Search results for "E6"
showing 10 items of 100 documents
Tax Design in the OECD: A Test of the Hines-Summers Hypothesis
2011
This paper investigates the effects of economic size and trade openness on tax design in the OECD. Using data for 30 OECD countries over the 1965–2007 period, we test the recently proposed Hines-Summers [2009] Hypothesis, according to which the smaller the size and the greater the openness of the economy, the more it will rely on expenditure taxes and the less on income taxes. Our findings show that the Hines-Summers Hypothesis can claim broad, statistically significant, and robust empirical support in the OECD data sets we examined.
FISCAL POLICY, MACROECONOMIC STABILITY AND FINITE HORIZONS
2003
In this paper we analyse the stabilisation properties of distortionary taxes in a New Keynesian model with overlapping generations of finitely-lived consumers. In this framework, government debt is part of net wealth and this adds a number of interesting channels through which fiscal policy could affect output and inflation. Output volatility, in presence of technology shocks, is not substantially affected by the operation of automatic stabilisers but we find interesting composition effects. While the presence of finitely-lived households strengthens the stabilisation performance of distortionary taxes through the reduction of the volatility of consumption, it does so at the cost of more vo…
Fiscal Devaluations in EMU
2013
2013SummaryWe use a small open economy general equilibrium model to analyse the effects of a fiscal devalua-tion in an EMU country. The model has been calibrated for the Spanish economy, which is a goodexample of the advantages of a change in the tax mix given that its tax system shows a positive biasin the ratio of social security contributions over consumption taxes. The preliminary empirical evi-dence for European countries shows that this bias was negatively correlated with the current accountbalance in the expansionary years leading up to the 2009 crisis, a period when many EMU membersaccumulated large external imbalances. Our simulation results point to significant positive effects of…
GEOCHEMICAL AND MINERALOGICAL FINGERPRINTS OF THE SEDIMENTS SUPPLY AND EARLY DIAGENETIC PROCESSES IN THE BIZERTE LAGOON (TUNISIA)
2016
International audience; The Bizerte Lagoon (Tunisia) functions as a sedimentation environment characterized by receiving allochthonous sediments mainly transported by the Ben Hassine, Rharek and Guenich streams, as well as marine sediments from the Mediterranean Sea. It is subjected to significantenvironmental changes due to the natural and anthropic influences altering the natural patterns of circulation, extraction and/or deposition of mineralogical materials. The aim of this investigation is to analyze the sediments supply and early diagenetic processes in Bizerte Lagoon. Thephyicochemical parameter of the sediment pore water, as well as their texture, mineralogical composition (X-Ray di…
Fiscal Rules and Macroeconomic Stability
2005
In this paper we analyze the impact of fiscal rules on the effectiveness of fiscal policy as a macroeconomic stabilizing instrument. First, we review the available evidence on the effects of fiscal policy to affect output in the short run and real interest rates and investment and growth in the long run, and we show how the use of fiscal rules has proved useful in restraining debt and deficits. Secondly, we discuss if debt consolidation rules trade off higher output instability in exchange for lower deficits, using three alternative representations of the intertemporal substitution mechanism in a SDGE framework. Our main conclusion is that both the impact of discretionary fiscal policy and …
Grassland fire effect on soil organic carbon reservoirs in a semiarid environment
2013
Abstract. The aim of this work was to investigate the effect of an experimental fire used for grassland management on soil organic carbon (SOC) stocks. The study was carried out on Hyparrhenia hirta (L.) Stapf (Hh) grassland and Ampelodesmos mauritanicus (Desf.) T. Durand & Schinz (Am) grasslands located in the north of Sicily. Soil samples were collected at 0–5 cm before and after the experimental fire, and SOC was measured. During the grassland fire, soil surface temperature was monitored. Biomass of both grasses was analysed in order to determine dry weight and its chemical composition. The results showed that SOC varied significantly with vegetation type, while it is not affecte…
X-ray CT analyses, models and numerical simulations: a comparison with petrophysical analyses in an experimental CO2 study
2016
An essential part of the collaborative research project H2STORE (hydrogen to store), which is funded by the German government, was a comparison of various analytical methods for characterizing reservoir sandstones from different stratigraphic units. In this context Permian, Triassic and Tertiary reservoir sandstones were analysed. Rock core materials, provided by RWE Gasspeicher GmbH (Dortmund, Germany), GDF Suez E&P Deutschland GmbH (Lingen, Germany), E.ON Gas Storage GmbH (Essen, Germany) and RAG Rohöl-Aufsuchungs Aktiengesellschaft (Vienna, Austria), were processed by different laboratory techniques; thin sections were prepared, rock fragments were crushed and cubes of 1 cm edge leng…
A rational expectations model for simulation and policy evaluation of the Spanish economy
2010
This paper presents the model used for simulation purposes within the Spanish Ministry of Economic Affairs and Finance. REMS (a Rational Expectations Model for the Spanish economy) is a small open economy dynamic general equilibrium model in the vein of the New-Neoclassical-Keynesian synthesis models, with a strongly micro-founded system of equations. In the long run REMS behaves in accordance with the neoclassical growth model. In the short run, it incorporates nominal, real and financial frictions. Real frictions include adjustment costs in consumption (via habits in consumption and rule-of-thumb households) and investment into physical capital. Due to financial frictions, there is no per…
HOW DO FISCAL CONSOLIDATION AND FISCAL STIMULI IMPACT ON THE SYNCHRONIZATION OF BUSINESS CYCLES?
2017
Using quarterly data for a panel of advanced economies, we show that synchronized fiscal consolidation (stimulus) programmes in different countries make their business cycles more closely linked. We also find: (i) some evidence of decoupling when an inflation targeting regime is unilaterally adopted; (ii) an increase in business cycle synchronization when countries fix their exchange rates and become members of a monetary union; (iii) a positive effect of bilateral trade on the synchronization of business cycles. Global factors, such as a rise in global risk aversion and uncertainty and a reversal of nonstandard expansionary monetary policy, can also reduce the degree of co-movement of busi…
Assessing long-term fiscal developments : a new approach
2011
We use a new approach to assess long-term fiscal developments. By analyzing the time-varying behaviour of the two components of government spending and revenue – responsiveness and persistence–, a feature not captured by automatic stabilisers, we are able to infer about the sources of fiscal deterioration (improvement). Drawing on quarterly data, we estimate recursively these components within a system of government revenue and spending equations using a Three-Stage Least Square method for eight European Union countries plus the US. The results suggest that significant changes in the fiscal stance (including those related to the current crisis) are reflected in the estimates of persistence …