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A Tale of Politically-Failing Single-Currency Area
Razin, Assaf - 2012
and recovery patterns for key EU members like Germany and France, within the Eurozone, were similar. However, after the … bubble burst and the crisis began unfolding it became clear that the Eurozone plight differed from America's in one … fundamental respect. There was no exact counterpart of Eurozone GIIPS (Greece, Italy, Ireland, Portugal, and Spain) in the United …
Persistent link: https://www.econbiz.de/10013100996
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Transition Issues for the European Monetary Union
Buiter, Willem H.; Sibert, Anne - 2021
If Stage Three of EMU starts on January 1, 1999, transition issues remain on two time scales. Until July 1, 2002, national currencies and the euro co-exist as legal tender. We argue that intra-EMU currency risk exists in principle during that period, but that no EMU member can be forced out...
Persistent link: https://www.econbiz.de/10013240625
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Fiscal and Migration Competition
Razin, Assaf - 2010
It is often argued that tax competition may lead to a "race to the bottom". Such a race may hold indeed in the case of the pure case of factor mobility (such as capital mobility). However, in this paper we emphasize the unique feature of labor migration, that may nullify the "race to the bottom"...
Persistent link: https://www.econbiz.de/10013139888
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Migration State and Welfare State : Competition vs. Coordination in an Economic Union
Razin, Assaf - 2015
We develop a political-economy model of economic union and compare the competion regime to the coordination regime. Key policy differences emerge between the two regimes: concerning the generosity of the welfare state and the skill composition of migration. We argue that the differences between...
Persistent link: https://www.econbiz.de/10013014302
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The International Transmission and Effects of Fiscal Policies
Frenkel, Jacob A.; Razin, Assaf - 2021
In recent years the world economy has been subject to large and unsyncronized changes in fiscal policies, high and volatile real rates of tnterest, large fluctuations in real exchange rates, and significant variations in private-sector spending. This paper reviews some of the key facts...
Persistent link: https://www.econbiz.de/10013225419
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Migration and Fiscal Competition within a Union
Razin, Assaf - 2013
We develop a stylized EU-type model of a union consisting of rich, capital-abundant and high productivity countries, and poor, capital-scarce and low productivity countries. We address two main issues: the efficiency of tax competition and the effect of factor mobility on the size of the welfare...
Persistent link: https://www.econbiz.de/10013077970
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The Stability and Growth Pact as an Impediment to Privatizing Social Security
Razin, Assaf; Sadka, Efraim - 2022
The aging of the population shakes the confidence in the economic viability of pay-as-you-go social security systems. We demonstrate how in a political-economy framework the shaken cofidence leads to the downsizing of the social security-system, and to the emergence of supplemental individual...
Persistent link: https://www.econbiz.de/10013322100
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Flattened Inflation-Output Tradeoff and Enhanced Anti-Inflation Policy : Outcome of Globalization?
Razin, Assaf - 2007
The paper provides a unified analysis of globalization effects on the Phillips curve and monetary policy, in a New-Keynesian framework. The main proposition of the paper is twofold. Labor, goods, and capital mobility flatten the tradeoff between inflation and activity. If policy makers are...
Persistent link: https://www.econbiz.de/10012776453
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Measuring Aspects of Fiscal and Financial Policy
Buiter, Willem H. - 2010
The paper develops a forward-looking comprehensive accounting framework for the public sector.By integrating the public sector budget constraint forward in time the government's present value budget constraint (PVBC) is obtained. In addition to the familiar financial assets and liabilities,...
Persistent link: https://www.econbiz.de/10012760343
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The Elusive Welfare Economics of Price Stability as a Monetary Policy Objective : Should New Keynesian Central Bankers Pursue Price Stability?
Buiter, Willem H. - 2021
The paper studies the inflation rate associated with optimal monetary policy in a standard suite of DSGE models, when fiscal policy is either unrestricted optimal or restricted but supportive of monetary policy. Full nominal price flexibility, nominal prices set one period in advance and...
Persistent link: https://www.econbiz.de/10013215380