Based on a panel data model this paper investigates whether the effects of fiscal policy on national saving in Europe have changed after the Maastricht Treaty came into force. Recently Giavazzi, Jappelli and Pagano (2000) found evidence that national saving responds nonlinearly to fiscal policy...

This paper analyzes the effectiveness of the tax and transfer systems in the European Union and the US to act as an automatic stabilizer in the current economic crisis. We find that automatic stabilizers absorb 38 per cent of a proportional income shock in the EU, compared to 32 per cent in the...

Ein allgemein verständliches Werk über Staatsschulden von einem Wirtschaftswissenschaftler und einem Wirtschaftsjournalisten, das auf Staatsverschuldung, auf die Geschichte des Defizits in Deutschland im Allgemeinen und in der jüngsten Finanzkrise im Besonderen eingeht. 1/3 des Buches geht...

Monetary Issues: Monetary Unions: Between International Trade and National Sovereignty -- Why a Monetary Union?- Monetary Policy in a Monetary Union: Lessons from Simple Models -- Institutions and Monetary Policy -- Fiscal Issues: Government Deficits, Transfers and Debt -- Fiscal Policies in a...