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...

This paper attempts at providing a survey of the different models of individual decision making within the household. The first section reviews the traditional approach to household decision making and emphasize its weaknesses. In addition to the standard assumption of selfish agents, other...

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...

We use a structural VAR model with short-term restrictions to investigate the relative importance of interest rate, exchange rate and credit channels in the monetary policy transmission (MPT) for the Czech Republic, Hungary and Poland over 1993:1-2004:3. Main results are as follows. First, in...

Why since at least two decades macroeconomic policies have been so active in the US and so passive in Europe? I contend that social norms have changed and that the new norms call for a greater degree of inequality. Then macroeconomic policies have to be active in the United States and passive in...

Cet article s’intéresse à l’incidence fiscale particulière induite par la retraite par répartition. Il s’agit de comprendre comment les logiques de financement et de versement de pensions affectent l'équilibre macroéconomique dans ses aspects transitoires et de long terme. Nous...

In this paper, we develop an analysis of the reasons for the apparent failure of the “Lisbon strategy” (2000) so far. After having made the general case for a comprehensive “institutionalist perspective” on the European economy, we first try to formalise the objectives of “Lisbon” in...

Cet article présente un bilan des performances économiques de l’économie suédoise depuis 1970. La première partie est consacrée à l’étude de l’évolution des caractéristiques de la Suède du point de vue de la spécialisation sectorielle, des échanges commerciaux, des...

An assessment of the conduct of monetary policy in Europe must necessarily be made along two distinct and complementary lines. The first is a comparison with the policies followed in the past. The second line has to assess whether monetary policy is adapted to the new conditions that came into...

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