Eine kurze Geschichte der Geldpolitik -- Die Institutionen der Geldpolitik -- Der geldpolitische Auftrag – multiple Ziele oder klarer Fokus? -- Fokussierte Politik mit herkömmlichen Mitteln -- Ein Alternativmodell: die Stabilisierung des langfristigen Zinses -- Welcher Zins ist fest im...

This paper proposes an approach to assess the extent of automatic fiscal stabilisation of aggregate household disposable income after a specific shock. The approach is based on the national account identity of household disposable income and elements of the OECD methodology to cyclically adjust...

Building on the automatic fiscal stabilisers literature, this paper assesses how automatic stabilisers have evolved over the past two decades by analysing changes in the personal income tax and social benefit systems. In three-quarters of the 35 OECD countries analysed, indicators of the...

This study applies Taylor's (2000) proposed fiscal rule to EU-15 countries. We show that such a simple, flexible and transparent fiscal rule, if applied to individual EMU countries, could improve the enforceability of the Stability and Growth Pact. This rule is used to compute the structural...