In dieser Arbeit werden die Implikationen der Maastrichter Budgetkriterien für die Verschuldungsautonomie der deutschen Gebietskörperschaften untersucht. Es werden zunächst die qualitativen und quantitativen Unterschiede zwischen den europarechtlichen und den geltenden bundesdeutschen...

In the wake of the euro area crisis, the debate on instruments to deepen economic integration among its members has intensified, among others putting forward a fiscal stabilization capacity for EMU members. Contributions made so far to further this idea have mostly concentrated on the...

This paper presents a framework for analysing the evolution of the structural government deficit estimated using the official EU methodology relevant for the Stability and Growth Pact. The focus of our framework lies in the analysis of the main driving forces of changes in estimated structural...

The large Public Sector Purchase Programme (PSPP) which the ECB started in 2015 on the basis of monetary policy purposes, had major side-effects on fiscal policy. One concerns the programme´s uncommon seigniorage effects. We find that the PSPP not only led to partly negative seigniorage gains,...