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Displaying results 1 to 4 of 4.

  1. Euro area inflation differentials
    the role of fiscal policies revisited
    Published: [2023]
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    This paper provides a comprehensive empirical analysis of the role of discretionary fiscal policy for inflation differentials across the 19 euro area countries over the period 1999-2019. The results confirm existing (older) literature that it is... more

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    DS 534
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    This paper provides a comprehensive empirical analysis of the role of discretionary fiscal policy for inflation differentials across the 19 euro area countries over the period 1999-2019. The results confirm existing (older) literature that it is difficult to find robust evidence of the fiscal policy stance or impulse impacting directly on inflation differentials. We do find, however, support for an indirect effect of discretionary fiscal policy on inflation differentials working through the output gap channel. There is also some evidence that fiscal policy may be especially potent in influencing inflation differentials - with fiscal tightening cooling (and fiscal expansion increasing) inflation pressures - when the economy is above its potential. Finally, going from the overall fiscal stance or impulse to individual fiscal instruments, we find that value added tax (VAT) rate changes and public wage growth are statistically significant determinants of inflation differentials in our sample.

     

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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789289955164
    Other identifier:
    hdl: 10419/278345
    Series: Working paper series / European Central Bank ; no 2774 (February 2023)
    Subjects: Fiscal policy; inflation differentials; tax policy; public wages
    Scope: 1 Online-Ressource (circa 35 Seiten), Illustrationen
  2. The impact of opportunity zones on private investment and economic activity
    Published: [2023]
    Publisher:  American Enterprise Institute, [Washington, DC]

    Place-based policies aim to stimulate economic development in disadvantaged areas with the goal of improving the well-being of residents. A provision of the Tax Cuts and Jobs Act aimed to spur private investment in low-income areas called Opportunity... more

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    Place-based policies aim to stimulate economic development in disadvantaged areas with the goal of improving the well-being of residents. A provision of the Tax Cuts and Jobs Act aimed to spur private investment in low-income areas called Opportunity Zones (OZs). We evaluate the impact of OZs on investment using data on the near-universe of commercial retail, office, and industrial real estate investments in the United States and a regression discontinuity design that exploits randomness near the OZ eligibility threshold. From 2019-2022, we find economically small and statistically insignificant point estimates of the effect of OZ eligibility on census tract-level investment. Additional data from MasterCard show no robust evidence of increased business activity nor consumer spending. However, we find suggestive effects on investment in multi-family housing in certain years. We conclude that almost five years after the OZ policy was implemented, there is no evidence of a private investment response that has spread beyond multi-family housing, limiting the potential of the policy to stimulate broad economic development and improve the well-being of residents.

     

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/280678
    Edition: This draft: November 13, 2023
    Series: AEI economics working paper ; 2023,17 (November 2023)
    Subjects: Opportunity zones; investment; tax policy; poverty
    Scope: 1 Online-Ressource (circa 68 Seiten)
  3. The Child Tax Credit over time by family type
    benefit eligibility and poverty
    Published: May 2023
    Publisher:  IZA - Institute of Labor Economics, Bonn, Germany

    We examine disparities in Child Tax Credit (CTC) eligibility and anti-poverty effects since 1998 by family type. Initially, single mothers were least likely to be eligible and were underrepresented among those lifted from poverty by the CTC, because... more

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    We examine disparities in Child Tax Credit (CTC) eligibility and anti-poverty effects since 1998 by family type. Initially, single mothers were least likely to be eligible and were underrepresented among those lifted from poverty by the CTC, because the credit was virtually nonrefundable. By 2017, disparities by family type mostly disappear, as eligibility and anti-poverty effectiveness of the CTC among single mothers increases dramatically, because of reforms increasing CTC refundability. When the credit doubles in 2018, disparities revert toward initial levels, as eligibility and the anti-poverty effectiveness of single mothers rises least, because of a phaseout threshold expansion and partial refundability.

