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Obstfeld, Maurice - 1999

In this paper I focus on two specific hazard areas in the transition from Stage Two to Stage Three of European economic and monetary union (EMU), as well as on some key problems of Stage Three that EMU's monetary and fiscal structures appear ill-prepared to handle. The transitional hazards are...

Persistent link: https://www.econbiz.de/10012471509

Regional Nonadjustment and Fiscal Policy : Lessons for EMU

Obstfeld, Maurice - 1999

pattern of the United States. In this paper we compare the US with Germany, Italy, the United Kingdom, and also with Canada …, which is closer to European than the US is in its labor market and fiscal institutions. Europe's (and to some extent Canada …'s) model of regional response differs from that of the US. Changes in relative regional real exchange rates are general small …

Persistent link: https://www.econbiz.de/10012471641

The International Transmission and Effects of Fiscal Policies

Frenkel, Jacob A. - 1986

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/10012477278

The Fiscal Framework of Monetary Policy

Feldstein, Martin - 1982

This paper illustrates the importance of the fiscal framework for monetary analysis by discussing three separate issues. I begin by examining how the fiscal framework changes the macroeconomic equilibrium associated with different steady state rates of money growth. This includes a summary of...

Persistent link: https://www.econbiz.de/10012478139

Fiscal Policy in Europe : A Helicopter View

Bilbiie, Florin O. - 2020

We discuss the main fiscal policy issues in the Eurozone. Our goal is pedagogical: we do not make any new proposal, but try to represent fairly the various sides of the debate. We focus on two issues that are at the core of the current debate. The first is that, right from the start, the...

Persistent link: https://www.econbiz.de/10012482336

Migration and Fiscal Externality : US vs. Europe

Razin, Assaf - 2020

skill-based migration policy in the US compared to the European Union. Policy coordination among states within the federal … system on migration, taxes, and social benefits among states within the US federal system is stronger than among countries … may explain in part these US-Europe differences in policies …

Persistent link: https://www.econbiz.de/10012482345

The Euro and Fiscal Policy

Fatas, Antonio - 2009

years US fiscal policy has become highly countercyclical, which was due predominantly to discretionary changes in tax … the US. We also document the primary balance in the OECD economies is more sensitive to output growth rather than to the …

Persistent link: https://www.econbiz.de/10012463925

Government Investment and the European Stability and Growth Pact

Bassetto, Marco - 2007

We consider the effect of excluding government investment from the deficit subject to the limits of the European Stability and Growth Pact. In the model we consider, residents of a given country discount future costs and benefits of government spending more than efficiency would dictate, because...

Persistent link: https://www.econbiz.de/10012465453

Optimal Monetary and Fiscal Policy in a Currency Union

Gali, Jordi - 2005

We lay out a tractable model for fiscal and monetary policy analysis in a currency union, and analyze its implications for the optimal design of such policies. Monetary policy is conducted by a common central bank, which sets the interest rate for the union as a whole. Fiscal policy is...

Persistent link: https://www.econbiz.de/10012466856

Is It Is or Is It Ain't My Obligation? Regional Debt in a Fiscal Federation

Cooper, Russell - 2005

different federations: the US, the European Union and Argentina …

Persistent link: https://www.econbiz.de/10012467021