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  1. The fiscal response to revenue shocks
    Autor*in: Berset, Simon; Huber, Martin; Schelker, Mark
    Erschienen: January 2021
    Verlag:  CESifo, Center for Economic Studies & Ifo Institute, Munich, Germany

    We study the impact of fiscal revenue shocks on local fiscal policy. We focus on the very volatile revenues from the immovable property gains tax in the canton of Zurich, Switzerland, and analyze fiscal behavior following large and rare positive and... mehr

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    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 63
    Fernleihe:
    keine Fernleihe

     

    We study the impact of fiscal revenue shocks on local fiscal policy. We focus on the very volatile revenues from the immovable property gains tax in the canton of Zurich, Switzerland, and analyze fiscal behavior following large and rare positive and negative revenue shocks. We apply causal machine learning strategies and implement the post-double-selection LASSO estimator to identify the causal effect of revenue shocks on public finances. We show that local policymakers overall predominantly smooth fiscal shocks. However, we also find some patterns consistent with fiscal conservatism, where positive shocks are smoothed, while negative ones are mitigated by spending cuts.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/232451
    Schriftenreihe: CESifo working paper ; no. 8854 (2021)
    Schlagworte: local public finance; fiscal policy; fiscal shocks
    Umfang: 1 Online-Ressource (circa 40 Seiten), Illustrationen
  2. The "privatization" of municipal debt
    Autor*in: Ivanov, Ivan T.; Zimmermann, Tom
    Erschienen: February 2021
    Verlag:  ECONtribute, Bonn

    Using confidential loan-level data, we investigate the importance of bank loans in the debt structure of U.S. state and local governments. We show that most bank debt is closely substitutable with municipal bonds and that smaller, lower-income and... mehr

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    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 711
    Fernleihe:
    keine Fernleihe

     

    Using confidential loan-level data, we investigate the importance of bank loans in the debt structure of U.S. state and local governments. We show that most bank debt is closely substitutable with municipal bonds and that smaller, lower-income and less credit-worthy borrowers are more reliant on bank borrowing. Moreover, we document a sizable difference in the maturity structure of bonds and loans that allows municipalities to save on interest costs but that could also lead to diluting bondholders' claims. Such dilution concerns are amplified by governments substantially increasing bank borrowing in response to credit quality deterioration. This suggests the upward trend in bank borrowing will likely persist if fiscal positions continue to decline.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/231487
    Schriftenreihe: ECONtribute discussion paper ; no. 062
    Schlagworte: state and local governments' debt; debt heterogeneity; fiscal shocks
    Umfang: 1 Online-Ressource (circa 43 Seiten), Illustrationen
  3. Navigating by falling stars
    monetary policy with fiscally driven natural rates
    Autor*in: Campos, Rodolfo G.; Fernández-Villaverde, Jesús; Nuño, Galo; Paz, Peter
    Erschienen: 02 March 2024
    Verlag:  Centre for Economic Policy Research, London

    We study a new type of monetary-fiscal interaction in a heterogeneous-agent New Keynesian model with a fiscal block. Due to household heterogeneity, the stock of public debt affects the natural interest rate, forcing the central bank to adapt its... mehr

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    Standort:
    Universität Potsdam, Universitätsbibliothek
    Fernleihe:
    uneingeschränkte Fernleihe, Kopie und Ausleihe

     

    We study a new type of monetary-fiscal interaction in a heterogeneous-agent New Keynesian model with a fiscal block. Due to household heterogeneity, the stock of public debt affects the natural interest rate, forcing the central bank to adapt its monetary policy rule to the fiscal stance to guarantee that inflation remains at its target. There is, however, a minimum level of debt below which the steady-state inflation deviates from its target due to the zero lower bound on nominal rates. We analyze the response to a debt-financed fiscal expansion and quantify the impact of different timings in the adaptation of the monetary policy rule, as well as the performance of alternative monetary policy rules that do not require an assessment of the natural rates. We validate our findings with a series of empirical estimates.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Schriftenreihe: Array ; DP18874
    Schlagworte: HANK models; natural rates; fiscal shocks
    Umfang: 1 Online-Ressource (circa 51 Seiten), Illustrationen
  4. The "privatization" of municipal debt
    Autor*in: Ivanov, Ivan T.; Zimmermann, Tom
    Erschienen: [2023]
    Verlag:  Federal Reserve Bank of Chicago, [Chicago, Illinois]

