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From mutual insurance to fiscal federalism: Rebuilding the Economic and Monetary Union after the demise of the Maastricht architecture
Vallée, Shahin - In: Economie Internationale (2014) 138, pp. 49-62
The policy response to the current European crisis has largely focused on its financial symptoms rather than on its deep economic and political causes. The aim of this paper is to contribute to the debate about the current architecture of the European Economic and Monetary Union. The crisis has...
Persistent link: https://www.econbiz.de/10010770352
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The Euro Area Ten Years after Its Creation: (Divergent) Competitiveness and the Optimum Currency Area Theory
Barbosa, João Rebelo; Alves, Rui Henrique - In: Panoeconomicus 58 (2011) 5, pp. 605-629
As the euro is on its second decade, the European sovereign debt crisis and the ever more evident disparities in competitiveness among member states are prompting many to question whether monetary union is bringing more benefits than costs. The optimum currency area (OCA) theory provides a...
Persistent link: https://www.econbiz.de/10011134510
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Fiscal and Monetary Policy Determinants of the Eurozone Crisis and its Resolution
Dabrowski, Marek - CASE-Center for Social and Economic Research - 2012
quasi-fiscal rescue operations can undermine this consensus and lead to a disintegration of the Eurozone. There are also …
Persistent link: https://www.econbiz.de/10010625526
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Can the Euro Be Saved? An Analysis of the Future of the Currency Union
Stiglitz, Joseph E. - In: Rivista di Politica Economica (2014) 3, pp. 7-42
Following the Great Recession, eurozone countries have performed worse than even the currency union’s most pessimistic … critics had predicted. The paper identifies the strong fundamental flaws in the design of the eurozone and proposes a set of … reforms, both in the structure of the eurozone and current policies, which might enable the euro to work. It traces the flaws …
Persistent link: https://www.econbiz.de/10010942359
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Economic Shocks, Progressiveness of Taxation, and Indexation of Taxes and Public Expenditure in EMU
Kotilainen, Markku - Elinkeinoelämän Tutkimuslaitos (ETLA)
We study the effects of demand, tax and supply shocks in one- and two-country macroeconomic models with fixed exchange rates, with our main emphasis on the stabilisation properties of progressive taxation. The models try to depict outcomes for the EMU countries. In the one-country model we...
Persistent link: https://www.econbiz.de/10005700318
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A Model of the Safe Asset Mechanism (SAM): Safety Traps and Economic Policy
Caballero, Ricardo J; Farhi, Emmanuel - National Bureau of Economic Research (NBER) - 2013
The global economy has a chronic shortage of safe assets which lies behind many recent macroeconomic imbalances. This paper provides a simple model of the Safe Asset Mechanism (SAM), its recessionary safety traps, and its policy antidotes. Safety traps share many common features with...
Persistent link: https://www.econbiz.de/10010796549
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"Imbalances? What Imbalances? A Dissenting View"
Wray, L. Randall - Levy Economics Institute - 2012
It is commonplace to link neoclassical economics to 18th- or 19th-century physics and its notion of equilibrium, of a pendulum once disturbed eventually coming to rest. Likewise, an economy subjected to an exogenous shock seeks equilibrium through the stabilizing market forces unleashed by the...
Persistent link: https://www.econbiz.de/10010627286
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Floating or fixed exchange rates: The role of government size
Wegmueller, Philipp - Department Volkswirtschaftlehre, Universität Bern - 2015
This paper contributes to the resurging debate on the reform of the international monetary system by studying how the size of the public sector influences the choice of the exchange rate regime. In response to a meeting of the Bretton Woods Committee in 1993, Anna Schwartz (2000) argued that a...
Persistent link: https://www.econbiz.de/10011193770
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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
This 2003 Institute for Fiscal Studies Lecture addresses two sets of issues relevant to current and prospective future E(M)U members: the consequences of the Stability and Growth Pact for fiscal-financial sustainability and macroeconomic stability, and some risks associated with operational...
Persistent link: https://www.econbiz.de/10005662197
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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