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Fiscal Policy and Monetary Integration in Europe : An Update

Candelon, Bertrand - 2011

By distinguishing between discretionary and non-discretionary fiscal policy, this paper analyses the stability of fiscal rules for EMU countries before and after the Maastricht Treaty. Using both Instrumental Variables and GMM techniques, it turns out that discretionary fiscal policy has...

Persistent link: https://www.econbiz.de/10013133741

Over-Optimistic Official Forecasts in the Eurozone and Fiscal Rules

Frankel, Jeffrey A. - 2012

. The members of the eurozone are supposedly constrained by the fiscal caps of the Stability and Growth Pact. Yet ever since …:•Governments' budget forecasts are biased in the optimistic direction, especially among the Eurozone countries, especially when they have …-optimistic during booms.•Despite the well-known tendency of eurozone members to exceed the 3% cap on budget deficits, often in …

Persistent link: https://www.econbiz.de/10013102194

EMU Fiscal Rules : A New Answer to an Old Question?

Balassone, Fabrizio - 2012

EMU fiscal rules aim at ensuring sound fiscal policies in EU Member States while allowing sufficient margins for stabilisation policy. The Treaty of Maastricht and the Stability and Growth Pact introduced a detailed framework of rules, surveillance procedures and sanctions that are tighter than...

Persistent link: https://www.econbiz.de/10013104479

Searching for the Optimal EMU Fiscal Rule : An Ex-Post Analysis of the SGP Reform Proposals

Biraschi, Paolo - 2009

Over last decades the study of fiscal policy rules has attracted a growing attention from researchers and policy-makers. The case of European Monetary Union is a clear example. However, even before its inception, the Stability and Growth Pact has been a source of inspiration for a large number...

Persistent link: https://www.econbiz.de/10013159059

Monetary and Fiscal Policy Rules in the EMU

Huart, Florence - 2020

This paper studies the design and effects of monetary and fiscal policy in the euro area. To do so, a stylized two‐region model of monetary and fiscal policy rules in the EMU is built. We analyse how monetary and fiscal rules affect the adjustment dynamics in the model. Both the effects on the...

Persistent link: https://www.econbiz.de/10012838533

The Stability and Growth Pact, Fiscal Policy Institutions, and Stabilization in Europe

Marinheiro, Carlos Fonseca - 2008

Ever since its inception EMU has been subject to controversy. The fiscal policy rules embedded in the Treaty on European Union, and clarified in the Stability and Growth Pact (SGP), are probably the most contentious. The SGP as always being accused of being too rigid and of forcing...

Persistent link: https://www.econbiz.de/10012726220

Post-COVID fiscal rules : a central bank perspective

Hauptmeier, Sebastian; Leiner-Killinger, Nadine; … - 2022

Regarding a prospective reform of the European Stability and Growth Pact (SGP) it seems rather consensual that a simplified framework should take account of the prevailing macroeconomic context and enhance the balancing of sustainability and stabilisation considerations. This paper provides...

Persistent link: https://www.econbiz.de/10012939717

Discretionary Fiscal Policy in the Euro Area : Past, Present and Future

Caprioli, Francesco - 2017

The depth and the length of the recent crisis prompted a more positive re-assessment of a countercyclical fiscal stance, especially in the euro area. Against this background, we look at discretionary fiscal policy in the euro area from three different perspectives. First, we provide evidence...

Persistent link: https://www.econbiz.de/10012943372

Fiscal targeting

Barnichon, Régis; Mesters, Geert - 2021

Persistent link: https://www.econbiz.de/10012820941

Do Subnational Fiscal Rules Foster Fiscal Discipline? New Empirical Evidence from Europe

Kotia, Ananya - 2016

This paper studies how fiscal rules interact with the intergovernmental fiscal framework to foster fiscal discipline among European subnational governments. We use political variables describing the fiscal attitudes of the central government as instruments to obtain consistent estimates of the...

Persistent link: https://www.econbiz.de/10012977755