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The current debt crisis has given rise to a debate about deeper fiscal integration in Europe. The view is widespread that moving towards a 'fiscal union' would have a stabilising effect in the event of macroeconomic shocks. In this paper we study the economic effects of introducing two elements...
Persistent link: https://www.econbiz.de/10009545267
should combine elements of market discipline with stabilisation in case of asymmetric shocks. Our proposal addresses the … shortcomings of most other reform designs, which fail to offer a solution for insolvent or non-cooperative euro countries. We …
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predicting euro area inflation. Excess liquidity is measured as the difference between the actual money stock and its fundamental …
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We analyze different options for the design of a common unemployment insurance system for the euro area (EA). We assess …
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other reform designs which do not offer a solution for insolvent or noncooperative euro countries. We suggest a design which … combines fiscal insurance with an orderly procedure to restructure the debt of an insolvent euro member. We show that fiscal …
Persistent link: https://www.econbiz.de/10011300749
The current debt crisis has given rise to a debate about deeper fiscal integration in Europe. The view is widespread that moving towards a 'fiscal union' would have a stabilising effect in the event of macroeconomic shocks. In this paper we study the economic effects of introducing two elements...
Persistent link: https://www.econbiz.de/10009667120