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Macroeconomic Policies of the Economic and Monetary Union: Theorectical Underpinnings and Challenges

Arestis, Philip; Sawyer, Malcolm - EconWPA - 2003

decipher the type of economic analysis and macroeconomic policies of the Economic and Monetary Union (EMU) theoretical and … the EMU macroeconomic policies lie in their potential to achieve full employment and low inflation in the euro area. We … conclude that the institutional and policy arrangements surrounding the EMU and the euro are neither adequate for dealing with …

Persistent link: https://www.econbiz.de/10005076715

Bad for Euroland, Worse for Germany-The ECB's Record

Bibow, Jorg - EconWPA - 2005

This paper assesses the contribution of the European Central Bank (ECB) to Germany’s ongoing economic crisis, a vicious circle of decline in which the country has become stuck since the early 1990s. It is argued that the ECB continues the Bundesbank tradition of asymmetric policymaking: the...

Persistent link: https://www.econbiz.de/10005412611

KEYNESIAN AND NEOCLASSICAL FISCAL SUSTAINABILITY INDICATORS, WITH APPLICATIONS TO EMU MEMBER COUNTRIES

Bagnai, Alberto - EconWPA - 2004

, it looks at sustainability in EMU member countries, with particular attention given to the relations between … a sustainability requirement for an 'average' EMU member country. At the same time, the dispersion around this average … is quite substantial: this questions the viability of uniform deficit caps across EMU member countries. …

Persistent link: https://www.econbiz.de/10005556974

Measuring China's Fiscal Policy Stance

Dullien, Sebastian - EconWPA - 2005

This paper argues that the tradtitional way of gauging a country's fiscal policy stance by looking at government budget deficit or cyclically adjusted budget deficits is misleading in the case of China, since a lot of what usually would be considered fiscal policy is conducted via investment by...

Persistent link: https://www.econbiz.de/10005076727

Argentina: Trying to Make Sense of the Financial Tango

Buchs, Thierry - EconWPA - 2005

The paper discusses and revisits some of the most popular stories behind the 2001 financial crisis in Argentina, i.e. the prolonged overvaluation of the peso owing to the Currency Board arrangement, the lack of fiscal adjustment, and the negative external environment which triggered a “sudden...

Persistent link: https://www.econbiz.de/10005076729

Monetary Policy Strategies of the European Central Bank and the Federal Reserve Bank of the U.S.

Wray, L. Randall; Sardoni, C. - EconWPA - 2005

In the debate on monetary policy strategies on both sides of the Atlantic, it is now almost a commonplace to contrast the Fed and the ECB by pointing out the former’s flexibility and capacity to adjust rigidity, and the latter’s extreme caution, and obsession with low inflation. In looking...

Persistent link: https://www.econbiz.de/10005076846

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

A Simple Proposal for a 'Debt-Sensitive Stability Pact'

Saraceno, Francesco; Monperrus-Veroni, Paola - EconWPA - 2004

The main rationale for fiscal policy rules is the concern for long term sustainability of public finances, that in a monetary union may affect the other members. Among many other criticisms, the Stability and Growth Pact (SGP) has been seen as contradictory or incomplete because it focuses on...

Persistent link: https://www.econbiz.de/10005125005

Guidelines for sustained growth in the EU? The concept and consequences of the Broad Economic Policy Guidelines

Hein, Eckhard; Niechoj, Torsten - EconWPA - 2005

The Broad Economic Policy Guidelines contain the answers of the European Commission and the governments of the EU-member countries to the European growth and employment problems. These guidelines have been the major EU-economic policy concept for around ten years now. They can be seen as a...

Persistent link: https://www.econbiz.de/10005126214

Macroeconomic Policy in a Real Business Cycle Model with Money

Chen, Shiu-Sheng - EconWPA - 2002

This paper examines the impact of macroeconomic policy shocks in a Real- Business-Cycle Model with money. In addition to technology shocks, I include government consumption, government investment, tax rate and monetary policy as sources of random disturbances. Money is introduced in a...

Persistent link: https://www.econbiz.de/10005126437

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