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Is Fiscal Policy Coordination in EMU Desirable?

Beetsma, Roel; Debrun, Xavier; Klaassen, Franc - C.E.P.R. Discussion Papers - 2001

It is widely argued that Europe's unified monetary policy calls for international coordination at the fiscal level. We survey the issues involved with such coordination of fiscal policy as a demand management tool and we use a simple model to investigate the circumstances under which...

Persistent link: https://www.econbiz.de/10005123582

Is fiscal policy coordination in EMU desirable?

Beetsma, Roel; Debrun, Xavier; Klaassen, Franc - 2001

It is widely argued that Europe's unified monetary policy calls for the international coordination at the fiscal level. We survey the issues involved with such coordination of fiscal policy as a demand management tool and we use a simple model to investigate the circumstances under which...

Persistent link: https://www.econbiz.de/10011400878

Reconciling Stability and Growth: Smart Pacts and Structural Reforms

Beetsma, Roel; Debrun, Xavier - C.E.P.R. Discussion Papers - 2003

This Paper analyses the decision of a government facing electoral uncertainty to implement structural reforms in the presence of fiscal restraints similar to the Stability and Growth Pact. We provide suggestive evidence that structural reforms - in particular labour market reforms - may lead to...

Persistent link: https://www.econbiz.de/10005067483

Monetary and fiscal policy interactions in a micro-founded model of a monetary union

Beetsma, Roel; Jensen, Henrik - 2002

rules, rather than paying attention also to fiscal policy. This is an omission because, especially with the advent of EMU …

Persistent link: https://www.econbiz.de/10011604212

Monetary and Fiscal Policy Interactions in a Micro-Funded Model of a Monetary Union

Beetsma, Roel; Jensen, Henrik - C.E.P.R. Discussion Papers - 2002

rules, rather than paying attention also to fiscal policy. This is an omission because, especially with the advent of EMU …

Persistent link: https://www.econbiz.de/10005123984

Mark-Up Fluctuations and Fiscal Policy Stabilization in a Monetary Union

Beetsma, Roel; Jensen, Henrik - C.E.P.R. Discussion Papers - 2003

We study optimal monetary and fiscal stabilization policy in a two-country monetary union in the presence of (inefficient) mark-up shocks, price rigidities and monopolistic competition. The underlying dynamic system contains two Phillips curves featuring public spending and mark-up shocks. We...

Persistent link: https://www.econbiz.de/10005656165

An Analysis of the 'Stability Pact'

Beetsma, Roel; Uhlig, Harald - C.E.P.R. Discussion Papers - 1997

We analyse the proposed ‘stability pact’ for countries joining a European Monetary Union (EMU). Within EMU shortsighted … accumulation. Hence, although in the absence of EMU governments have no incentive to sign a stability pact, within EMU they prefer … a stability pact which punishes excessive debt accumulation. With idiosyncratic shocks to governments’ budgets, EMU …

Persistent link: https://www.econbiz.de/10005661884

Structural Convergence Under Reversible and Irreversible Monetary Unification

Beetsma, Roel; Jensen, Henrik - C.E.P.R. Discussion Papers - 1999

We explore endogenous monetary unification in the context of a model in which a country with serious structural distortions (and, hence, high inflation) is admitted into a monetary union once its economic structure has converged sufficiently towards that of the existing participants. If...

Persistent link: https://www.econbiz.de/10005661930

Structural convergence under reversible and irreversible monetary unification

Beetsma, Roel; Jensen, Henrik - 1999 - This version: February, 1999

Persistent link: https://www.econbiz.de/10011537161

A minimal moral hazard central stabilisation capacity for the EMU based on world trade

Beetsma, Roel; Cima, Simone; Cimadomo, Jacopo - 2018

Recent debate has focused on the introduction of a central stabilisation capacity as a completing element of the Economic and Monetary Union. Its main objective would be to contribute cushioning country-specific economic shocks, especially when national fiscal stabilisers are run down. There are...

Persistent link: https://www.econbiz.de/10011810026