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Getting Back on Track: Restoring Fiscal Sustainability in Ireland

Haugh, David - Economics Department, Organisation de Coopération et … - 2011

Ireland’s banking crisis, one of the most severe in the OECD area, and the associated economic recession have taken a heavy toll on public finances. Large public deficits have accumulated since 2008 and net public debt, which had been eliminated, has soared once again. The rapid deterioration...

Persistent link: https://www.econbiz.de/10009364451

Fiscal policy within a common currency area : growth implications in the light of neoclassical theory

Konopczyński, Michał - In: Contemporary economics 7 (2013) 3, pp. 5-16

We examine the long-run impact of fiscal policy on economic growth under the conditions of an economic and monetary union (EMU). The analysis is based on the neoclassical growth model of a small (in economic terms) open economy in an EMU. The core assumptions are perfect capital mobility, which...

Persistent link: https://www.econbiz.de/10010228515

Fiscal rules for sub-central governments, update of the institutional indicator

Leyen, Kaja von der - 2013

Fiscal rules that constrain sub-central government (SCG) budgeting are very common across the OECD, but there are substantial cross-country differences in their implementation and impact. This paper presents the 2011 update of the fiscal rules database established in 2005. As in 2005, budget...

Persistent link: https://www.econbiz.de/10009769641

The Political Economy of Fiscal Consolidation

Price, Robert W. - 2010

This paper explores the political economy of fiscal adjustment. It begins with an examination of the evidence for, and sources of, ‘deficit bias’, including political and governance factors, public attitudes, the role of financial markets and imprecision about which debt targets should be...

Persistent link: https://www.econbiz.de/10012446110

Europe's new fiscal rules

Barnes, Sebastian; Davidsson, David; Rawdanowicz, Łukasz - 2012

Europe is putting in place a new system of fiscal rules following the euro area sovereign debt crisis and decades of rising government to debt-to-GDP ratios. These include the so-called “six pack” to upgrade the Stability and Growth Pact to a new Treaty incorporating the “fiscal...

Persistent link: https://www.econbiz.de/10009690998

A Fiscal Theory of Trend Inflation

Bianchi, Francesco; Faccini, Renato; Melosi, Leonardo - National Bureau of Economic Research - 2022

We develop a new class of general equilibrium models with partially unfunded debt to propose a fiscal theory of trend inflation. In response to business cycle shocks, the monetary authority controls inflation, and the fiscal authority stabilizes debt. However, the central bank accommodates...

Persistent link: https://www.econbiz.de/10013477219

Constraints and demands on public finances: Considerations of resilient fiscal policy

Rawdanowicz, Łukasz - 2021

Over the past several decades, public debt has increased substantially in many OECD countries, particularly in the aftermath of recessions. The extent of this increase and the resulting debt levels varied across countries, partly reflecting differences in average budget balances. Despite rising...

Persistent link: https://www.econbiz.de/10012801149

The Political Economy of Fiscal Consolidation

Price, Robert W.R. - Economics Department, Organisation de Coopération et … - 2010

Persistent link: https://www.econbiz.de/10008587587

Austerity in the euro area: the sad state of economic policy in Germany and the EU

Truger, Achim - In: European Journal of Economics and Economic Policies: … 10 (2013) 2, pp. 158-174

The euro area is currently going through its worst period of recession and economic stagnation since the Great Depression and World War II. The article tries to give an impression of the extraordinary degree of fiscal austerity and the devastating economic effects it has already had and must be...

Persistent link: https://www.econbiz.de/10010701878

The Fiscal Challenge in Portugal

Guichard, Stéphanie - 2006

Portugal’s fiscal policy has failed to durably reduce the deficit below the Stability and Growth Pact threshold of 3 … describes fiscal developments in Portugal over the past years and explores why earlier attempts of fiscal consolidation have …. The new consolidation strategy is not relying on one-off measures in a context where Portugal has been granted more time …

Persistent link: https://www.econbiz.de/10012444186