One key objective of tax‐based fiscal consolidations which is too often disregarded in publicdebate is to minimise economic distortions. This paper uses a computable generalequilibrium model to gauge these potential distortions by calculating the marginal cost ofpublic funds (MCF) for EU...

Die auf den Landwirtschaftsbereich begrenzten multilateralen Handelsverhandlungen wurden im März 2000 wieder aufgenommen. Wie im Artikel 20 des Agrarübereinkommens vorgesehen, entsprechen sie den Auflagen aus der WTO-Agenda, auf die sich die Mitgliedsländer in Marrakesch am 15. April 1994 bei...

Chinese accession to the WTO will give it the right to participate in the current agriculturalnegotiations. An obvious question is whether China’s accession is likely to make agreementin the agricultural negotiations easier or more difficult. China’s WTO membership will affectthe alliances...

This is a survey on the recent game theoretic literature on committee decision making. We consider theoretical work on the role of (i) strategic voting, (ii) costly information acquisition, (iii) conflicting interests, and (iv) communication in committees. Moreover, we review recent experimental...

This paper investigates the in inflationary effects of fscal policy in an optimizing general equilibrium monetary model with capital accumulation, exible prices and wealth effects. The model is calibrated to Euro Area quarterly data. Simulation results show that government defcits, high debt...

This paper examines the feasibility of implementing Linear Quadratic Gaussian (LQG) Control in structural cointegrated VAR models and sheds some light on the two major problems generated by such implementation. The first aspect to be taken into account is the effect of the presence of unit roots...

A two-country sticky-price model is used to analyse the interactions between fiscal and monetary policy. The role of an u0091activistu0092 fiscal policy as a stabilisation tool is considered and a measure of the welfare gains from international fiscal policy cooperation is derived. It is found...

This paper investigates the performance of optimised interest rate rules when there is uncertainty about a key determinant of the monetary transmission mechanism, namely the degree of persistence characterising the inflation process. The paper focuses on the euro area and utilises two variants of...