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This paper constructs a theory of the coexistence of fixed-term and permanent employment contracts in an environment with ex-ante identical workers and employers. Worker[...]
2011 | Text | Staff Working Paper - Document de travail du personnel |
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We develop a closed economy model to study the interactions among sovereign risk premia, fiscal limits, and fiscal policy. The stochastic fiscal limits, which measure the[...]
2011 | Text | Staff Working Paper - Document de travail du personnel |
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In this paper, we investigate the effects of housing-related tax policy measures on macroeconomic aggregates using a dynamic general-equilibrium model. The model features[...]
2013 | Text | Staff Working Paper - Document de travail du personnel |
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The authors study the implications of fiscal policy behaviour for sovereign risk in a framework that determines a country’s fiscal limit, the point at which, for economic[...]
2013 | Text | Staff Working Paper - Document de travail du personnel |
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The paper explores the macroeconomic consequences of fiscal consolidations whose timing and composition - either tax- or spending-based - are uncertain. We find that the [...]
2013 | Text | Staff Working Paper - Document de travail du personnel |
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This paper contributes to the debate on fiscal multipliers, in the context of a structural model. I estimate a micro-founded dynamic stochastic general equilibrium model,[...]
2010 | Text | Staff Working Paper - Document de travail du personnel |
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From 1980 until 2007, U.S. average hours worked increased by thirteen percent, due to a large increase in female hours. At the same time, the U.S. labor wedge, measured a[...]
2010 | Text | Staff Working Paper - Document de travail du personnel |
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8.
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Recent asset pricing models of limits to arbitrage emphasize the role of funding conditions faced by financial intermediaries. In the US, the repo market is the key fundi[...]
2009 | Text | Staff Working Paper - Document de travail du personnel |
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This paper studies the capital accumulation and welfare implications of reducing capital income taxation in a general equilibrium economy with uninsurable investment risk[...]
2009 | Text | Staff Working Paper - Document de travail du personnel |
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10.
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Domestic public debt issued by emerging markets has risen significantly relative to international debt in recent years. Some recent empirical evidence also suggests that [...]
2007 | Text | Staff Working Paper - Document de travail du personnel |
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