     

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/272756
    Series: Discussion paper series / IZA ; no. 16129
    Subjects: Child Tax Credit; poverty; gender; tax policy
    Scope: 1 Online-Ressource (circa 53 Seiten), Illustrationen
  4. Kieler Subventionsbericht 2023
    Subventionen des Bundes in Zeiten von Ukrainekrieg und Energiekrise
    Published: [2023]
    Publisher:  Kiel Institut für Weltwirtschaft - Leibniz Zentrum zur Erforschung globaler ökonomischer Herausforderungen, Kiel

    Die Bundeshaushalte der Jahre 2022 und 2023 sind geprägt von dem Bemühen, Probleme zu bewältigen, die der Ukraine-Krieg und die daraus folgende Energiekrise mit sich gebracht haben. Die Autoren analysieren, welche der damit verbundenen Mehrausgaben... more

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    DS 234
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    Die Bundeshaushalte der Jahre 2022 und 2023 sind geprägt von dem Bemühen, Probleme zu bewältigen, die der Ukraine-Krieg und die daraus folgende Energiekrise mit sich gebracht haben. Die Autoren analysieren, welche der damit verbundenen Mehrausgaben eher der klassischen Staatsaufgabe "Bereitstellung öffentlicher Güter" dienen und welche Mehrausgaben eher Subventionscharakter haben, also zu den Finanzhilfen und Steuervergünstigungen zählen. Sie zeigen, dass im Jahr 2023 die Finanzhilfen des Bundes um 113 Prozent auf 208 Mrd. Euro springen sollen, was den bisherigen Rahmen vollkommen sprengt. Dabei entfällt mit 101,6 Mrd. Euro fast die Hälfte auf die Finanzhilfen des neu installierten Wirtschaftsstabilisierungsfonds. Besonders dynamisch entwickeln sich auch die Finanzhilfen des Klima‐ und Transformationsfonds, die im Jahr 2023 auf 34,1 Mrd. Euro steigen sollen. Hinzu kommen die Steuervergünstigungen, die nach den aktuell nur für 2022 vollständige Daten 75,3 Mrd. Euro betragen. Nach den Schätzungen der Autoren betrug das gesamte Subventionsvolumen einschließlich der autonomen Finanzhilfen der Länder im Jahr 2022 mehr als 252 Mrd. Euro. Aufgrund der Einführung des Wirtschaftsstabilisierungsfonds steigen die gesamten Subventionen im Jahr 2023 auf voraussichtlich 362 Mrd. Euro. The federal budgets of 2022 and 2023 are characterized by efforts to cope with problems brought about by the Ukraine war and the ensuing energy crisis. The authors analyze which of the associated additional expenditures are more in line with the classic government task of "providing public goods" and which additional expenditures are more in the nature of subsidies, i.e. belong to the category of financial aid and tax concessions. They show that in 2023 federal financial assistance is set to jump by 113 percent to EUR 208 billion, which is completely beyond the previous scope. The newly installed Economic Stabilization Fund alone accounts for EUR 101.6 billion or almost the half of the financial assistance provided. The financial assistance from the Climate and Transformation Fund is also developing particularly dynamically, and is expected to rise to EUR 34.1 billion in 2023. In addition, tax concessions amount to 75.3 billion euros, according to the data currently complete only for 2022. Based on the authors' estimates, the total volume of subsidies, including autonomous financial assistance from the states, amounted to more than EUR 252 billion in 2022. Due to the introduction of the Economic Stabilization Fund, total subsidies are expected to rise to EUR 362 billion in 2023.

     

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    Source: Union catalogues
    Language: German
    Media type: Ebook
    Format: Online
    ISBN: 9783894564247
    Other identifier:
    hdl: 10419/278758
    Series: Kieler Beiträge zur Wirtschaftspolitik ; Nr. 44 (Oktober 2023)
    Subjects: Fiskalpolitik und Haushalt; Deutschland; Steuerpolitik; Subventionen; Subventionsabbau; Bundesausgaben; fiscal policy and budget; Germany; tax policy; subsidies; subsidy reduction; federal spending
    Scope: 1 Online-Ressource (circa 106 Seiten), Illustrationen