Ende Januar einigten sich 25 EU-Staaten in einem Fiskalpakt auf Schuldenbremsen, die sie auf eine Politik des ausgeglichenen Haushalts festlegen. Für den Fall von Abweichungen soll ein automatischer Korrekturmechanismus in die Regelungen integriert werden. Die Einfügung von Schuldenbremsen in...

This paper investigates how expectations about future government spending affect the transmission of fiscal policy shocks. We study the effects of two different types of government spending shocks in the United States: (i) spending shocks that are accompanied by an expected reversal of public...

Using regionally disaggregated data on economic activity, we show that risk sharing plays a key role in shaping the real effects of monetary policy. With weak risk sharing, monetary policy shocks trigger a strong and durable response in output. With strong risk sharing, the response is...

After the financial and economic crisis in Europe, a broad consensus has emerged that a stronger fiscal dimension may be needed to complete the architecture of Economic and Monetary Union (EMU). This paper analyses the performance of interregional transfers in existing fiscal-federal systems,...

In response to the economic fallout from the coronavirus (COVID-19) pandemic, the European Council agreed on the Next Generation EU (NGEU) instrument. NGEU allows the European Commission to issue debt to finance grants and loans to EU Member States, with the disbursement of funds intended to be...

We assess the fiscal behaviour in the European Union countries for the period 1990-2005 via the responsiveness of budget balances to several determinants. The resultsshow that the existence of effective fiscal rules, the degree of public spendingdecentralization, and the electoral cycle can...

In diesem Beitrag werden einige finanzwissenschaftliche Anmerkungen zu den Vorteilen einer Länderfusion von Hamburg und Schleswig-Holstein getroffen und in den Kontext der bestehenden Finanzverfassung gestellt. Eine Länderfusion von Hamburg und Schleswig-Holstein verspricht unter anderem...

This study examines reforms of public expenditure in industrialised countries over the past two decades. We distinguish ambitious and timid reformers and analyse in detail reform experiences in eight case studies of ambitious reform episodes. We find that ambitious reform countries reduce...

Recent literature has emphasized that redistributive grant systems may tend to internalize fiscal externalities arising from tax competition. This paper further explores the conditions under which local grant systems enforced by the state government will enhance efficiency. A system of...