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A simple and flexible alternative to Stability and Growth Pact deficit ceilings. Is it at hand?
Muscatelli, Vito A.; Natale, Piergiovanna; Tirelli, Patrizio - In: European Journal of Political Economy 28 (2012) 1, pp. 14-26
We model a monetary union where fiscal discretion generates excessive debt accumulation in steady state and inefficiently delayed debt adjustment following shocks. By setting a debt target and raising the political cost of deviating from the optimal pace of debt reversal¸ institutional design...
Persistent link: https://www.econbiz.de/10011056280
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The European Stability Pact and Feedback Policy Effects
Creel, Jérôme - In: Journal of Economic Integration 17 (2002), pp. 570-595
With a two-country dynamic model in a monetary union with wealth private behaviors, we study the implications of public debt on monetary and fiscal policies. The model used has Keynesian features in the short run and Wicksellian ones in the long run. We analyse the effects of asymmetric fiscal...
Persistent link: https://www.econbiz.de/10010840696
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Is Europe going far enough? Reflections on the Stability and Growth Pact, the Lisbon strategy and the EUÕs economic governance
Collignon, Stefan - In: European Political Economy Review 1 (2003) Autumn, pp. 222-247
EuropeÕs economic governance is not only highly complex, but also increasingly inefficient and unsustainable in the long run. This conclusion is reached from the theory of collective action and the difficulties in democratic legitimacy. The solution would be the creation of a European...
Persistent link: https://www.econbiz.de/10005125208
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Analysis of Fiscal Rules in the European Monetary Union
Šehović, Damir - In: Journal of Central Banking Theory and Practice 4 (2015) 1, pp. 19-33
The EMU fiscal system is specific in many areas compared to other classic fiscal systems of national states. Specific … features mainly reflect in the implementation of economic policy within the EMU which is carried out by combining a common … internal market. Finally, the third segment refers to the fiscal policy coordination of the EMU member states related to …
Persistent link: https://www.econbiz.de/10011165894
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Analysis of Fiscal Rules in the European Monetary Union
Šehović, Damir - In: Journal of Central Banking Theory and Practice 4 (2015) 1, pp. 19-33
The EMU fiscal system is specific in many areas compared to other classic fiscal systems of national states. Specific … features mainly reflect in the implementation of economic policy within the EMU which is carried out by combining a common … internal market. Finally, the third segment refers to the fiscal policy coordination of the EMU member states related to …
Persistent link: https://www.econbiz.de/10012217803
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Sustainability of EU Fiscal Policies: a Panel Test
Claeys, Peter - In: Journal of Economic Integration 22 (2007), pp. 112-127
The fiscal policy rule implicit in the Stability and Growth Pact, has been rationalised as a way to ensure that national fiscal policies remain sustainable within the EU, thereby endorsing the independence of the ECB. We empirically examine the sustainability of European fiscal policies over the...
Persistent link: https://www.econbiz.de/10009392000
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Fiscal Policies and Monetary Leadership in a Monetary Union with a Deficit-Concerned Central Bank
Chortareas, Georgios; Mavrodimitrakis, Christos - In: Central European Journal of Economic Modelling and … 3 (2011) 1, pp. 1-24
We consider fiscal and monetary policy interactions in a monetary union under monetary leadership, when the common central bank is concerned with the average fiscal stance of the union. We use a static two-country monetary union model to investigate the policy-mix problem under different regimes...
Persistent link: https://www.econbiz.de/10009395417
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Towards a Balanced Policy Mix under EMU: Co-ordination of Macroeconomic Policies and ‘Economic Government’?
Belke, Ansgar - In: Journal of Economic Integration 17 (2002), pp. 21-53
-up under EMU? Starting from the episode of the repo rate cut by the ECB in early 1999, it is asked what would have happened …
Persistent link: https://www.econbiz.de/10010840791
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The effects of uncertainty about countries’ compliance with the Stability and Growth Pact
Ferré, Montserrat - In: Journal of Policy Modeling 34 (2012) 5, pp. 660-674
The Stability and Growth Pact (SGP) was established to govern discretionary fiscal policy in the European Monetary Union. This article studies the effects created when there is uncertainty about the members’ commitment to respecting the established deficit limits in the SGP. We will show that,...
Persistent link: https://www.econbiz.de/10010594849
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Alternatives to Renew Monetary Policy and the Stability and Growth Pact in the Euro Area
Kertész, Krisztián - In: Public Finance Quarterly 59 (2014) 3, pp. 367-383
Due to radical fiscal adjustments and the overdue monetary easing, the lag of the European economy behind the United States has grown by more than 7 per cent in the past five years, although the source of the crisis was not the EU but the US. The efficient method of crisis management would be if...
Persistent link: https://www.econbiz.de/10010938999