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Macroeconomic Policies of the Economic and Monetary Union: Theorectical Underpinnings and Challenges

Arestis, Philip; Sawyer, Malcolm - EconWPA - 2003

decipher the type of economic analysis and macroeconomic policies of the Economic and Monetary Union (EMU) theoretical and … the EMU macroeconomic policies lie in their potential to achieve full employment and low inflation in the euro area. We … conclude that the institutional and policy arrangements surrounding the EMU and the euro are neither adequate for dealing with …

Persistent link: https://www.econbiz.de/10005076715

Bad for Euroland, Worse for Germany-The ECB's Record

Bibow, Jorg - EconWPA - 2005

This paper assesses the contribution of the European Central Bank (ECB) to Germany’s ongoing economic crisis, a vicious circle of decline in which the country has become stuck since the early 1990s. It is argued that the ECB continues the Bundesbank tradition of asymmetric policymaking: the...

Persistent link: https://www.econbiz.de/10005412611

KEYNESIAN AND NEOCLASSICAL FISCAL SUSTAINABILITY INDICATORS, WITH APPLICATIONS TO EMU MEMBER COUNTRIES

Bagnai, Alberto - EconWPA - 2004

, it looks at sustainability in EMU member countries, with particular attention given to the relations between … a sustainability requirement for an 'average' EMU member country. At the same time, the dispersion around this average … is quite substantial: this questions the viability of uniform deficit caps across EMU member countries. …

Persistent link: https://www.econbiz.de/10005556974

The Case for Fiscal Policy

Arestis, Philip; Sawyer, Malcolm - EconWPA - 2003

This paper reconsiders the case for the use of fiscal policy based on a "functional finance" approach that advocates the use of fiscal policy to secure high levels of demand in the context of private aggregate demand, which would otherwise be too low. This "functional finance" view means that...

Persistent link: https://www.econbiz.de/10005408077

Reinventing Fiscal Policy

Arestis, Philip; Sawyer, Malcolm - EconWPA - 2003

Recent developments in macroeconomic policy, in terms of both theory and practice, have elevated monetary policy while downgrading fiscal policy. Monetary policy has focused on the setting of interest rates as the key policy instrument, along with the adoption of inflation targets and the use of...

Persistent link: https://www.econbiz.de/10005408097

A numerical approach to fiscal policy, unemployment, and growth in Europe

Daveri, Francesco; Maffezzoli, Marco - EconWPA - 2000

We calibrate an infinite-horizon model with endogenous growth and unemployment on actual data from the largest countries in the European Union. Two types of balanced-budget fiscal policy experiments are studied. First, the effects of separately changing the tax rates on capital, labor and...

Persistent link: https://www.econbiz.de/10005412655

Measuring China's Fiscal Policy Stance

Dullien, Sebastian - EconWPA - 2005

This paper argues that the tradtitional way of gauging a country's fiscal policy stance by looking at government budget deficit or cyclically adjusted budget deficits is misleading in the case of China, since a lot of what usually would be considered fiscal policy is conducted via investment by...

Persistent link: https://www.econbiz.de/10005076727

Argentina: Trying to Make Sense of the Financial Tango

Buchs, Thierry - EconWPA - 2005

The paper discusses and revisits some of the most popular stories behind the 2001 financial crisis in Argentina, i.e. the prolonged overvaluation of the peso owing to the Currency Board arrangement, the lack of fiscal adjustment, and the negative external environment which triggered a “sudden...

Persistent link: https://www.econbiz.de/10005076729

Monetary Policy Strategies of the European Central Bank and the Federal Reserve Bank of the U.S.

Wray, L. Randall; Sardoni, C. - EconWPA - 2005

In the debate on monetary policy strategies on both sides of the Atlantic, it is now almost a commonplace to contrast the Fed and the ECB by pointing out the former’s flexibility and capacity to adjust rigidity, and the latter’s extreme caution, and obsession with low inflation. In looking...

Persistent link: https://www.econbiz.de/10005076846

Tax Burden and the Mismeasurement of State Tax Policy

Reed, W. Robert; Rogers, Cynthia L. - EconWPA - 2005

Tax Burden, defined as the ratio of total tax revenues over personal income, is prominently used to summarize state tax policy. We analyze the empirical relationship between changes in Tax Burden and changes in state tax policy from 1987 to 2000 – as measured by states’ own forecasts of the...

Persistent link: https://www.econbiz.de/10005556950