This paper deploys a simple stock-flow consistent (SFC) model in order to examine various contentions regarding fiscal and monetary policy. It follows from the model that if the fiscal stance is not set in the appropriate fashionthat is, at a well-defined level and growth ratethen full...

The coexistence in EMU of one common monetary policy and several domestic fiscal policies raises a number of problems of both academic and political interest. First, there are reasons to assess a hypothetical need to also centralise fiscal policies in such circumstances, according to what...

Stabilisierungsfonds haben in den vergangenen Jahren, insb. während der letzten Energie- und Rohstoffpreishausse bis zum Sommer 2008, an Bedeutung gewonnen. In diesem Beitrag wird der Frage nachgegangen, welche strategische Rolle diese Fonds für die makroökonomische Governance von Ländern...

This paper offers a framework to study commitment and cooperation issues in games with multiple policymakers. To reconcile some puzzles in the recent literature on the nature of policy interactions among nations, we prove that games characterized by different commitment and cooperation schemes...

The collapse of the American financial system following the sub-prime bubble and the ensuing global financial crisis have shown the fallacy of market fundamentalism. There is a now an urgent need to return to a more balanced view: modern capitalist economies are resilient precisely because they...