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Consumption Heterogeneity and Monetary Policy in an Open Economy by Sihao Chen, Michael B. Devereux, Kang Shi, and Jenny Xu published by NBER (3/2022). We explore how consumption heterogeneity affects the international transmission mechanism of monetary shocks and the choice of optimal monetary policy in an open economy. Incorporating two types of agents (Ricardian versus Keynesian) into a standard open …
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Inflation and the Fed’s new framework in the time of Covid-19 by Gauti Eggertsson, Alessandro Lin, Josef Platzer, Luca Riva published by VOXEU (3/2022). The Fed recently introduced an average inflation targeting framework, in which past inflation shortfalls shape current policy. This column assesses this policy relative to alternatives in the context of the Covid-19 recession and recovery. The authors calibrate …
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Is Automation Labor-Displacing? Productivity Growth, Employment, and the Labor Share by David H. Autor and Anna Salomons published by NBER (6/2018). Many technological innovations replace workers with machines, but this capital-labor substitution need not reduce aggregate labor demand because it simultaneously induces four countervailing responses: own-industry output effects; cross-industry input–output effects; between-industry shifts; and final demand effects. We quantify these …
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The wartime power of central banks: Lessons from the Napoleonic era by Patrick O'Brien, Nuno Palma published by VOXEU (3/2022). Special wartime monetary policies have successfully been used on numerous occasions throughout history. This column describes how the Bank of England played a decisive role in supporting the British economy during the French Wars of 1793-1815. Rapid increases in military expenditure …
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BNDES disponibiliza informações sobre as operações do BNDES, as prestações de contas, informações financeiras e outros pontos no link: https://bit.ly/3iaIZBy
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Tax Revenue Response to the Business Cycle, by Cemile Sancak, Ricardo Velloso and Jing Xing, published by IMF (3/2010). The paper examines tax revenue during the business cycle by estimating the relationship between tax revenue efficiency and the output gap. They find a positive and significant relationship between these variables. See: http://bit.ly/fInmL7 wp1071Baixar
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How do digital services taxes work? by Gary Clyde Hufbauer and Megan Hogan published by PIIE (2/2022). “The digitalization of economies and cross-border trade have posed new challenges to policymakers trying to tax company profits. The existing international tax system was designed in the age of brick-and-mortar commerce and only allows governments to tax firms with a physical presence in their country. To expand their …
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Capital taxation in the 21st century by Alan Auerbach, Kevin Hassett published by VOXEU (3/2015). Piketty's justification for his proposed wealth tax relies on the notion that the rate of return on capital exceeds economic growth. This column challenges this basis, arguing that it fails to account for risk. The authors also examine the relative merits of a consumption tax, …
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Legally Speaking, is Digital Money Really Money? by Catalina Margulis and Arthur Rossi published by Blog IMF (2/2021). "Countries are moving fast toward creating digital currencies. Or, so we hear from various surveys showing an increasing number of central banks making substantial progress towards having an official digital currency. But, in fact, close to 80 percent of the world’s central banks are either not allowed to issue …
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The Evidence Is in on Negative Interest Rate Policies by Luis Brandao-Marques and Gaston Gelos published Blog IMF (3/2021). "Interest rates are low, and “lower for longer” has become something of a mantra among policy makers, regulators, and other market watchers. But negative interest rates raise an entirely new set of questions. After eight years of experience with negative interest rate policies, the initial skepticism …
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