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How would a shift from taxing wages to taxing real estate affect the aggregate economy? Research Brief | 24th edition – January 2019
Tax reform designed to improve the conditions for macroeconomic growth without weighing on government budgets has been the topic of recent debate in Europe. One proposal on the table suggests reducing taxes on wages whilst at the same time raising those on land and property. A new study uses a modern DSGE model to examine how, within this model framework, such a shift would impact on the aggregate economy and to what extent property owners and tenants would be affected.
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Who benefits from using property taxes to finance a labor tax wedge reduction? Nikolai Stähler
977 KB, PDF
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Credit crunches from occasionally binding bank borrowing constraints Tom D. Holden, Paul Levine, Jonathan M. Swarbrick
974 KB, PDF
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Balance of payments statistics - January 2019 Statistical Supplement 3 to the Monthly Report
1 MB, PDF
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Financial Stability Review 2017
Given the upbeat prospects for the economy as a whole, there is little risk to the stability of the German financial system at present. Yet with interest rates sitting at low levels for years now and the economy in such robust shape, there is a danger that market participants might underestimate the risks to financial stability, the Bundesbank cautions.
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Assessing the uncertainty in central banks‘ inflation outlooks Malte Knüppel, Guido Schultefrankenfeld
641 KB, PDF