Suchergebnisse

10 The foreign exchange market -- 11 Balance of payments and national accounts -- 12 The role of the exchange rate in the adjustment process in a partial equilibrium framework -- 13 The role of income changes in the adjustment process -- 14 The absorption approach and interactions between exchange rate and income in the adjustment process -- 15 Money and other assets in the adjustment process under fixed exchange rates -- 16 Money and other assets in the adjustment process under flexible exchange rates -- 17 International capital movements and other problems -- 18 Fixed versus flexible exchange rates -- 19 International liquidity and international financial markets -- 20 The problem of integration between the pure theory of international trade and international monetary economics -- Name Index.

Part of a three volume set, this volume is a critical review of macroeconomic issues such as monetary policy, fiscal policy, financial liberalization, intersectoral linkages, open economy macroeconomics, labour conditions, and intergovernmental fiscal transfers

Defence date: 24 May 2021 ; Examining Board: Professor Ramon Marimon (European University Institute); Professor Russell Cooper (European University Institute); Professor David Yves Albouy (University of Illinois); Professor Christian Bayer (University of Bonn) ; The first chapter of the thesis is entitled A Brief History of Land Value Taxation in Economic Theory. The issue of land rents and their taxation through a land value tax (LVT) was as a hotly debated topic in economic theory since classical age and until the early twentieth century, when it mostly vanished as a research subject. I provide a brief history of the evolution of the concept of land value taxation in economic theory in order to understand the reasons why it fell out of favor as a research subject in the literature. I identify this outcome as being a consequence of developments both inside and outside academia. The second chapter is entitled Tax Housing or Land? Distributional Effects of Property Taxation in Germany. Despite its theoretical merits, Land Value Taxation is not a common policy instrument. One of the main reasons is uncertainty regarding its distributional impacts. Using a general equilibrium model with heterogeneous agents calibrated to an unique household level dataset of German homeowners in 2017, we assess the distributional effects of replacing a housing tax with a LVT. Our data shows the share of land value in property value is 33%, on average, with considerable household heterogeneity, both within and across regions, and within income levels. We add to the empirical literature by showing land values are more concentrated than property values, but, within regions, not as strongly correlated with income, making it less progressive than a standard property tax for homeowners. Our model is the first to allow for an efficiency-equity trade-off from the introduction of a revenue neutral LVT. Results from the model show the introduction of a LVT increases residential investment substantially, reducing housing rents and benefiting renters. It also leads to migration from urban regions, promoting regional convergence. Landowners with high land holdings lose, in general, but most other landowners across income levels benefit, especially in non-urban regions. Overall, introduction of a LVT increases welfare, despite a minor regressive tendency in urban regions for homeowners. The third chapter is entitled Credit Spirals: Spillovers between Firm and Household Borrowing in a Small Open Economy. The paper deals with an open economy model of financial crisis with sudden stops, but featuring both household and firm borrowing. So far, the literature has mostly ignored the effects of joint borrowing for financial stability. The model features occasionally binding borrowing constraints and shows how borrowing decisions in one sector can reinforce standard capital flows and increase the volatility of collateral asset through strategic complementarities, beyond what standard financial accelerator models would predict. These spillovers can lead to sharper reductions in borrowing and consumption during sudden stop events. ; -- Part 1 A Brief History of Land Value Taxation in Economic Theory -- 1.1 Introduction -- 1.2 The Classics -- 1.3 Henry George and Rise to Prominence -- 1.4 The Marginalists and Fall from Grace -- 1.5 Post Marginalists -- 1.6 Concluding Remarks -- Part 2 Tax Housing or Land? Distributional Effects of Property Taxation in Germany -- 2.1 Introduction -- 2.2 Literature Review -- 2.3 Data -- 2.3.1 Household Survey -- 2.3.2 VALKIS + M -- 2.3.3 SOEP 2.0 -- 2.4 Regional Data Analysis -- 2.5 Analysis of SOEP 2.0 -- 2.5.1 Distributions of Land and Property Value -- 2.5.2 Land Value Share -- 2.5.3 Land Value Share and Income -- 2.5.4 Regional analysis -- 2.5.5 Quantitative analysis -- 2.6 Model -- 2.6.1 Households -- 2.6.2 Migration -- 2.6.3 Firms -- 2.6.4 Government -- 2.6.5 Competitive Equilibrium -- 2.6.6 Calibration -- 2.7 Model Results -- 2.7.1 Optimal Policies -- 2.7.2 Regional Differences in Steady State -- 2.7.3 Policy Experiments -- 2.8 Conclusion -- Appendix -- A Construction of SOEP 2.0 -- B ALKIS - Example -- C Decomposing the Income Elasticity of the Land Value Share -- C.1 Reformulation of Income effect on Structures Value -- D Additional Empirical Results -- E Solving for the Competitive Equilibrium of the Model -- F Additional Model Results -- Part 3 Credit Spirals: Spillovers Between Firm and Household Borrowing in a Small Open Economy -- 3.1 Introduction -- 3.2 Literature Review -- 3.3 Basic Model -- 3.3.1 Environment -- 3.3.2 Household -- 3.3.3 Firms -- 3.3.4 Equilibrium -- 3.4 Full Model -- 3.4.1 Extension -- 3.4.2 Parameterization -- 3.4.3 Results -- 3.5 Conclusion ; Chapter 2 'Tax Housing or Land? Distributional Effects of Property Taxation in Germany' of the PhD thesis draws upon an earlier version published as CESifo Working Paper, 2019/8039

The International Seminar on Macroeconomics (ISoM) is an annual conference, which was co-sponsored, during 15 years (1978-1993) by the French EHESS and the NBER. This article uncovers the scientific and institutional dynamics unrolling from this cooperation. The ISoM, we argue, constituted a decisive step towards the making of a European network of economists, sharing a distinctive style of economics, insofar that the Seminar gathered macroeconomists who were leading the development of this European network. We illustrate how the ISoM stands at the crossroad of two types of 'internationalisation' of economics: on the one hand, the integration of European national communities; on the other hand, the process of 'Americanisation' of economics. While existing literature on 'internationalisation' focuses on the national level, our contribution investigates its European level. Moreover, we unveils the key role played in this process by macroeconomics - and more specifically, large-scale macroeconometric modelling on the one hand, and the disequilibrium theory on the other hand. These two approaches provided a common research agenda and shared scientific standards for the emerging network.

Approaches to the Balance of Payments and the Exchange Rate -- Growth and the Balance of Payments under Alternative Exchange Rate Regimes -- The Asset Approach to the Exchange Rate: Monetary Models -- The Asset Approach to the Exchange Rate: Portfolio Balance Models -- Exchange Rates, Expectations and the Current Account -- The Exchange Rate and the Current Account when Prices Evolve Sluggishly -- The Cost of Disinflation in a Floating Exchange Rate -- Regime Economic Stability under Fixed, Floating and Managed Exchange Rates -- International Coordination of Monetary Policies under Alternative Exchange Rate -- Regimes A Survey of Empirical Evidence on Exchange Rate Economics.