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Πλοήγηση Ερευνητικά δοκίμια ανά Συγγραφέα "Philippopoulos, Apostolis"
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Τεκμήριο Fiscal policy reforms in a general equilibrium model with imperfections(2016) Koliousi, Panagiota; Miaouli, Natasha; Philippopoulos, Apostolis; Athens University of Economics and Business, Department of EconomicsThe debate on the way of stabilizing the economy, through cuts in public spendingor rises in taxes, has been intensified after the crisis in 2008. This holds primarily for theEurozone periphery countries. In view of high public debts, these countries have been urgedto adopt restrictive fiscal policies which have further dampened demand and have worsenedthe recession, at least in the short term. It is known that within a dynamic general equilibrium(DGE) model with a representative agent a reduction of capital tax rates and the move of thetax burden to labour taxes produces social welfare benefits. However, one should not neglectthe resulting distributional implications, which may favour some social groups vis-à-visothers. Such distributional implications are significantly influenced by imperfections inproduct and labour markets. Thus, this paper employs a DGE model that incorporatesheterogeneous agents (entrepreneurs and workers) and imperfectly competitive product andlabour markets, augmented with a relatively rich public sector, to quantify themacroeconomic and distributional implications of fiscal reforms like the above in the euroarea. Our main results are as follows: First, the most effective policy for the government to boostoutput is to reduce the capital tax rate, regardless the policy instrument that adjusts. Inaddition, if the goal of tax-spending policy is to promote welfare, then it should decrease thetax rate on labour and increase the consumption tax rate. Finally, a reduction in any of thetax rates, financed by an increase in capital tax rate, leads to a fall of inequality between thetwo social groups.Τεκμήριο The driving forces of the greek great depression(03/13/2017) Economides, George; Papageorgiou, Dimitris; Philippopoulos, Apostolis; Athens University of Economics and Business, Department of EconomicsThis paper provides a quantitative study of the main determinants of the Greek greatdepression since 2010. We use a medium-scale DSGE model calibrated to the Greek economybetween 2000 and 2009 (the euphoria years that followed the adoption of the euro). Then, departingfrom 2010, our simulations show that the fiscal policy mix adopted, jointly with the deterioration ininstitutional quality and, specifically, in the degree of protection of property rights, can explainessentially all the total loss in GDP between 2010 and 2015 (around 26%). In particular, the fiscalpolicy mix accounts for 14% of the total output loss, while the deterioration in property rightsaccounts for another 8%. It thus naturally follows that a less distorting fiscal policy mix and astronger protection of property rights are necessary conditions for economic recovery in this country.