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Autoren: 
Coenen, Günter
McAdam, Peter
Straub, Roland
Datum: 
2007
Reihe/Nr.: 
ECB Working Paper 747
Zusammenfassung: 
In this paper, we employ a calibrated two-country version of the New Area-Wide Model (NAWM) currently under development at the European Central Bank to examine the potential benefits and spillovers of reducing labour-market distortions caused by euro area tax structures. Our analysis shows that lowering tax distortions to levels prevailing in the United States would result in an increase in hours worked and output by more than 10 percent. At the same time, tax reductions would have positive spillovers to the euro area’s trade partners, bolstering the case for tax reforms from a global perspective. Finally, we illustrate that, in the presence of heterogeneous households, distributional effects may be of importance when gauging the impact of tax reforms.
Schlagwörter: 
DSGE modelling
euro area
Fiscal Policy
limited asset-market participation
tax reform
JEL: 
E32
E62
Dokumentart: 
Working Paper

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