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Optimal Policy and Taylor Rule Cross-Checking Under Parameter Uncertainty
(2013-09-26)
We examine whether the robustifying nature of Taylor rule cross-checking under model uncertainty carries over to the case of parameter uncertainty. Adjusting monetary policy based on this kind of cross-checking can improve ...
Vertical Fiscal Imbalances and the Accumulation of Government Debt
(2014-07-01)
"The implications of delegating fiscal decision making power to sub-national governments has become an area of significant interest over the past two decades, in the expectation that these reforms will lead to better and ...
A Decentralization Theorem of Taxation
(2015-05-01)
"In the EU there are longstanding and ongoing pressures towards a tax that is levied on the EU level to substitute for national contributions. We discuss conditions under which such a transition can make sense, starting ...
On Deficits and Symmetries in a Fiscal Capacity
(2015-07-01)
"There is a growing debate about complementing the European Monetary Union by a more comprehensive fiscal union. Against this background, this paper emphasizes that there is a trade-off in designing a system of fiscal ...
Are Tax Havens Good? Implications of the Crackdown on Secrecy
(2015-07-01)
The pressure on tax haven countries to engage in tax information exchange shows first effects on capital markets. Empirical research suggests that investors do react to information exchange and partially withdraw from ...
Back to the Future: A Sovereign Debt Standstill Mechanism IMF Article VIII, Section 2 (b)
(2020-06-22)
This article provides a proposal to use IMF Article VIII, Section 2 (b) to establish a binding mechanism on private creditors for a sovereign debt standstill. The proposal builds on the original idea by Whitney Deveboise ...