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forecasts of budget deficits. Yet national accounts data of the eurozone countries are now a reliable basis for macroeconomic … policy decisions. The stability and growth pact of the eurozone countries relies heavily on one indicator of fiscal … eurozone governments. …
Persistent link: https://www.econbiz.de/10005069043
We analyse the effectiveness of fiscal policy rules for business cycle stabilisation in a monetary union using a quarterly macro-econometric model of Germany. The simulations compare a deficit target and an expenditure target under a range of supply, demand and fiscal shocks. Their effects are...
Persistent link: https://www.econbiz.de/10005068913
Persistent link: https://www.econbiz.de/10005345656
This paper evaluates whether the 2011 national stability programs (SPs) of the euro area countries are instrumental in achieving economic stability in the European Monetary Union (EMU). In particular, we analyze how the SPs address the double challenge of public deficits and external imbalances....
Persistent link: https://www.econbiz.de/10009352252
In this paper we investigate the roots, nature and consequences of the exit strategies that have already been implemented or are likely to be implemented in the EMU countries after the financial and economic crisis. We show that there is a deflationary bias in the current institutional...
Persistent link: https://www.econbiz.de/10009020224
We study the real business cycles in China between 1954-2006, and examine the changes after China’s market-oriented reforms starting in 1978. We overcome some data problems and find that the economic volatility is generally moderated after 1978. However, the relative volatility of each...
Persistent link: https://www.econbiz.de/10008562616
Over last decades the study of fiscal policy rules has attracted a growing attention from researchers and policy-makers. The case of European Monetary Union is a clear example. However, even before its inception, the Stability and Growth Pact has been a source of inspiration for a large number...
Persistent link: https://www.econbiz.de/10005039566
This paper explains the early U.S. Department of Commerce estimates of national income and product during the 1930s and 1940s, focusing on how both economic theory and the needs of policymakers influenced the methods and concepts used. The paper explores the debate between Simon Kuznets, author...
Persistent link: https://www.econbiz.de/10011257743
Persistent link: https://www.econbiz.de/10005037304
The euro crisis was typically presented as excessive fiscal deficits leading to the accumulation of unsustainable public debts. This diagnosis applied most notably in Greece and Italy, but also Portugal and Spain. Implicit in much of the analysis, and occasionally explicit, was the suggestion...
Persistent link: https://www.econbiz.de/10010849649