Wir argumentieren in diesem Artikel, dass der Stabilitäts- und Wachstumspakt und seine Anwendung auf Basis der in den letzten Jahren gewonnenen Erfahrungen weiterentwickelt werden sollten. Dabei sollte man sich auf die ökonomische Zielsetzung und den ursprünglichen inhaltlichen Kern des...

This paper investigates within a SVAR framework the effects of anticipated monetary policy in the euro area. Building on a procedure recently proposed by Cochrane yielding the response of output to an anticipated monetary policy impulse, we show that in the past twenty years anticipated monetary...

Keynesian theory suggests that a reduction in government expenditure has a negative effect on private demand and therefore on output. Contrary, neoclassical theory argues that reduced public expenditure makes room for an expansion of the private sector and thus has a stimulating effect on the...

This paper investigates within a SVAR framework the effects of anticipated monetary policy in the euro area. Building on a procedure recently proposed by Cochrane yielding the response of output to an anticipated monetary policy impulse, we show that in the past twenty years anticipated monetary...