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Fiscal policy in economic and monetary union : theory, evidence, and institutions

Buti, Marco - 2006

This book explores the origins, rationale, problems and prospects of the European fiscal policy framework. It provides the reader with a roadmap to EMU's budgetary framework by exploring its theoretical and empirical foundations, uncovering its historical roots and emphasising its supranational...

Persistent link: https://www.econbiz.de/10011852061

The SSM at 1

Laeven, Luc; Draghi, Mario; Dombret, Andreas R.; … - SUERF - The European Money and Finance Forum; Deutsche …; … - 2016

On 3 December EY hosted a SUERF conference on banking reform with Sir Howard Davies, the Chairman of RBS, and Dame Colette Bowe, the Chairman of the Banking Standards Board, as the two keynote speakers. Professor David Miles (Imperial College) gave the SUERF 2015 Annual Lecture on Capital and...

Persistent link: https://www.econbiz.de/10011557140

A Gains from Trade Perspective on Macroeconomic Fluctuations

Beaudry, Paul; Portier, Franck - C.E.P.R. Discussion Papers - 2011

Business cycles reflect changes over time in the amount of trade between individuals. In this paper we show that incorporating explicitly intra-temporal gains from trade between individuals into a macroeconomic model can provide new insight into the potential mechanisms driving economic...

Persistent link: https://www.econbiz.de/10009221567

Is There a Fiscal Free Lunch in a Liquidity Trap?

Erceg, Christopher; Lindé, Jesper - C.E.P.R. Discussion Papers - 2010

This paper uses a DSGE model to examine the effects of an expansion in government spending in a liquidity trap. The … spending multiplier can be much larger than in the normal situation if the liquidity trap is very prolonged, and the budgetary … expansion. Our paper addresses this question in a model environment where the duration of the liquidity trap is determined …

Persistent link: https://www.econbiz.de/10008468666

Aspects of Fiscal Performance in some Transition Economies under Fund-supported Programs

Buiter, Willem H. - C.E.P.R. Discussion Papers - 1996

This paper contains a selective review of some of the key fiscal issues faced by transition economies. The twelve countries that provide the empirical background for this study have all been under Fund programmes for at least some of the time since they initiated their transitions from plan to...

Persistent link: https://www.econbiz.de/10005123808

Bankers' Versus Workers' Europe (I): Adverse Selection in EMU

Bottazzi, Laura; Manasse, Paolo - C.E.P.R. Discussion Papers - 1998

The delegation of monetary policy to a supranational Central Bank creates a conflict of interest between residents of different countries. For example, the country in recession favours more inflation to boost output, while the country in boom prefers exactly the opposite. This conflict gives...

Persistent link: https://www.econbiz.de/10005124355

Workers' Versus Bankers' Europe (II): Policy Externalities and Credibility in EMU

Bottazzi, Laura; Manasse, Paolo - C.E.P.R. Discussion Papers - 1998

In this paper we analyse how the creation of a single currency regime changes the strategic relationship between policy-makers, both within and across countries. In particular we look at the role of cross-country externalities and lack of commitment. When labour taxation is excessive, due to...

Persistent link: https://www.econbiz.de/10005136411

Double-Edged Incentives: Institutions and Policy Coordination

Persson, Torsten; Tabellini, Guido - C.E.P.R. Discussion Papers - 1995

This paper illustrates some of the most important insights of the literature on international fiscal and monetary policy coordination. It notes that the analysis of international policy interactions is enriched by taking the incentives in the domestic policy process into account. These...

Persistent link: https://www.econbiz.de/10005067609

Simple Rules for the Open Economy: Evaluating Alternative Proposals

Tirelli, Patrizio; Vines, David - C.E.P.R. Discussion Papers - 1991

The paper evaluates some proposals for macroeconomic stabilization in an open economy, which take the form of simple rules. The first rule assigns monetary policy to inflation control and does not require fiscal intervention. The second rule adds fiscal control of a foreign wealth target to the...

Persistent link: https://www.econbiz.de/10005067614

Expectations, Deflation Traps and Macroeconomic Policy

Evans, George W.; Honkapohja, Seppo - C.E.P.R. Discussion Papers - 2009

We examine global economic dynamics under infinite-horizon learning in a New Keynesian model in which the interest-rate rule is subject to the zero lower bound. As in Evans, Guse and Honkapohja (2008), we find that under normal monetary and fiscal policy the intended steady state is locally but...

Persistent link: https://www.econbiz.de/10005048553

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