This paper uses the SVAR methodology to investigate the effects of public investment on growth, and more specifically, the effects of the introduction of a golden rule of public finance. We extend the existing literature by estimating a model of the British economy that takes into account long...

This paper reviews the arguments for and against the ‘Stability and Growth Pact’ signed by the countries of the Euro area. We find the theoretical debate to be inconclusive, as both externality and credibility arguments can be used to yield opposite, and equally plausible conclusions. We...

This paper argues that the European Union has gone farther than any other country or institution in internalizing the prescriptions of the Washington Consensus. Embedding neo-liberal principles in the treaties defining its governance, the EU has enshrined a peculiar doctrine within its...

This paper aims at giving a theoretical background to the, some- times observed, puzzling inverse correlation between the degree of de- centralization and economic growth. We provide evidence that there is some interaction between decentralization and corruption in ex- plaining growth. Within an...

This paper aims at providing a quantitative assessment of different proposals for reforming the Stability and Growth Pact by extending a counterfactual experiment performed in Eichengreen and Wyplosz (1998). Using estimated coefficients from a reduced form model, we simulate the path of the...

The “fiscal theory of the price level” (FTPL; Woodford, 1995 and 2001) marks the revival of interest for fiscal policy, after the long blackout that followed the crisis of Keynesian economics. Among the causes of this revival, an important role was played by the dramatic drop in US public...

This paper uses a SVAR methodology to investigate the effects of public investment on growth, and more specifically, the effects of the introduction of a golden rule. We extend the existing literature by estimating a model of the British economy that takes into account long run factors. This...

L'analyse économique offre deux visions distinctes de la notion de concurrence, que l'on peut faire correspondre plus largement à deux écoles d'appréhension des phénomènes économiques. Dans l'analyse traditionnelle, tout d'abord, la concurrence est définie et étudiée comme un état du...

Face au ralentissement des ventes de véhicules, le « Pacte automobile » mobilise 9 milliards d’euros pour venir en aide aux constructeurs français. L’enjeu est triple : soutenir à court terme la demande et l’emploi, assurer l’avenir d’une industrie stratégique au regard des...