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What are their Words Worth? Political Plans and Economic Pains of Fiscal Consolidations in New EU Member States

Zápal, Jan; Schneider, Ondrej - CESifo - 2006

In this paper, we track fiscal authority behaviour in the ten new EU member states (NSM) in the period which immediately preceded their EU accession. We first present basic stylized facts about public budgets of those countries. The paper then analyses reasons which led to periods of fiscal...

Persistent link: https://www.econbiz.de/10005766186

Fiscal Policy in New EU Member States – Go East, Prudent Man!

Schneider, Ondrej; Zápal, Jan - CESifo - 2005

The European Union (EU) accepted ten new member states (NMS) in 2004. These countries, mostly former socialist countries, have had to adjust their economic policies to the EU’s standards. Perhaps most difficult has proven to be fiscal policy whereby NMS must comply with the Stability and...

Persistent link: https://www.econbiz.de/10005094350

Using Real-Time Data to Test for Political Budget Cycles

Jong-A-Pin, Richard; Sturm, Jan-Egbert; Haan, Jakob de - CESifo - 2012

We use real]time annual data on the fiscal balance, government current spending, current revenues and net capital outlays as published at a half yearly frequency in the OECD Economic Outlook for 25 OECD countries. For each fiscal year t we have a number of forecasts, a first release, and...

Persistent link: https://www.econbiz.de/10010575440

Convergence of Monetary Transmission in EMU New Evidence

Toolsema, Linda A.; Sturm, Jan-Egbert; Haan, Jakob de - CESifo - 2001

This paper examines how the pass-through of monetary policy measures in 6 EMU countries has evolved over time and …

Persistent link: https://www.econbiz.de/10005181532

Has the EMU Reduced Wage Growth and Unemployment? Testing a Model of Trade Union Behaviour

Mikosch, Heiner; Sturm, Jan-Egbert - CESifo - 2011

(EMU) led to lower wage growth and lower unemployment in participating countries. Following Grüner’s model, monetary …. Although we come up with some weak evidence for increased business cycle amplitudes within the EMU, we neither find a … significant general effect of the EMU on wage growth nor on unemployment. …

Persistent link: https://www.econbiz.de/10009020101

A Fiscal Rule that has Teeth: A Suggestion for a ‘Fiscal Sustainability Council’ underpinned by the Financial Markets

Hedbávný, Petr; Schneider, Ondrej; Zápal, Jan - CESifo - 2005

In this paper, we set out to examine an efficient fiscal-policy framework for a monetary union. We illustrate that fiscal policy’s bias toward budget deficit only temporarily ceased at the end of the 20th century as European countries endeavored to qualify for euro-zone membership, which...

Persistent link: https://www.econbiz.de/10005406098