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The Employment Effects of Low-Wage Subsidies
Huttunen, Kristiina - 2010
Finnish payroll tax subsidy scheme, which is targeted at the employers of older, full-time, low-wage workers. The system …'s clear eligibility criteria open up an opportunity for a reliable estimation of the causal impacts of the subsidy, using a … difference-in-difference-in-differences approach. Our results indicate that the subsidy system had no effects on the employment …
Persistent link: https://www.econbiz.de/10013143569
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What Should Fiscal Councils Do?
Calmfors, Lars - 2011
The paper analyses theoretically what role fiscal councils could play and surveys empirically the activities of existing councils. Case studies of the Swedish Fiscal Policy Council and the UK Office for Budget Responsibility are done. It is concluded that fiscal councils should be advisory,...
Persistent link: https://www.econbiz.de/10013128042
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The Positive Border Effect of EU Integration
Brakman, Steven - 2011
Distance related variables typically vary in a cross-section dimension but less so in a time dimension across cities, regions, or countries. The enlargement of the EU or the introduction of the euro, however, can be looked upon as integration shocks that are informative of the consequences of...
Persistent link: https://www.econbiz.de/10013130414
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The Impact of Fiscal Rules on Public Finances : Theory and Empirical Evidence for the Euro Area
Marneffe, Wim - 2011
This paper presents a review of the most significant fiscal rules policymakers can choose from. The insights from this review are then applied to the current budgetary situation of the European Union. In the European Union, the supranational Stability and Growth Pact (SGP) should provide the...
Persistent link: https://www.econbiz.de/10013131350
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Target Losses in Case of a Euro Break-Up
Sinn, Hans-Werner - 2012
Evaluation of the financial costs of a Eurozone breakup depends critically on the interpretation of TARGET balances. While it has been argued that TARGET claims in the Eurozone can be written off without incurring any losses on the claimants as the value of fiat money is independent of the...
Persistent link: https://www.econbiz.de/10013098046
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Smaller Public Sectors in the Euro Area : Aggregate and Distributional Implications
Economides, George - 2012
In this paper, we study the aggregate and distributional implications of a smaller public sector in the euro area. By a smaller public sector, we mean a reduction in public debt and/or cuts in public spending, when such changes in fiscal policy are accommodated by adjustment in various taxes....
Persistent link: https://www.econbiz.de/10013098961
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Estimating the Effects of Coordinated Fiscal Actions in the Euro Area
Hebous, Shafik - 2012
We estimate spillover effects of a fiscal shock in one member country in the euro area on outputs of the rest of the members, using a Global Vector Autoregression (GVAR) model. We compare the effects of a domestic fiscal shock with those of a similar size area-wide shock expressed as a weighted...
Persistent link: https://www.econbiz.de/10013101197
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The Macroeconomic Policy Challenges of Balance Sheet Recession : Lessons from Japan for the European Crisis
Schnabl, Gunther - 2013
The paper compares the boom-and-bust cycles in Japan and Europe with respect to the reasons for excessive booms, the characteristics of the crises, and the (potential) effects of the crisis therapies. As in Japan the consequence of expansionary monetary and fiscal policies is the hysteresis of...
Persistent link: https://www.econbiz.de/10013081055
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The Monetary Policy of the ECB : A Robin Hood Approach?
Drometer, Marcus - 2013
We derive counterfactual national interest rate paths for the 17 Euro Area countries for the period 1999 to 2012 to approximate the interest rates countries would have implemented had they still been able to conduct independent monetary policy. We find that prior to the financial crisis the...
Persistent link: https://www.econbiz.de/10013083869
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Trade Intensity and Output Synchronisation : On the Endogeneity Properties of EMU
Caporale, Guglielmo Maria - 2013
Using annual bilateral data over the period 1988-2011 for a panel of 24 industrialised and emerging economies, we analyse in a time-varying framework the determinants of output synchronisation in EMU (European Monetary Union) distinguishing between core and peripheral member states. The results...
Persistent link: https://www.econbiz.de/10013083873