Galí, Jordi; Perotti, Roberto - 2021
Growth Pact have significantly impaired the ability of EU governments to conduct a stabilizing fiscal policy and to provide … discretionary budget deficit over the period 1980-2002, using data on EMU countries and control groups of non-EMU EU countries and … other non-EU OECD countries. We do not find much support for this view. In fact, we find that discretionary fiscal policy in …
