Summary This paper examines the spillovers of domestic fiscal expansion in a monetary union. Such a policy action leads to cross-country crowding-out effects on the one hand and cross-country multiplier effects on the other. The overall effect is indeterminate a priori. The approach pursued is...

Zusammenfassung Dieser Beitrag liefert einen Uberblick über die Bedeutung asymmetrischer makroökonomischer Strukturen in den EWU Mitgliedsländern für die einheitliche Geldpolitik. Zunächst wird im Rahmen eines Modells illustriert, welche grundsätzliche Bedeutung asymmetrischen...

Zusammenfassung Der Beitrag analysiert die kurz-, mittel- und langfristigen Wirkungen antizipierter angebotsorientierter Politikmaßnahmen im Rahmen eines dynamischen Modells für eine Währungsunion, das durch perfekte Voraussicht, Sattelpunktstabilität und importierte Vorleistungen...

Summary The OMT programme has been strongly criticized as being incompatible with the ECB’s mandate. Applying standard lender of last resort (LoLR) theory in the assessment of the OMT we find that when de facto operating as a LoLR for governments, the ECB is as much is line with its mandate as...

Abstract The paper investigates the impact of automatic horizontal fiscal transfers on risk sharing and consumption smoothing in a 2-country DSGE model of monetary union. In particular, it uses the Asdrubali et al. (1996) approach to quantify and decompose the strength of consumption...

The main characteristic of the French local tax system undoubtedly resides in a convoluted structure which impedes any progress in the development of tax competition between local authorities. On the contrary, recent legislative evolutions make obvious a trend of recentralization of the French...