Journal of Macroeconomics最新文献_第7页

What growth policies protect the environment? A two-engine growth model 什么样的增长政策能保护环境？双引擎增长模式

IF 1.4 3区经济学

Journal of Macroeconomics Pub Date : 2024-06-10 DOI: 10.1016/j.jmacro.2024.103614

Chu-chuan Cheng , Ping-ho Chen , Hsun Chu , Yi-chiuan Wang

引用次数: 0

The effects of monetary policy across fiscal regimes 不同财政制度下货币政策的影响

IF 1.4 3区经济学

Journal of Macroeconomics Pub Date : 2024-06-05 DOI: 10.1016/j.jmacro.2024.103616

Roben Kloosterman , Dennis Bonam , Koen van der Veer

引用次数: 0

Rising allowances, rising rates — Can growth arise through business income tax reform despite government debt limit? 免征额增加，税率上升--尽管政府债务受限，商业所得税改革能否带来增长？

IF 1.4 3区经济学

Journal of Macroeconomics Pub Date : 2024-05-09 DOI: 10.1016/j.jmacro.2024.103606

Marius Clemens , Werner Röger

{"title":"Rising allowances, rising rates — Can growth arise through business income tax reform despite government debt limit?","authors":"Marius Clemens , Werner Röger","doi":"10.1016/j.jmacro.2024.103606","DOIUrl":"https://doi.org/10.1016/j.jmacro.2024.103606","url":null,"abstract":"<div><p>The system of business income taxation consists of two instruments, namely a statutory tax rate 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.</p><p>As will be shown in the paper, depreciation allowances have a more favorable trade-off between growth and net revenue in the long run compared to statutory business income tax rates. Thus, by rising depreciation allowances and the statutory tax rate at the same time, it is possible to both increase growth and fiscal space.</p><p>In a model simulation calibrated to the German economy and tax system, an increase of the tax depreciation rate for all investments from 10% to 25% leads to a more than 2 percent GDP increase and more than 6 percent higher private investments in total. Whereas GDP and investment rise steadily over time, the government budget becomes negative in the short run. In the long run, the sign of the fiscal budget effect is determined by the indexation of government consumption to GDP. However, according to our findings, slight adjustments in the statutory business income tax rate could balance out these deficits and generate additional fiscal space.</p></div>","PeriodicalId":47863,"journal":{"name":"Journal of Macroeconomics","volume":"81 ","pages":"Article 103606"},"PeriodicalIF":1.4,"publicationDate":"2024-05-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140950508","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Optimal robust monetary and fiscal policy under uncertainty on the lower bound 下限不确定情况下的最优稳健货币和财政政策

IF 1.4 3区经济学

Journal of Macroeconomics Pub Date : 2024-05-09 DOI: 10.1016/j.jmacro.2024.103605

Gülserim Özcan , Guido Traficante

引用次数: 0

Central bank objectives, monetary policy rules, and limited information 中央银行的目标、货币政策规则和有限信息

IF 1.4 3区经济学

Journal of Macroeconomics Pub Date : 2024-05-07 DOI: 10.1016/j.jmacro.2024.103604

Jonathan Benchimol

引用次数: 0

Monetary policy in a Schumpeterian economy with endogenous fertility and human capital accumulation 具有内生生育率和人力资本积累的熊彼特经济中的货币政策

IF 1.4 3区经济学

Journal of Macroeconomics Pub Date : 2024-04-04 DOI: 10.1016/j.jmacro.2024.103601

Wei Song, Yibai Yang

{"title":"Monetary policy in a Schumpeterian economy with endogenous fertility and human capital accumulation","authors":"Wei Song, Yibai Yang","doi":"10.1016/j.jmacro.2024.103601","DOIUrl":"https://doi.org/10.1016/j.jmacro.2024.103601","url":null,"abstract":"<div><p>This study investigates the growth and welfare effects of monetary policy in a Schumpeterian economy featuring cash-in-advance (CIA) constraints and two engines of growth: innovation from R&D and human capital accumulation from endogenous fertility. Our theoretical analysis considers the cases of various CIA constraints. When the CIA constraint is only on consumption, higher inflation retards economic growth by weakening human capital accumulation. When the CIA constraint is only on R&D, higher inflation would generate a negative or U-shaped effect on economic growth, depending on the interplay between inflationary effects on innovation and human capital accumulation. When the CIA constraint is only on manufacturing, the growth effect of inflation could be positive (negative) if the positive growth effect from technological progress dominates (is dominated by) the negative effect from human capital accumulation. Our quantitative analysis finds a generally negative inflation-growth relationship in the calibrated economy. Moreover, the welfare effect of inflation is also negative, implying that the Friedman rule is optimal.</p></div>","PeriodicalId":47863,"journal":{"name":"Journal of Macroeconomics","volume":"80 ","pages":"Article 103601"},"PeriodicalIF":1.4,"publicationDate":"2024-04-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140543716","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

The role of institutions in shaping the growth-aid relationship 机构在形成增长与援助关系中的作用

IF 1.4 3区经济学

Journal of Macroeconomics Pub Date : 2024-04-03 DOI: 10.1016/j.jmacro.2024.103603

