Tag Archives: Federal government

“Dunkle Perspektiven: Wenn auch die UBS gerettet werden müsste (Chilling UBS Rescue Scenario),” SRF, 2023

Echo der Zeit, SRF, 12 May 2023. HTML with link to audio file.

Implications of capital injections and liquidity assistance for the federal government, the SNB, and Switzerland.

“Causes of the Transformation of the US Fiscal System in the 1930s,” VoxEU, 2016

VoxEU, October 11, 2016, with Martin Gonzalez-Eiras. HTML.

The US fiscal system underwent a radical transformation around the time of the Great Depression.
Perceived cost differences of revenue collection across levels of government, due to general equilibrium effects, can partly explain the rise of tax centralization and intergovernmental grants.
We develop a micro-founded general equilibrium model that blends politics and macroeconomics. (See the working paper.)