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Saving Europe? : the unpleasant arithmetic of fiscal austerity in integrated economies
Mendoza, Enrique G.; Tesar, Linda L.; Zhang, Jing - 2014
What are the macroeconomic effects of tax adjustments in response to large public debt shocks in highly integrated economies? The answer from standard closed-economy models is deceptive, because they underestimate the elasticity of capital tax revenues and ignore crosscountry spillovers of tax...
Persistent link: https://www.econbiz.de/10010426560
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Saving Europe? : the unpleasant arithmetic of fiscal austerity in integrated economies
Mendoza, Enrique G.; Tesar, Linda L.; Zhang, Jing - 2014
Europe's debt crisis casts doubt on the effectiveness of fiscal austerity in highly-integrated economies. Closed …
Persistent link: https://www.econbiz.de/10010463574
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Saving Europe? : The Unpleasant Arithmetic of Fiscal Austerity in Integrated Economies
Mendoza, Enrique G. - 2014
What are the macroeconomic effects of tax adjustments in response to large public debt shocks in highly integrated economies? The answer from standard closed-economy models is deceptive, because they underestimate the elasticity of capital tax revenues and ignore cross-country spillovers of tax...
Persistent link: https://www.econbiz.de/10013043953
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The golden rule of public investment : a necessary and sufficient reform of the EU fiscal framework?
Truger, Achim - 2016
instrument within European macroeconomic policies: Recent experiences with austerity policies, new research regarding the size of … proposes the introduction of the traditional public finance golden rule into the EU/Eurozone fiscal framework (Stability and … assessments: Would a golden rule have prevented the austerity crisis since 2010? Would other expenditure categories - particularly …
Persistent link: https://www.econbiz.de/10011477456
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How to starve the beast: fiscal and monetary policy rules
Martin, Fernando M. - 2019
worth about 2% of consumption. Austerity programs should be sudden instead of gradual, and focus on lowering revenue to …
Persistent link: https://www.econbiz.de/10012137093
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Investment and the golden rule in the European Union
Marinescu, Ada Cristina - In: Financial studies 22 (2018) 1, pp. 53-63
We will study in this paper the relation between public investment, public debt and fiscal rules in the European Union countries. The strict fiscal rules imposed by EU have negatively affected the investments. The decline in public investment in European Union is related to the fiscal rules...
Persistent link: https://www.econbiz.de/10011964940
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Which is the optimal fiscal rule in a monetary union? : targeting the structural, the global budgetary deficit, or the public debt?
Menguy, Séverine - In: Cogent economics & finance 2 (2014) 1, pp. 2-20
The aim of our paper is to contribute to the debate on optimal fiscal rules in a monetary union: in terms of global budgetary deficit, of structural budgetary deficit, or of public debt. Indeed, these rules seem to be mixed in the framework of the European Economic and Monetary Union, with the...
Persistent link: https://www.econbiz.de/10010482338
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Fiscal Consolidation in the Euro Area : Long-Run Benefits and Short-Run Costs
Coenen, Günter - 2008
In this paper, we examine the macroeconomic effects of alternative fiscal consolidation policies in the New Area-Wide Model (NAWM), a two-country open-economy model of the euro area developed at the European Central Bank (cf. Coenen et al., 2007). We model fiscal consolidation as a permanent...
Persistent link: https://www.econbiz.de/10012772045
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Debt Targets and Fiscal Consolidation in a two-country HANK model for the Euro Area
Chen, Xiaoshan; Lazarakis, Spyridon; Varthalitis, Petros - 2023
This paper builds a two-country Heterogenous Agents New Keynesian (HANK) model for the Euro Area (EA). The two countries differ in the degree of public indebtedness, i.e., the Periphery has a relatively higher public debt-output ratio vis-à-vis the Core. The model captures some key features of...
Persistent link: https://www.econbiz.de/10014255769
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Predicting Fiscal Crises
Cerovic, Svetlana - 2018
This paper identifies leading indicators of fiscal crises based on a large sample of countries at different stages of development over 1970-2015. Our results are robust to different methodologies and sample periods. Previous literature on early warning sistems (EWS) for fiscal crises is scarce...
Persistent link: https://www.econbiz.de/10012912485