Essays in macroeconomics and fiscal policy

Ricci, Mattia (2019) Essays in macroeconomics and fiscal policy. PhD thesis, University of Glasgow.

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Abstract

This thesis consists of three chapters. The first chapter contributes to the literature on the Laffer curve as a means of measuring the sustainability of public finances. In particular, it proposes to construct Laffer Curves via policy experiments where fiscal policy is set optimally and fiscal instruments are jointly varied along the transition to steady-state. This relation is labelled as an ‘optimal Laffer curve’. It is shown that the tax revenue and welfare gains relative to the ‘quasi-static’ policy experiments examined by the previous literature are dramatic. The second and the third chapters are instead dedicated to developing and estimating a DSGE model of the Scottish economy and the rest of the UK. The second chapter reviews the literature of DSGE models developed in academia and central banks in recent years, and outlines our model. In the third chapter, the model is then estimated and its quantitative implications are explored.

Item Type: Thesis (PhD)
Qualification Level: Doctoral
Keywords: Laffer curve, optimal policy, fiscal sustainability, fiscal limit, fiscal consolidations, DSGE model, Bayesian estimation, fiscal federalism, Scottish economy, UK. economy
Subjects: H Social Sciences > HB Economic Theory
H Social Sciences > HJ Public Finance
Colleges/Schools: College of Social Sciences > Adam Smith Business School > Economics
Supervisor's Name: Leith, Professor Campbell and Nolan, Professor Charles and Chen, Dr. Xiaoshan
Date of Award: 2019
Depositing User: Dr Mattia Ricci
Unique ID: glathesis:2019-73043
Copyright: Copyright of this thesis is held by the author.
Date Deposited: 28 Jun 2019 11:06
Last Modified: 29 Jul 2019 08:01
Thesis DOI: 10.5525/gla.thesis.73043
URI: http://theses.gla.ac.uk/id/eprint/73043

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