Most countries have automatic rules in their tax‐and‐transfer systems that are partly
intended to stabilize economic fluctuations. This paper measures their effect on the …

This paper presents an analysis of how alternative models of the business cycle can
replicate the stylized fact that large governments are associated with less volatile …

This paper presents the model used for simulation purposes within the Spanish Ministry of
Economic Affairs and Finance. REMS (a Rational Expectations Model for the Spanish …

We study the effects of progressive labor income taxation in an otherwise standard New
Keynesian (NK) model. We show that progressive taxation (i) introduces a trade‐off between …

This paper provides an overview of recent papers which use estimated New Keynesian
models to study the extent to which fiscal policy can be used to stabilize the economy. We …

We welfare rank various tax-spending-debt policies in a New Keynesian model of a small
open economy featuring sovereign interest-rate premia and loss of monetary policy …

We study optimized monetary and fiscal feedback policy rules. The setup is a New
Keynesian DSGE model of a closed economy which is solved numerically using common …

We assess the role of national fiscal policies, as automatic stabilizers, within a monetary
union. We use a two‐country New Keynesian DSGE model, incorporating non‐Ricardian …

Purpose The purpose of this study is to provide new insights into the relationship between
fiscal policy and total factor productivity (TFP) while accounting for several economic and …

This paper measures the size of automatic fiscal revenue stabilizers and evaluates their role
in Latin America. It introduces a relatively rich tax structure into a dynamic, stochastic, multi …