(Replay) September 16-17 – PSE Macro Days 2021
Watch the replay of the 2021 edition of the PSE Macro Days, a two-day conference organized by the “International Macroeconomics”, Banque de France – PSE and “Macroeconomic Risk”, SCOR – PSE Chairs…
News
(“Macroeconomic Risk” Chair, SCOR – PSE) Newsletter #7 – September 2021
Following its first three years, the “Macroeconomic Risk” Chair, SCOR – PSE has been renewed until 2023. Through its activities, the Chair aims to strengthen high level research and the dissemination of knowledge to generate a better understanding of contemporary macroeconomics…
Sovereign default and imperfect tax enforcement
Sovereign default risk typically decreases in response of fiscal consolidations. However, the response of sovereign default risk to fiscal policy is dampened when tax enforcement is weak. A fiscal consolidation leads to an expansion of the informal sector, thereby limiting fiscal surpluses, but also hampering future tax collection and failing to reduce default risk…
Inégalités et fluctuations macroéconomiques
In French – De nombreuses recherches récentes en macroéconomie ont porté sur la relation entre les inégalités et les fluctuations macroéconomiques. Il est important de noter que cette relation va dans les deux sens. D’une part, les fluctuations globales en général, et les changements de politiques macroéconomiques en particulier, peuvent avoir des conséquences redistributives importantes…
Does globalisation reduce capital taxation?
In high-income countries, corporate tax rates have been substantially reduced since the 1990s. One common explanation for this is the tax competition that states engage in order to attract foreign investment. Financial globalisation leads governments to lower the tax load on capital and to shift the burden of public expenditure onto to other factors of production, in particular labour…
Have economic stabilisation policies been proven to be ineffective?
Economic stabilisation policies aim to reduce persistent deviations in production, prices and risks from their average trend. To achieve this, in case of recession, falling prices or increased risk, public policy makers lower the key interest rate, increase central bank liquidity offers, increase public spending, and or reduce income taxes. In the case of a boom, they do the reverse…