We study the relationship between the change in the cyclically-adjusted primary balance and the change in the output gap. The former variable is taken as an indicator of discretionary fiscal policy. The latter is an indicator of cyclical conditions. We use panel data for the euro area and data...

La crise de la zone euro perdure et menace son existence-même. Est-ce que l’on peut effacer les dettes publiques des pays en grande difficulté, pour les aider à redresser la situation économique plus rapidement et moins douloureusement ? Est-ce que l’on peut mettre en place des...

We study the relationship between the change in the cyclically-adjusted primary balance (an indicator of discretionary fiscal policy) and the change in the output gap (an indicator of cyclical conditions). We use panel data for the euro area and data for 20 individual OECD countries, for the...

We build a two-country open-economy monetary union DSGE model in order to explain some macroeconomic imbalances in the euro area. We fo cus on the role of cyclic al behaviour of public spending and sovereign risk premium. Pro-cyclical primary public expenditures in one country do not lead to...

[eng] This paper analyzes how monetary and fiscal policy rules can achieve macroeconomic stabilization in a two-country model of an economic and monetary union. Three specific factors play a role in absorbing the effects of macroeconomic shocks : (i) the degree of flexibility of economic-policy...

La crise de la zone euro perdure et menace son existence-même. Est-ce que lâon peut effacer les dettes publiques des pays en grande difficulté, pour les aider à redresser la situation économique plus rapidement et moins douloureusement ? Est-ce que lâon peut mettre en place des...