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Exchange rate regimes and fiscal discipline in OECD countries

Heinemann, Friedrich - 1999

not economic necessity have dictated the consolidation in the EU during the 90s. …

Persistent link: https://www.econbiz.de/10000683878

Nationale Schuldenbremsen für die Länder der Europäischen Union : taugt das deutsche Modell als Vorbild?

Hetschko, Clemens; Quint, Dominic; Thye, Marius - 2012

Zu den Verpflichtungen der Mitglieder im Europäischen Fiskalpakt gehört unter anderem, eine nationale Schuldenbremse einzuführen - eine Regel zur Begrenzung der jährlichen Neuverschuldung. Deutschland ist diesen Schritt bereits gegangen. Im vorliegenden Beitrag überprüfen wir, inwieweit...

Persistent link: https://www.econbiz.de/10009540728

Cyclical adjustment in fiscal rules : some evidence on real-time bias for EU-15 countries

Kempkes, Gerhard - 2012

Most EU member states will adopt fiscal rules that refer to cyclically-adjusted borrowing limits. Under the standard …-time output gaps used to calculate cyclical components balance over time. We analyse real-time output gaps for EU-15 countries … over the 1996-2011 period as estimated by the EU, the IMF and the OECD. Compared to each institution’s final estimate, we …

Persistent link: https://www.econbiz.de/10009566470

Fiscal devaluation in a monetary union : conference paper

Engler, Philipp; Ganelli, Giovanni; Tervala, Juha; … - 2014

Between 1999 and the onset of the economic crisis in 2008 real exchange rates in Greece, Ireland, Italy, Portugal and Spain appreciated relative to the rest of the euro area. This divergence in competitiveness was reflected in the emergence of current account imbalances. Given that exchange rate...

Persistent link: https://www.econbiz.de/10010487256

Optimal sovereign default

Adam, Klaus; Grill, Michael - 2013

When is it optimal for a government to default on its legal repayment obligations? We answer this question for a small open economy with domestic production risk in which contracting frictions make it optimal for the government to finance itself by issuing non-contingent debt. We show that...

Persistent link: https://www.econbiz.de/10009733001

Thoughts on a fiscal union in EMU

Gadatsch, Niklas; Hollmayr, Josef; Stähler, Nikolai - 2016

Using an estimated large-scale New-Keynesian model, we assess welfare and business cycle consequences of a fiscal union within EMU. We differentiate between three different scenarios: public revenue equalisation, tax harmonisation and a centralised fiscal authority. Relative to the status quo,...

Persistent link: https://www.econbiz.de/10011546743

German and the rest of euro area fiscal policy during the crisis

Gadatsch, Niklas; Hauzenberger, Klemens; Stähler, Nikolai - 2015

We present the estimated large-scale three-region DSGE model GEAR picturing Germany, the Euro Area and the Rest of the world. Compared to existing models of this type, GEAR incorporates a comprehensive fiscal block, involuntary unemployment and a complex international structure. We use the model...

Persistent link: https://www.econbiz.de/10010516561

Fiscal policy and the assessment of output gaps in real time : an exercise in risk management

Larch, Martin; Cugnasca, Alessandro; Kumps, Diederik; … - 2019

Fiscal policymakers are expected to conduct countercyclical policies to mitigate cyclical fluctuations of output, but the assessment of cyclical conditions in real time is subject to considerable uncertainty. They face two types of risk: (i) launching discretionary measures to support or dampen...

Persistent link: https://www.econbiz.de/10011999053

Fiscal devaluation in a Monetary Union

Engler, Philipp; Ganelli, Giovanni; Tervala, Juha; … - 2013

Persistent link: https://www.econbiz.de/10010221275

Political budget cycles in European public procurement

Havlik, Annika - 2020

This paper studies whether political budget cycles occur in public procurement in the European Union. Using project- level data from Tenders Electronic Daily (2008-2018), I analyze different steps along the procurement process, namely the publication of the contract notice, the awarding of the...

Persistent link: https://www.econbiz.de/10012319107