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    <title>EconStor Collection:</title>
    <link>https://hdl.handle.net/10419/144214</link>
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        <rdf:li rdf:resource="https://hdl.handle.net/10419/336501" />
        <rdf:li rdf:resource="https://hdl.handle.net/10419/336502" />
        <rdf:li rdf:resource="https://hdl.handle.net/10419/310441" />
        <rdf:li rdf:resource="https://hdl.handle.net/10419/322352" />
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    <dc:date>2026-04-28T15:29:39Z</dc:date>
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  <item rdf:about="https://hdl.handle.net/10419/336501">
    <title>Ratcheting up Paris</title>
    <link>https://hdl.handle.net/10419/336501</link>
    <description>Title: Ratcheting up Paris
Authors: Llavador, Humberto G.; Roemer, John E.; Stoerk, Thomas
Abstract: The Paris Agreement is designed to increase climate ambition gradually through a process of ratcheting up. What is the plausible endpoint of this process? We develop a tractable integrated assessment model in which countries interact through a decentralized general equilibrium and negotiate unanimously over a global carbon budget, with all mitigation implemented via a global carbon price. We prove existence and uniqueness of a unanimous international agreement on global emissions, in which carbon pricing revenues are redistributed across countries in proportion to marginal climate damages. In a quantitative application for 154 countries, the resulting equilibrium limits global mean surface temperature change to 1.51C, at a carbon price of 320 USD/tCO2. The associated international transfers of carbon pricing revenue are progressive toward lower-income countries and amount to about 0.8% of global GDP annually - an order of magnitude larger than the Paris Agreement's climate finance target.</description>
    <dc:date>2026-01-01T00:00:00Z</dc:date>
  </item>
  <item rdf:about="https://hdl.handle.net/10419/336502">
    <title>Permanent exemption from payroll taxes: The role of hiring frictions</title>
    <link>https://hdl.handle.net/10419/336502</link>
    <description>Title: Permanent exemption from payroll taxes: The role of hiring frictions
Authors: Desiere, Sam; Oikonomou, Rigas; Toniolo, Tiziano; Van der Linden, Bruno; Bijnens, Gert
Abstract: Belgium's 2016 payroll tax exemption for first-time employers triggered a sharp increase in firms hiring their first worker but little growth among larger firms. To account for this pattern, we develop and estimate a directed search model - with discrete hiring, firm heterogeneity, and endogenous entry - using Belgian microdata. The exemption reduces the high marginal cost of the first hire, enabling many previously non-hiring entrepreneurs to become employers, but most lack the productivity needed to expand beyond one worker. The model matches the post-reform size distribution and identifies the conditions under which size-dependent hiring subsidies can foster sustained firm growth.</description>
    <dc:date>2026-01-01T00:00:00Z</dc:date>
  </item>
  <item rdf:about="https://hdl.handle.net/10419/310441">
    <title>A note on simulating the effect of monetary policy changes using only forward curves as inputs</title>
    <link>https://hdl.handle.net/10419/310441</link>
    <description>Title: A note on simulating the effect of monetary policy changes using only forward curves as inputs
Authors: Rannenberg, Ansgar
Abstract: I show that in linear rational expectation models, the effect of a monetary tightening can be simulated using contemporaneous and anticipated monetary policy shocks that replicate the forward curves observed during the period of interest, normalized with the forward curve observed in the quarter before the tightening period of interest begins. In particular, the shocks in response to which the tightening occurs are irrelevant. All required information is incorporated in the normalized forward curves. I confirm this result via simulations and a formal proof. Then I use it to assess the effects of the recent monetary tightening in the Euro Area.</description>
    <dc:date>2025-01-01T00:00:00Z</dc:date>
  </item>
  <item rdf:about="https://hdl.handle.net/10419/322352">
    <title>Long-term loans and capital requirements in universal banking: Sectoral spillovers and crowding out effects</title>
    <link>https://hdl.handle.net/10419/322352</link>
    <description>Title: Long-term loans and capital requirements in universal banking: Sectoral spillovers and crowding out effects
Authors: Lejeune, Thomas; Mohimont, Jolan
Abstract: We extend the reference DSGE model used for policy analysis at the NBB with a financial sector, by incorporating multi-period fixed-rate corporate and mortgage loans, an imperfect pass-through from policy rates to the deposit rate, and bank capital re-quirements. Adding multi-period fixed-rate loans amplifies the propagation of default risks and strengthens the effectiveness of macroprudential policy. This amplification operates through a bank capital channel and a market timing effect that delays borrowing and investment when rates are expected to fall. The bank capital channel also propagates shocks across sectors, and amplifies the effects of monetary policy when the duration of banks' assets is larger than that of their liabilities. With universal banks, that grant both corporate and mortgage loans, sectoral prudential policy instruments can have unintended consequences on credit supply in the untreated sector. These crowding out effects increase with the loan duration in the treated sector and decrease with the risk weight differential between the treated and untreated sectors. Finally, we apply our model to the mortgage risk weight add-on introduced by the NBB in 2013.</description>
    <dc:date>2025-01-01T00:00:00Z</dc:date>
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