Effects of Carbon Pricing in Germany and Spain: An Assessment with EMuSe
In: Banco de Espana Working Paper Nº 2328
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In: Banco de Espana Working Paper Nº 2328
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In: Deutsche Bundesbank Discussion Paper No. 44/2020
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Working paper
In: Deutsche Bundesbank Discussion Paper No. 51/2021
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In: Deutsche Bundesbank Discussion Paper No. 51/2020
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Working paper
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In: Deutsche Bundesbank Discussion Paper No. 09/2024
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In: Journal of international economics, Band 144, S. 103772
ISSN: 0022-1996
In: Deutsche Bundesbank Discussion Paper No. 25/;2022
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In: Deutsche Bundesbank Discussion Paper No. 43/2021
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We simulate the fiscal stimulus packages set up by the German government to allevi-ate the costs of the COVID-19 pandemic in a dynamic New Keynesian multi-sectorgeneral equilibrium model. We find that, cumulated over 2020-2022, output lossesrelative to steady state can be reduced by more than 4 PP. On average, welfare costsof the pandemic can be mitigated by 5%, and even by 20% for liquidity-constrainedhouseholds. The long-run present value multiplier of the package amounts to 0.2. Consumption tax cuts and transfers to households primarily stabilize private con-sumption, and subsidies prevent firm defaults. The most cost-efficient measure isan increase in productivity-enhancing public investment. However, it materializesonly in the medium to long-term.
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In: Deutsche Bundesbank Discussion Paper No. 50/2021
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In: ENEECO-D-22-00121
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