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This paper estimates the impact of fiscal consolidation on unemployment and job market flows across EU countries using …
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This paper analyses the adjustment mechanism in the euro area prior to the crisis. Results show that the real exchange rate adjusted to redress cyclical divergences and that after monetary unification, real exchange rate dynamics became less reactive to country-specific shocks but also less...
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The cyclically adjusted budget balance (CAB) plays a key role in the EU fiscal surveillance framework. It started off … partly met. The everyday practice of the EU fi scal surveillance rapidly revealed a number of caveats of the CAB which, at … fortunes of the CAB in the EU fiscal surveillance framework. It portrays its main shortcomings and the way they are dealt with …
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each other, it is often claimed that the EU fiscal framework, by reducing the budgetary room for manoeuvre and the … empirical evidence supporting this argument. In a sample of EU-15 countries over the past three decades, the introduction of the …
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