Carlos Bethencourt, Fernando Perera-Tallo

{"title":"The role of institutions in shaping the growth-aid relationship","authors":"Carlos Bethencourt, Fernando Perera-Tallo","doi":"10.1016/j.jmacro.2024.103603","DOIUrl":"https://doi.org/10.1016/j.jmacro.2024.103603","url":null,"abstract":"<div><p>Empirical evidence on the relationship between aid and economic growth is mixed and inconclusive. This paper proposes a theory to explain these contradictory findings. We build an endogenous growth model with a productive public good and homogeneous agents who allocate their time to both work and the appropriation of public resources. Aid increases public resources, raising the provision of the productive public good, but promotes rent-seeking. As recent empirical evidence suggests, a hump-shaped relationship between aid and growth emerges: too much aid is counterproductive for growth, particularly when institutions are weak. Aid transmits growth from the donor to the recipient country but harms income convergence and even prevents convergence among ex-ante identical countries when aid exceeds a certain threshold. Institutional improvements raise such a threshold. Thus, countries with lower income and lower institutional quality should receive less aid, unless an institutional reform is taken as a previous step to receive that aid.</p></div>","PeriodicalId":47863,"journal":{"name":"Journal of Macroeconomics","volume":"80 ","pages":"Article 103603"},"PeriodicalIF":1.4,"publicationDate":"2024-04-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0164070424000181/pdfft?md5=1d9d6b80ad27710bdcbf4f7082359117&pid=1-s2.0-S0164070424000181-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140618913","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Original sin: Fiscal rules and government debt in foreign currency in developing countries 原罪：发展中国家的财政规则和外币政府债务

IF 1.4 3区经济学

Journal of Macroeconomics Pub Date : 2024-03-26 DOI: 10.1016/j.jmacro.2024.103600

Ablam Estel Apeti , Bao-We-Wal Bambe , Jean-Louis Combes , Eyah Denise Edoh

{"title":"Original sin: Fiscal rules and government debt in foreign currency in developing countries","authors":"Ablam Estel Apeti , Bao-We-Wal Bambe , Jean-Louis Combes , Eyah Denise Edoh","doi":"10.1016/j.jmacro.2024.103600","DOIUrl":"https://doi.org/10.1016/j.jmacro.2024.103600","url":null,"abstract":"<div><p>Developing economies often borrow abroad in foreign currency, which exposes them to the problem of “original sin.” Although the literature on the issue is relatively extensive, there is limited discussion about the role of fiscal frameworks, such as fiscal rules, in addressing original sin. Using a panel of 59 developing countries from 1990-2020 and applying the entropy balancing method, this study reveals that fiscal rules play a crucial role in reducing government debt in foreign currency, and that the effects are statistically and economically significant and robust. Furthermore, we find that the effectiveness of fiscal rules in curbing original sin is enhanced by factors such as the strengthening of the rule itself, improved fiscal discipline before the reform’s adoption, financial development, financial openness, exchange rate flexibility, the level of economic development, and sound institutions. Finally, transmission channels analysis reveals that the effect of fiscal rules on original sin is driven by fiscal and monetary policy credibility.</p></div>","PeriodicalId":47863,"journal":{"name":"Journal of Macroeconomics","volume":"80 ","pages":"Article 103600"},"PeriodicalIF":1.4,"publicationDate":"2024-03-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0164070424000156/pdfft?md5=6e2d73f80f5d45c9b05b856e98e35ac6&pid=1-s2.0-S0164070424000156-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140345196","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Exchange rate dynamics and consumption of traded goods 汇率动态与贸易品消费

IF 1.4 3区经济学

Journal of Macroeconomics Pub Date : 2024-03-26 DOI: 10.1016/j.jmacro.2024.103602

Maxym Chaban

引用次数: 0

Economic uncertainty, households’ credit situations, and higher education 经济不确定性、家庭信贷状况和高等教育

IF 1.4 3区经济学

Journal of Macroeconomics Pub Date : 2024-03-16 DOI: 10.1016/j.jmacro.2024.103598

Niraj P. Koirala , Dhiroj Prasad Koirala , Linus Nyiwul , Zhining Hu

{"title":"Economic uncertainty, households’ credit situations, and higher education","authors":"Niraj P. Koirala , Dhiroj Prasad Koirala , Linus Nyiwul , Zhining Hu","doi":"10.1016/j.jmacro.2024.103598","DOIUrl":"https://doi.org/10.1016/j.jmacro.2024.103598","url":null,"abstract":"<div><p>In this paper, we study the relationship between economic uncertainty, households’ credit situations, and educational outcomes. Using the System Generalized Methods of Moments (SYS-GMM) on educational and economic data from the World Bank and IMF, we find that economic uncertainty and households’ access to credit have positive impacts on higher education. Further analyses suggest that economic uncertainty and households’ access to credit have heterogeneous effects on educational outcomes at the tertiary level, by gender and development status. Specifically, we find that economic uncertainties expand enrollments in developed countries and contract them in developing economies. In addition, access to credit has a more pronounced positive impact on educational outcomes in developing nations compared to developed ones. Furthermore, our analysis indicates that household credit coupled with economic uncertainty decreases women’s educational outcomes in higher education, posing a serious threat to gender equality in higher education. Lastly, we find that monetary policy appears to play a role in these results. These findings remain robust to alternative proxies of economic uncertainty and approach such as the Instrumental Variable (IV) regression method, which uses a political database on government changes and ideological gaps between cabinets as instruments. In general, the findings emphasize the enduring influence of economic uncertainties, typically associated with business cycles, on long-term aspects such as education.</p></div>","PeriodicalId":47863,"journal":{"name":"Journal of Macroeconomics","volume":"80 ","pages":"Article 103598"},"PeriodicalIF":1.4,"publicationDate":"2024-03-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0164070424000132/pdfft?md5=3e4482aa98ed36da8de716e4c3c57f70&pid=1-s2.0-S0164070424000132-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140209255","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0