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From Deficit Delusion to the Fiscal Balance Rule

International Monetary Fund - 1989

Although the deficit is a useful construct for Keynesian analyses of fiscal policy, the deficit appears to be a less useful measure of fiscal policy within all but a restricted class of intertemporal neoclassical models. This paper suggests that the nature of deficits in a simple certainty model...

Persistent link: https://www.econbiz.de/10014396350

Economic and Monetary Union in Europe and Constraintson National Budgetary Policies

International Monetary Fund - 1990

This paper reviews the pros and cons of institutionalized constraints limiting the freedom of national budgetary policies within an Economic and Monetary Union (EMU) in Europe. The issue is approached from three angles: the influence of EMU on (i) budget discipline; (ii) intergenerational equity...

Persistent link: https://www.econbiz.de/10014396369

Government Bonds and their Investors : What Are the Facts and Do they Matter?

Andritzky, Jochen R. - 2012

This paper introduces a new dataset on the composition of the investor base for government securities in the G20 advanced economies and the euro area. During the last decades, investors from abroad have increased their presence in government bond markets. The financial crisis broke this trend....

Persistent link: https://www.econbiz.de/10014396395

The Relevance of Fiscal Conditions for the Success of European Monetary Integration

International Monetary Fund - 1989

The paper argues that international differences in fiscal conditions influence the relative attractiveness of locating production facilities in different countries and could prove to be a troublesome source of instability for the European economies. Even though physical capital movements tend to...

Persistent link: https://www.econbiz.de/10014396443

Seigniorage in the EC : The Implications of the EMS and Financial Market Integration

International Monetary Fund - 1989

The paper measures the effects of the integration of European financial markets and lower inflation in the EMS on the revenue from seigniorage for the EC member countries with particular focus on the high inflation countries. Assuming that by 1992 all EC members participate fully in the EMS and...

Persistent link: https://www.econbiz.de/10014396444

Fiscal Policy Independence in a European Monetary Union

International Monetary Fund - 1990

The issue of whether constraints should be placed on fiscal policies when moving to European monetary union is examined in the context of the use of fiscal policy for macroeconomic stabilization purposes. Examples of shocks hitting French and German economies are considered: an appreciation of...

Persistent link: https://www.econbiz.de/10014396463

Credibility of Policies Versus Credibility of Policymakers

Masson, Paul R. - 1994

Standard models of policy credibility, defined as the expectation that an announced policy will be carried out, emphasize the preferences of the policymaker, and the role of tough policies in signalling toughness and raising credibility. Whether a policy is carried out, however, will also...

Persistent link: https://www.econbiz.de/10014396480

Evaluating the EMS and EMU Using Stochastic Simulations : Some Issues

Masson, Paul R. - 1993

Evaluations of European monetary integration using model simulations have given conflicting results, and the paper attempts to elucidate the reasons for the differences. Several features stand out: how to model realignments; how monetary policy is set for individual countries or for Europe; and...

Persistent link: https://www.econbiz.de/10014396519

Productivity Growth and Structural Reform in Bulgaria : Restarting the Convergence Engine

Pouvelle, Cyril - 2012

Labor productivity levels in Bulgaria lag well behind that in the EU, weighing on the convergence process. Stronger … productivity growth would allow Bulgaria to close the income gap with the EU average more quickly and to alleviate the structural … productivity suggest that for Bulgaria closing the gap with EU standards in the areas of institutional and infrastructure quality …

Persistent link: https://www.econbiz.de/10014396587

Clarity of Central Bank Communication About Inflation

Bulir, Ales - 2012

This paper examines whether the clarity of central bank communication about inflation has changed with the economic environment. We use readability statistics and content analysis to study the clarity of communication on the inflation outlook by seven central banks between 1997 and 2010....

Persistent link: https://www.econbiz.de/10014396893