    We study the determinants of local governments' reliance on bank loans using granular data from the Federal Reserve. Governments that are larger, rely on stable revenue sources, or have higher spending relative to revenues are more likely to borrow... mehr

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    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 244
    Fernleihe:
    keine Fernleihe

     

    We study the determinants of local governments' reliance on bank loans using granular data from the Federal Reserve. Governments that are larger, rely on stable revenue sources, or have higher spending relative to revenues are more likely to borrow from banks. About a third of governments in the top revenue quintile have obtained bank loans since 2011, typically accounting for a fifth of their total debt. Declines in revenues, reductions in bond market access, agency rating downgrades, and relationships with financial advisers and underwriters all strongly predict higher bank loan reliance. While resemblance between bank loans and bonds is limited, loans afford governments significant financial flexibility not otherwise available in the municipal bond market. The frequent loan renegotiation and credit line use are both highly responsive to changes in credit quality, thereby tailoring debt contracts to changes in government fundamentals.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/284071
    Schriftenreihe: [Working paper] / Federal Reserve Bank of Chicago ; WP 2023, 30 (July 20, 2023)
    Schlagworte: local government borrowing; debt heterogeneity; fiscal shocks
    Umfang: 1 Online-Ressource (circa 85 Seiten), Illustrationen
  5. Navigating by falling stars
    monetary policy with fiscally driven natural rates
    Autor*in: Campos, Rodolfo G.; Fernández-Villaverde, Jesús; Nuño, Galo; Paz, Peter
    Erschienen: 02 March 2024
    Verlag:  Centre for Economic Policy Research, London

    We study a new type of monetary-fiscal interaction in a heterogeneous-agent New Keynesian model with a fiscal block. Due to household heterogeneity, the stock of public debt affects the natural interest rate, forcing the central bank to adapt its... mehr

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    Verlag (Deutschlandweit zugänglich)
    Verlag (Deutschlandweit zugänglich)

    Standort:
    Staats- und Universitätsbibliothek Bremen
    Fernleihe:
    keine Fernleihe

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    LZ 161
    Fernleihe:
    keine Fernleihe

    Standort:
    Bibliotheks-und Informationssystem der Carl von Ossietzky Universität Oldenburg (BIS)
    Fernleihe:
    keine Fernleihe

    Standort:
    Universität Potsdam, Universitätsbibliothek
    Fernleihe:
    keine Fernleihe

     

    We study a new type of monetary-fiscal interaction in a heterogeneous-agent New Keynesian model with a fiscal block. Due to household heterogeneity, the stock of public debt affects the natural interest rate, forcing the central bank to adapt its monetary policy rule to the fiscal stance to guarantee that inflation remains at its target. There is, however, a minimum level of debt below which the steady-state inflation deviates from its target due to the zero lower bound on nominal rates. We analyze the response to a debt-financed fiscal expansion and quantify the impact of different timings in the adaptation of the monetary policy rule, as well as the performance of alternative monetary policy rules that do not require an assessment of the natural rates. We validate our findings with a series of empirical estimates.

     
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Schriftenreihe: Array ; DP18874
    Schlagworte: HANK models; natural rates; fiscal shocks
    Umfang: 1 Online-Ressource (circa 51 Seiten), Illustrationen
  6. Navigating by falling stars: monetary policy with fiscally driven natural rates
    Autor*in: Campos, Rodolfo G.; Fernández-Villaverde, Jesús; Nuño, Galo
    Erschienen: March 2024
    Verlag:  Bank for International Settlements, Monetary and Economic Department, [Basel]

    Zugang:
    Verlag (kostenfrei)
    Verlag (kostenfrei)
    Verlag (kostenfrei)
    Verlag (kostenfrei)

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    VS 546
    Fernleihe:
    keine Fernleihe
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Schriftenreihe: BIS working papers ; no 1172
    Schlagworte: HANK models; natural rates; fiscal shocks
    Umfang: 1 Online-Ressource (circa 51 Seiten), Illustrationen