    A More Balanced Policy Mix Would Be More Successful: Seven Questions for Philipp Engler and Mathias Klein

144 Ergebnisse, ab 61