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Fiscal consolidation in the euro area: long-run benefits and short-run costs.

Coenen, Günter; Mohr, Matthias; Straub, Roland - 2008

-Wide Model (NAWM), a two-country open-economy model of the euro area developed at the European Central Bank (cf. Coenen et al …

Persistent link: https://www.econbiz.de/10011604948

Fiscal Discipline and Stability under Currency Board Systems

Grimm, Oliver - 2007

In economic discussions, currency board systems are frequently described as arrangements with self-binding character to the monetary authorities by their strict rules and establishments by law. Hard pegs and especially currency boards are often seen as remedies to overcome economic and financial...

Persistent link: https://www.econbiz.de/10011753130

Fiscal policy rules in practice

Thams, Andreas - 2007

This paper analyzes German and Spanish fiscal policy using simple policy rules. We choose Germany and Spain, as both are Member States in the European Monetary Union (EMU) and underwent considerable increases in public debt in the early 1990s.We focus on the question, how fiscal policy behaves...

Persistent link: https://www.econbiz.de/10010263682

How to restore sustainability of the Euro?

Alho, Kari E. O. - 2011

We reassess the result of unsustainability of the euro with respect to inflation differentials claimed by Wickens (2007 … rules so that the sustainability of the euro area and the member countries is reached over time with respect to supply and … developments within the euro area. …

Persistent link: https://www.econbiz.de/10010326893

Europe's debt crisis, coordination failure, and international effects

Collignon, Stefan - 2012

. It finds that political mishandling has increased uncertainty, which has contributed to a tendency for the euro to become …

Persistent link: https://www.econbiz.de/10010397341

Major public debt reductions: Lessons from the past, lessons for the future

Nickel, Christiane; Rother, Philipp; Zimmermann, Lilli - 2010

The financial crisis of 2008/2009 has left European economies with a sizeable public debt stock bringing back the question what factors help to reduce these fiscal imbalances. Using data for the period 1985-2009 this paper identifies factors determining major public debt reductions. On average,...

Persistent link: https://www.econbiz.de/10011605287

Rotten parents and disciplined children: A politico-economic theory of public expenditure and debt

Song, Zheng; Storesletten, Kjetil; Zilibotti, Fabrizio - 2008

This paper proposes a dynamic politico-economic theory of debt, government finance and expenditure. Agents have preferences over a private and government-provided public good, financed through labour taxation. Subsequent generations of voters choose taxation, government expenditure and debt...

Persistent link: https://www.econbiz.de/10010287737

The effects of fiscal policy in a small open economy with a fixed exchange rate: The case of Denmark

Ravn, Søren Hove; Spange, Morten - 2012

We study the empirical effects of fiscal policy in Denmark since the adoption of a fixed exchange rate policy in 1982. We demonstrate that fiscal stimulus has a rather large impact on economic activity in the very short run, with a government spending multiplier of 1.3 on impact in our preferred...

Persistent link: https://www.econbiz.de/10010321199

Fiscal consolidation strategy

Cogan, John F.; Taylor, John B.; Wieland, Volker; … - 2012

In the aftermath of the global financial crisis and great recession, many countries face substantial deficits and growing debts. In the United States, federal government outlays as a ratio to GDP rose substantially from about 19.5 percent before the crisis to over 24 percent after the crisis. In...

Persistent link: https://www.econbiz.de/10010311794

Fiscal consolidation and its growth effects in euro area countries: Past, present and future outlook

Heimberger, Philipp - 2024

reduce the fiscal deficit and public debt) in euro area (EA) countries. The focus is on analysing the growth effects of …-2009); and the euro crisis (with a specific focus on the 2011-2013 period). The empirical evidence on the growth effects of … strong and persistent during the euro crisis. With regard to the austerity outlook, I show that, beginning in 2025, EA …

Persistent link: https://www.econbiz.de/10015077778

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