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What can the EMU's peripheral countries learn from regional growth?

Aiginger, Karl; Firgo, Matthias; Huber, Peter - 2013

The experiences of 259 regions in 21 European countries with within country GDP per capita and labour productivity growth suggest that variables associated with pro-active, growth oriented strategies are consistently more important predictors of successful regional development than variables...

Persistent link: https://www.econbiz.de/10010424528

Implementing the golden rule for public investment in Europe : safeguarding public investment and supporting the recovery

Truger, Achim - 2015

Most parts of the Euro area have seen seven years of deep economic crisis. The strategy of tightening the fiscal constraints of the SGP has driven many member states into austerity. In contrast, the golden rule of public investment proposed in this study would be one important element of the...

Persistent link: https://www.econbiz.de/10011336549

Unconditional convergence in currency unions : an analysis of European regions from 1991 to 2009

Firgo, Matthias; Huber, Peter - 2013

We analyze unconditional within-country convergence from 1991 to 2009 in 21 European countries. Unlike most previous … studies we focus on the heterogeneity of convergence. We find that convergence processes in currency unions are extremely … question the focus of the traditional literature on average (beta-)convergence and suggest substantial non-linearities in …

Persistent link: https://www.econbiz.de/10010424527

Till labor cost do us part : on the long run convergence of EMU countries

Pancotto, Francesca; Pericoli, Filippo Maria - 2011

A sustainable long-run pattern in the relative competitiveness of euro area countries is a key factor for the survivorship of the monetary union. We analyze the issue focussing on unit labor cost dynamics using cointegration analysis for the whole economy and for the manufacturing sector...

Persistent link: https://www.econbiz.de/10011735051

Remapping EMU : on the future construction of economic and monetary union

Ederer, Stefan; Weingärtner, Stefan - 2013

The economic crisis has laid open deficiencies in the construction of the European Economic and Monetary Union. At its foundation, it was assumed that monetary integration would reduce the likelihood of asymmetric shocks. The crisis shows, however, that endogenous mechanisms may even amplify...

Persistent link: https://www.econbiz.de/10010426663

Potential output and fiscal rules in a monetary union under asymmetric information

Marattin, Luigi; Meraglia, Simone - 2015

We analyze fiscal rules within a Monetary Union in the presence of (i) asymmetric information about member states' potential output and, therefore, output gap and (ii) bail-out among member states. In our framework, bail-out lowers the scope for signalling (discrimination) by member states...

Persistent link: https://www.econbiz.de/10011714310

Parameter heterogeneity, persistence and cross-sectional dependence : new insights on fiscal policy reaction functions for the Euro area

Golinelli, Roberto; Mammi, Irene; Musolesi, Antonio - 2018 - This version: March 31st, 2018

A number of novelties have emerged in the study of the discretionary fiscal policy within the Euro area during the last decade. Among the others, the availability of up-to-date information on fiscal indicators for the years following the Great Recession, the introduction of cutting-edge...

Persistent link: https://www.econbiz.de/10011813607

Fiscal policy announcements of Italian governments and spread reaction during the sovereign debt crisis

Falagiarda, Matteo; Gregori, Wildmer Daniel - 2014

This paper attempts to evaluate the effects of fiscal policy announcements by the Italian government on the long-term sovereign bond spread of Italy relative to Germany. After collecting data on relevant fiscal policy announcements, we perform an econometric comparative analysis between the...

Persistent link: https://www.econbiz.de/10011729077

The Euro-dividend : public debt and interest rates in the Monetary Union

Marattin, Luigi; Salotti, Simone - 2010

The ongoing massive fiscal policy stimulus triggered increasing concerns on the potential impact on interest rate levels, as economic theory predicts. Particularly, the deterioration of some EMU countries' fiscal positions has been putting at risk Eurozone' financial stability. In this paper, we...

Persistent link: https://www.econbiz.de/10011737884

Potential output and fiscal rules in a monetary union under asymmetric information - 2nd ed

Marattin, Luigi; Meraglia, Simone - 2016 - 2nd edition

We analyze fiscal rules within a Monetary Union in the presence of (i) asymmetric information on member states' potential output and (ii) bail-out among member states. The first-best deficit is contingent on the cycle, that is, on member states' output gap. In the presence of asymmetric...

Persistent link: https://www.econbiz.de/10011705510