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Université de Fribourg

Gross Versus Net Equalization Scheme in a Federation with Decentralized Leadership

Breuillé, Marie-Laure ; Madiès, Thierry ; Taugourdeau, Emmanuelle

In: Journal of Urban Economics, 2010, vol. 68, no. 2, p. 205-214

This paper compares the impact of two equalization transfer schemes on regional budgetary choices: a gross equalization scheme, where ex-post transfers to regions are financed from federal tax revenues, and a net equalization scheme, where region- to-region ex-post transfers allocated by the federal government are self-financed. The net equalization scheme reduces ex-post federal intervention...

Université de Fribourg

Emerging Countries’ Country-Specific Advantages (CSAs) and Competitiveness of Emerging Market Multinational Enterprises (EMNEs)

Gugler, Philippe

In: Competitiveness Review, 2017, vol. 27, no. 3, p. 194-207

Purpose – A significant stream of literature focuses on host countries’ locations when explaining why firms internalize some of their activities in specific countries. At first glance, home location schemes and specificities seem to have attracted less attention in the scientific community. The purpose of this contribution is to provide a literature review linked to the specific issue of...

Université de Fribourg

A Simple Model of Corporate Bailouts in a Globalized Economy

Exbrayat, Nelly ; Madiès, Thierry ; Riou, Stéphane

In: Scandinavian Journal of Economics, 2020, vol. 122, no. 4, p. 1575-1605

This paper explores how globalization influences the decision of governments to rescue inefficient domestic firms when bailouts affect firms’ markups. We develop a model of international trade where immobile domestic enterprises (DOEs) compete with foreign enterprises (FOEs) in an oligopolistic market. The decision to bail out DOEs leads to lower corporate tax revenues if FOEs are immobile...

Université de Fribourg

International Tax Competition : Do Public Good Spillovers Matter?

Exbrayat, Nelly ; Madiès, Thierry ; Riou, Stéphane

In: International Tax and Public Finance, 2010, vol. 17, p. 479-500

We study the impact of public good spillovers on tax competition between two imperfectly integrated countries with different levels of productivity. We show that international public good spillovers, by reducing the tax gap between countries, strengthen the agglomeration of firms in the most productive country. Then we carry on a welfare analysis. We first assume that governments are engaged...

Université de Fribourg

Vertical Transfers and Tax Competition : Does Trade Integration Matter?

Madiès, Thierry ; Taugourdeau, Emmanuelle

In: Social Choice and Welfare, 2020, vol. 55, p. 453-475

Our paper presents a model of decentralized leadership with fiscal equalization and imperfect trade liberalization. The degree of trade integration (reflected by trade costs) turns out to have an effect on both state corporate taxes and ex-post vertical equalization transfers. Our main results are the following: when public goods are highly valued by the citizens of the federation, ex post...

Université de Fribourg

Money, Income, and Profit : Lessons from the Monetary Theory of Production

Carrera, Andrea ; Rossi, Sergio

In: Iberian Journal of the History of Economic Thought, 2015, vol. 2, no. 1, p. 48-60

In this paper we analyze Augusto Graziani’s numerous contributions to the monetary theory of production, which he developed from a theoretical but also a policy-oriented perspective. We focus on the rejection of the neoclassical dichotomy, the causal relation between production and money creation, and the definition of macroeconomic saving. These three dimensions of Graziani’s work can be...

Université de Fribourg

The Economics of Deflation in the Euro Area : A Critique of Fiscal Austerity

Mastromatteo, Giuseppe ; Rossi, Sergio

In: Review of Keynesian Economics, 2015, vol. 3, no. 3, p. 336-350

This paper points out that the roots of the euro-area crisis are to be found in the loss of monetary sovereignty and an unsustainable credit-led economic growth in a variety of ‘peripheral’ countries. It addresses the negative consequences of fiscal austerity in the euro-area crisis framework, in particular regarding the distribution of income and the economic and financial relations...

Université de Fribourg

The Euro Must Be Abandoned to Achieve European Monetary Integration

Rossi, Sergio

In: International Journal of Political Economy, 2016, vol. 45, no. 1, p. 72-84

This article explains why the euro has to be abandoned in order to integrate the euro- area member countries monetarily. It first recalls the negative consequences of the adoption of a single European currency by a number of countries whose economies are still too different on structural grounds to support the financial constraints elicited by the fiscal and monetary policy straightjacket. It...

Université de Fribourg

The Relationship Between Inflation and Unemployment : a Critique of Friedman and Phelps

Rochon, Louis-Philippe ; Rossi, Sergio

In: Review of Keynesian Economics, 2018, vol. 6, no. 4, p. 533-544

The ‘natural rate of unemployment’ was not an important part of Friedman’s presidential address, although it is what the paper is remembered for. On the 50th anniversary of the paper, we argue that there is no ‘natural rate of unemployment’, and that the relation between inflation and unemployment is not the one assumed by Friedman or neoclassical theory. In Section 2 we present the...