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Calmfors, Lars - 2011

The paper analyses theoretically what role fiscal councils could play and surveys empirically the activities of existing councils. Case studies of the Swedish Fiscal Policy Council and the UK Office for Budget Responsibility are done. It is concluded that fiscal councils should be advisory,...

Persistent link: https://www.econbiz.de/10013128042

The Impact of Fiscal Rules on Public Finances : Theory and Empirical Evidence for the Euro Area

Marneffe, Wim - 2011

This paper presents a review of the most significant fiscal rules policymakers can choose from. The insights from this review are then applied to the current budgetary situation of the European Union. In the European Union, the supranational Stability and Growth Pact (SGP) should provide the...

Persistent link: https://www.econbiz.de/10013131350

Estimating the Effects of Coordinated Fiscal Actions in the Euro Area

Hebous, Shafik - 2012

We estimate spillover effects of a fiscal shock in one member country in the euro area on outputs of the rest of the members, using a Global Vector Autoregression (GVAR) model. We compare the effects of a domestic fiscal shock with those of a similar size area-wide shock expressed as a weighted...

Persistent link: https://www.econbiz.de/10013101197

The Macroeconomic Policy Challenges of Balance Sheet Recession : Lessons from Japan for the European Crisis

Schnabl, Gunther - 2013

The paper compares the boom-and-bust cycles in Japan and Europe with respect to the reasons for excessive booms, the characteristics of the crises, and the (potential) effects of the crisis therapies. As in Japan the consequence of expansionary monetary and fiscal policies is the hysteresis of...

Persistent link: https://www.econbiz.de/10013081055

Fiscal Spillovers in the Euro Area

Caporale, Guglielmo Maria - 2012

This paper analyses the dynamic effects of fiscal imbalances in a given EMU member state on the borrowing costs of other countries in the euro area. The estimation of a multivariate, multi-country time series model (specifically a Global VAR, or GVAR) using quarterly data for the EMU period...

Persistent link: https://www.econbiz.de/10013112600

Interpreting Fiscal Accounting Rules in the European Union

Gandrud, Christopher - 2017

In the European Union, the creation of public debt statistics starts with member state governments' reports. The EU …

Persistent link: https://www.econbiz.de/10012964772

Government Deficits in the European Union : An Analysis of Entry and Exit Dynamics

Bayar, Ali H. - 2009

The extent of government deficits and debt has been one of the most debated issues in recent years. However, much less has been contributed about their dynamics. Yet, the issue of entering into and exiting from excessive deficits is critical in the Economic and Monetary Union since the Stability...

Persistent link: https://www.econbiz.de/10013158139

Fiscal Policies and Business Cycles in an Enlarged Euro Area

Staehr, Karsten - 2008

This paper compares the cyclical properties of fiscal policies across the 12 original eurozone countries and the future members from Central and Eastern Europe. For the sample period 1995-2005, the fiscal balance exhibits less inertia and is more counter-cyclical in Central and Eastern European...

Persistent link: https://www.econbiz.de/10012773620

The EU Budget Dispute - A Blessing in Disguise?

Schneider, Ondrej - 2007

This paper analyses the European budget and the position of the ten new member states. We argue that the EU budget … that the current EU budget setting is, at best, neutral with respect to the EU-wide long-term growth potential and may … actually hamper growth in the majority of the EU countries if the distortionary nature of taxation is taken into account …

Persistent link: https://www.econbiz.de/10012776902

Rent-Seeking Competition from State Coffers : A Calibrated DSGE Model of the Euro Area

Angelopoulos, Konstantinos - 2006

This paper incorporates an uncoordinated struggle for extra fiscal favors into an otherwise standard Dynamic Stochastic General Equilibrium model. This reflects the popular belief that interest groups compete for privileged transfers and tax treatment at the expense of the general public...

Persistent link: https://www.econbiz.de/10012781542