Narrow search
Showing 1 - 10 of 3,774
Cover Image
A simple and flexible alternative to Stability and Growth Pact deficit ceilings. Is it at hand?
Muscatelli, Vito A.; Natale, Piergiovanna; Tirelli, Patrizio - In: European Journal of Political Economy 28 (2012) 1, pp. 14-26
We model a monetary union where fiscal discretion generates excessive debt accumulation in steady state and inefficiently delayed debt adjustment following shocks. By setting a debt target and raising the political cost of deviating from the optimal pace of debt reversal¸ institutional design...
Persistent link: https://www.econbiz.de/10011056280
Cover Image
Transition Issues for the European Monetary Union
Buiter, Willem H.; Sibert, Anne - C.E.P.R. Discussion Papers - 1997
If Stage Three of EMU starts on 1 January 1999, transition issues remain on two time scales. Until 1 July 2002 …, national currencies and the euro coexist 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 through speculative attacks. Cohabitation of Ins and Outs has an open …
Persistent link: https://www.econbiz.de/10005114259
Cover Image
Two Naked Emperors? Concerns about the Stability and Growth Pact and Second Thoughts About Central Bank Independence
Buiter, Willem H. - C.E.P.R. Discussion Papers - 2003
E(M)U members: the consequences of the Stability and Growth Pact for fiscal-financial sustainability and macroeconomic … restricted to E(M)U members. Poor communication, cooperation and coordination between the fiscal and monetary authorities can be …
Persistent link: https://www.econbiz.de/10005662197
Cover Image
The Economic Importance of Fiscal Rules
Artis, Michael J; Onorante, Luca - C.E.P.R. Discussion Papers - 2006
The paper provides an assessment of the effect of the recent revision of the Stability and Growth Pact (SGP) on the European economies. A set of structural VARs, one for each Eurozone country, is estimated. The estimated models are then used to assess the possible effect of alternative sets of...
Persistent link: https://www.econbiz.de/10005667064
Cover Image
Patching up the Pact: some Suggestions for Enhancing Fiscal Sustainability and Macroeconomic Stability in an Enlarged European Union
Buiter, Willem H.; Grafe, Clemens - C.E.P.R. Discussion Papers - 2002
The paper considers the implications for the EU accession candidates of Central and Eastern Europe of the fiscal-financial constraints imposed by the Stability and Growth Pact and the Maastricht Treaty. Our findings apply also to those current EU members whose initial conditions (e.g....
Persistent link: https://www.econbiz.de/10005792378
Cover Image
101 proposals to reform the Stability and Growth Pact. Why so many? A survey.
Larch, Martin; Jonung, Lars; Fischer, Jonas - Volkswirtschaftliche Fakultät, … - 2008
Monetary Union (EMU). This paper analyzes 101 reform proposals presented by professional academic and non-academic economists …
Persistent link: https://www.econbiz.de/10008596420
Cover Image
The European Stability Pact and Feedback Policy Effects
Creel, Jérôme - In: Journal of Economic Integration 17 (2002), pp. 570-595
With a two-country dynamic model in a monetary union with wealth private behaviors, we study the implications of public debt on monetary and fiscal policies. The model used has Keynesian features in the short run and Wicksellian ones in the long run. We analyse the effects of asymmetric fiscal...
Persistent link: https://www.econbiz.de/10010840696
Cover Image
Is Europe going far enough? Reflections on the Stability and Growth Pact, the Lisbon strategy and the EUÕs economic governance
Collignon, Stefan - In: European Political Economy Review 1 (2003) Autumn, pp. 222-247
EuropeÕs economic governance is not only highly complex, but also increasingly inefficient and unsustainable in the long run. This conclusion is reached from the theory of collective action and the difficulties in democratic legitimacy. The solution would be the creation of a European...
Persistent link: https://www.econbiz.de/10005125208
Cover Image
Analysis of Fiscal Rules in the European Monetary Union
Šehović, Damir - In: Journal of Central Banking Theory and Practice 4 (2015) 1, pp. 19-33
The EMU fiscal system is specific in many areas compared to other classic fiscal systems of national states. Specific … features mainly reflect in the implementation of economic policy within the EMU which is carried out by combining a common … internal market. Finally, the third segment refers to the fiscal policy coordination of the EMU member states related to …
Persistent link: https://www.econbiz.de/10011165894
Cover Image
Fiscal and Monetary Interaction: The Role of Asymmetries of the Stability and Growth Pact in EMU
Eijffinger, Sylvester C W; Governatori, Matteo - C.E.P.R. Discussion Papers - 2004
policy, where the main features characterizing the policy-making are similar to those in EMU. National governments choose the …
Persistent link: https://www.econbiz.de/10005789061