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Government Debt as Insurance against Macroeconomic Risk
Is there a role for debt beyond curing overaccumulation of capital? Does dynamic efficiency and the infeasibility of debt Ponzi schemes eliminate any Pareto-improving role for a government in a competitive economy with complete markets? Is there an optimal maturity structure of public debt? Using a stochastic Diamond OLG model, we tackle these questions. We show that government debt can Pareto-improve upon market allocations through a mechanism that resembles a Ponzi scheme. But instead of rolling over safe debt, we can interpret our scheme as one that rolls over an insurance contract generation for generation. This kind of dynamic risk-sharing can provide insurance against macroeconomic risk. Using the widespread welfare concept of interim Pareto optimality, we ensure that all generations voluntarily participate in our insurance scheme. Yet, the scheme cannot be replicated on capital markets. Exploiting information from the term structure of interest rates, we derive testable conditions both for dynamic efficiency and for interim Pareto optimality in terms of interest rates. We provide evidence that real world economies, while being dynamically efficient, are likely not to be interim Pareto optimal. We conclude that there may be a welfareimproving role for a well-designed maturity structure of debt.
BASE
Comparative politics and the synthetic control method revisited: A note on Abadie et al. (2015)
Recently, Abadie et al. (Am J Polit Sci 59:495-510, 2015) have expanded synthetic control methods by the so-called cross-validation technique. We find that their results are not being reproduced when alternative software packages are used or when the variables' ordering within the dataset is changed. We show that this failure stems from the cross-validation technique relying on non-uniquely defined predictor weights. While the amount of the resulting ambiguity is negligible for the main application of Abadie et al. (Am J Polit Sci 59:495-510, 2015), we find it to be substantial for several of their robustness analyses. Applying well-defined, standard synthetic control methods reveals that the authors' results are particularly driven by a specific control country, the USA.
BASE
Skaleneffekte bei Verwaltungs- und Verfahrenskosten der Unfallversicherungsträger der öffentlichen Hand
In: Zeitschrift für öffentliche und gemeinwirtschaftliche Unternehmen: ZögU ; zugleich Organ der Gesellschaft für Öffentliche Wirtschaft = Journal for public and nonprofit services, Band 36, Heft 4, S. 271-284
ISSN: 2701-4215
Reform der ermäßigten Umsatzsteuersätze: Was lehren neuseeländischer Einheitssatz und Schweizer Totalrevisionsvorhaben?
In: Deutsches Steuerrecht: DStR ; Wochenschrift & umfassende Datenbank für Steuerberater ; Steuerrecht, Wirtschaftsrecht, Betriebswirtschaft, Beruf ; Organ der Bundessteuerberaterkammer, Band 50, Heft 14, S. 682-687
ISSN: 0949-7676, 0012-1347
Unternehmensfinanzierung und internationale Unternehmensbesteuerung: Auswirkungen der Unternehmenssteuerreform 2008
In: Münchener Schriften zum Finanz- und Steuerrecht 1
Quellensteuern auf Lizengebühren und Schachteldividenden: Empfehlungen zur deutschen Abkommenspolitik
In: Münchener Schriften zum Finanz- und Steuerrecht Band 7
Book Reviews
In: Sociological bulletin: journal of the Indian Sociological Society, Band 58, Heft 2, S. 273-286
ISSN: 2457-0257
Book Reviews
In: Sociological bulletin: journal of the Indian Sociological Society, Band 62, Heft 1, S. 152-185
ISSN: 2457-0257
Book Reviews
In: Sociological bulletin: journal of the Indian Sociological Society, Band 48, Heft 1-2, S. 295-335
ISSN: 2457-0257
Book Reviews
In: Sociological bulletin: journal of the Indian Sociological Society, Band 53, Heft 2, S. 263-310
ISSN: 2457-0257
Book Reviews
In: Sociological bulletin: journal of the Indian Sociological Society, Band 55, Heft 3, S. 468-516
ISSN: 2457-0257
Book Reviews
In: The European legacy: the official journal of the International Society for the Study of European Ideas (ISSEI), Band 15, Heft 2, S. 241-282
ISSN: 1470-1316