Narrow search
Showing 1 - 10 of 241
Cover Image
Macroeconomic co-ordination as an economic policy concept - opportunities and obstacles in the EMU
Hein, Eckhard; Truger, Achim - EconWPA - 2004
This paper traces the euro zone’s inadequate macroeconomic performance in recent years back to the predominance of a restrictive macroeconomic policy mix based on a ‘new monetarist’ approach to economic policy. An approach based on a (post-)Keynesian analysis is presented as a growth and...
Persistent link: https://www.econbiz.de/10005126124
Cover Image
Monetary and Fiscal Policy Dynamics in an Asymmetric Monetary Union
Clausen, Volker; Wohltmann, Hans-Werner - EconWPA - 2002
This paper investigates the dynamic effects of monetary and fiscal policy in a monetary union, which is characterized by asymmetric interest rate transmission. This asymmetry gives rise to intertemporal reversals in the relative effectiveness of policy on member country outputs. The direction...
Persistent link: https://www.econbiz.de/10005126325
Cover Image
Macroeconomic co-ordination as an economic policy concept – opportunities and obstacles in the EMU
Hein, Eckhard; Truger, Achim - EconWPA - 2004
This paper traces the euro zone’s inadequate macroeconomic performance in recent years back to the predominance of a restrictive macroeconomic policy mix based on a ‘new monetarist’ approach to economic policy. An approach based on a (post-)Keynesian analysis is presented as a growth and...
Persistent link: https://www.econbiz.de/10005412745
Cover Image
A numerical approach to fiscal policy, unemployment, and growth in Europe
Daveri, Francesco; Maffezzoli, Marco - EconWPA - 2000
We calibrate an infinite-horizon model with endogenous growth and unemployment on actual data from the largest … taxes when financed either raising capital taxation or reducing unemployment subsidies. We find two main results: (i) with … lump-sum transfers, reducing labor taxes and unemployment subsidies is beneficial to both employment and growth, while …
Persistent link: https://www.econbiz.de/10005412655
Cover Image
Government size and output volatility: is there a relationship?
Virén, Matti - EconWPA - 2005
This paper provides some further tests for the proposition that a larger public sector leads to smaller output volatility. Both Gali and Fatas & Mihov have provided some evidence which appears to support this proposition. Their evidence is, however, based on a relatively small sample of...
Persistent link: https://www.econbiz.de/10005125003
Cover Image
The Case for Fiscal Policy
Arestis, Philip; Sawyer, Malcolm - EconWPA - 2003
This paper reconsiders the case for the use of fiscal policy based on a "functional finance" approach that advocates the use of fiscal policy to secure high levels of demand in the context of private aggregate demand, which would otherwise be too low. This "functional finance" view means that...
Persistent link: https://www.econbiz.de/10005408077
Cover Image
Reinventing Fiscal Policy
Arestis, Philip; Sawyer, Malcolm - EconWPA - 2003
Recent developments in macroeconomic policy, in terms of both theory and practice, have elevated monetary policy while downgrading fiscal policy. Monetary policy has focused on the setting of interest rates as the key policy instrument, along with the adoption of inflation targets and the use of...
Persistent link: https://www.econbiz.de/10005408097
Cover Image
Making The Pact More Flexible: Can It Lead to Less Flexible Fiscal Policies?
Mackiewicz, Michal - EconWPA - 2005
One of the most often discussed features of the Stability and Growth Pact is the rigidity of its 3% deficit rule. In the recent time several reform proposals aim at alleviating the rule in order to allow more room for the automatic stabilizers to operate. As the 3% limit became in the recent...
Persistent link: https://www.econbiz.de/10005126267
Cover Image
A Simple Model of Keynesian Unemployment
Nakajima, Tetsuya - EconWPA - 2005
equities, we examine equilibrium unemployment. While a mechanism of an efficiency wage brings about nominal wage rigidity …, unemployment occurring in our model definitely has Keynesian features. For instance, a reduction in wages rather enhances … unemployment through a decrease in consumption. In addition, our paper shows a possibility of Pareto improvement through an …
Persistent link: https://www.econbiz.de/10005076693
Cover Image
The Measurement of Persistence and Hysteresis in Aggregate Unemployment.
Mikhail, Ossama; Eberwein, Curtis J.; Handa, Jagdish - EconWPA - 2003
unemployment persistence. …
Persistent link: https://www.econbiz.de/10005126077