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Fiscal Transfers and Economic Convergence

Capella-Ramos, João; Checherita-Westphal, Cristina D.; … - 2021

Economic and Monetary Union (EMU) and increase its resilience, inter alia, by speeding up economic convergence. The impact of … transfers in real and business cycle convergence at a regional level. The paper distinguishes between net fiscal transfers – a … provides evidence that net fiscal transfers have contributed to income redistribution across regions and to faster convergence …

Persistent link: https://www.econbiz.de/10013314882

Long-term Growth Impact of Climate Change and Policies : The Advanced Climate Change Long-term (ACCL) Scenario Building Model

Alestra, Claire - 2020

This paper provides a tool to build climate change scenarios to forecast Gross Domestic Product (GDP), modelling both GDP damage due to climate change and the GDP impact of mitigating measures. It adopts a supply-side, long-term view, with 2060 and 2100 horizons. It is a global projection tool...

Persistent link: https://www.econbiz.de/10012837786

The Decreasing Returns on Working Time : An Empirical Analysis on Panel Country Data

Cette, Gilbert - 2011

An empirical analysis is conducted on two panels of 18 OECD countries to test whether the elasticity of hourly productivity to working time is negative and decreasing with working time itself. If so, the decreasing returns on working time could be indicative of a fatigue effect that increases...

Persistent link: https://www.econbiz.de/10013131120

The reform and implementation of the Stability and Growth Pact

Morris, Richard; Ongena, Hedwig; Schuknecht, Ludger - 2006

Fiscal rules are instrumental for restraining deficit and spending biases in euro area Member States that could threaten the smooth functioning of Economic and Monetary Union (EMU). Ideally, fiscal rules should combine characteristics such as sufficient flexibility to allow for appropriate...

Persistent link: https://www.econbiz.de/10011606199

Fiscal policy challenges in oil-exporting countries – a review of key issues

Sturm, Michael; Gurtner, François; Alegre, Juan Gonzalez - 2009

Fiscal policy choices have a particularly significant impact on economic performance in oil-exporting countries, owing to the importance of the oil sector in the economy and the fact that in most countries oil revenues accrue to the government. At the same time, fiscal policy in oil-centred...

Persistent link: https://www.econbiz.de/10011606256

Debt sustainability analysis for euro area sovereigns: A methodological framework

Bouabdallah, Othman; Checherita-Westphal, Cristina; … - 2017

The euro area sovereign debt crisis has highlighted the importance of reducing public debt levels and building up sufficient fiscal buffers during normal and good times. It has also reaffirmed the need for a thorough debt sustainability analysis (DSA) to act as a warning system for national...

Persistent link: https://www.econbiz.de/10011661911

Fiscal expenditure spillovers in the euro area: An empirical and model-based assessment

Alloza, Mario; Ferdinandusse, Marien; Jacquinot, Pascal; … - 2020

The paper describes the main transmission channels of the spillovers of national fiscal policies to other countries within the euro area and investigates their magnitude using different models. In the context of Economic and Monetary Union (EMU), fiscal spillovers are relevant for the accurate...

Persistent link: https://www.econbiz.de/10012521144

The macroeconomic and fiscal impact of population ageing

Bodnár, Katalin; Nerlich, Carolin - 2022

The euro area, like many other advanced economies, has entered an era of drastic demographic change. Without appropriate policy responses, population ageing in the euro area is posing formidable challenges for potential growth, monetary policy and public finances. This paper examines - from a...

Persistent link: https://www.econbiz.de/10013480185

Public wage and pension indexation in the euro area: An overview

Checherita-Westphal, Cristina (contributor) - 2022

If the responses of wages - both private and public - and of pensions to an increase in inflation lead to second-round effects, this can make an inflationary shock more persistent, especially in the presence of automatic wage and pension indexation. This occasional paper presents an overview of...

Persistent link: https://www.econbiz.de/10013480188

Challenges for monetary and fiscal policy interactions in the postpandemic era

Bonam, Dennis (contributor); Ciccarelli, Matteo (contributor) - 2024

In the low inflation and low interest rate environment that prevailed over the period 2013-2020, many argued that besides expansionary monetary policy, expansionary fiscal policy could also support central banks' efforts to bring inflation closer to target. During the pandemic, proper alignment...

Persistent link: https://www.econbiz.de/10014476187