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Fiscal Policy and Monetary Union: Federalism, Fiscal Restrictions and the No-Bailout Rule

Eichengreen, Barry; von Hagen, Jürgen - C.E.P.R. Discussion Papers - 1995

are unnecessary as long as the EU retains a high degree of fiscal decentralization. …

Persistent link: https://www.econbiz.de/10005114166

Budgeting versus implementing fiscal policy in the EU

Beetsma, Roel; Giuliodori, Massimo; Wierts, Peter - C.E.P.R. Discussion Papers - 2009

Using real-time data from Europe's Stability and Convergence Programs, we explore how fiscal plans and their implementation in the EU are determined. We find that (1) implemented budgetary adjustment falls systematically short of planned adjustment and this shortfall increases with the...

Persistent link: https://www.econbiz.de/10005041099

Implementing the Stability and Growth Pact: Enforcement and Procedural Flexibility

Beetsma, Roel; Debrun, Xavier - C.E.P.R. Discussion Papers - 2005

The paper proposes a theoretical analysis illustrating some key policy trade-offs involved in the implementation of a rules-based fiscal framework reminiscent of the Stability and Growth Pact (SGP). The analysis offers some insights on the current debate about the SGP. Specifically, greater...

Persistent link: https://www.econbiz.de/10005661458

Revisiting the Stability and Growth Pact: Grand Design or Internal Adjustment?

Buti, Marco; Eijffinger, Sylvester C W; Franco, Daniele - C.E.P.R. Discussion Papers - 2003

The Stability and Growth Pact is under fire. Problems have appeared in sticking to the rules. Proposals to reform the Pact or ditch it altogether abound. But is the Pact a flawed fiscal rule? Against established criteria for an ideal fiscal rule, its design and compliance mechanisms fare...

Persistent link: https://www.econbiz.de/10005791638

Distributive Politics and the Costs of Centralization

Lockwood, Ben - C.E.P.R. Discussion Papers - 1998

This paper integrates the distributive politics literature with the literature on decentralization by incorporating …. The efficiency of decentralization and the performance of 'constitutional rules' (such as majority voting) which may be … used to choose between decentralization and centralization are then discussed in this framework. Stronger externalities and …

Persistent link: https://www.econbiz.de/10005789145

The Architecture of Federations: Constitutions, Bargaining, and Moral Hazard

Kessler, Anke; Luelfesmann, Christoph; Myers, Gordon M - C.E.P.R. Discussion Papers - 2009

centralization and decentralization are suboptimal as long as political bargaining does not take place. With bargaining, however, the … first best can often be achieved under decentralization, but not under centralization. At the root of this result is the …

Persistent link: https://www.econbiz.de/10005662248

Inference Based on SVAR Identified with Sign and Zero Restrictions: Theory and Applications

Arias, Jonas E.; Rubio-Ramírez, Juan Francisco; … - C.E.P.R. Discussion Papers - 2014

Are optimism shocks an important source of business cycle fluctuations? Are deficit-financed tax cuts better than deficit-financed spending to increase output? These questions have been previously studied using SVARs identified with sign and zero restrictions and the answers have been positive...

Persistent link: https://www.econbiz.de/10011084047

Trade Spillovers of Fiscal Policy in the European Union: A Panel Analysis

Beetsma, Roel; Giuliodori, Massimo; Klaassen, Franc - C.E.P.R. Discussion Papers - 2005

We explore the international spillovers from fiscal policy shocks via trade in Europe. A fiscal expansion stimulates domestic activity, which leads to more foreign exports and, hence, higher foreign output. To quantify this, we combine a panel VAR model in government spending, net taxes and GDP...

Persistent link: https://www.econbiz.de/10005114249

Do Credit Markets Discipline Sovereign Borrowers? Evidence from US States

Bayoumi, Tamim; Goldstein, Morris; Woglom, Geoffrey - C.E.P.R. Discussion Papers - 1995

The degree to which credit markets discipline sovereign borrowers is investigated by estimating the supply curve for debt faced by US states. The results generally support an optimistic view of the market discipline hypothesis, with credit markets providing incentives for sovereign borrowers to...

Persistent link: https://www.econbiz.de/10005498146

How Do Politicians Save? Buffer Stock Management of Unemployment Insurance Finance

Craig, Steven G.; Hemissi, Wided; Mukherjee, Satadru; … - C.E.P.R. Discussion Papers - 2013

This paper successfully fits a model of forward looking government savings behavior to data from the U.S. state Unemployment Insurance (UI) programs 1976-2008. Specifically, we find states do not perfectly smooth tax rates in Barro's sense, but follow behavior consistent with a buffer stock...

Persistent link: https://www.econbiz.de/10011083923