Showing 1 - 10 of 347
This paper is linked to two debates on fiscal policies: first, the implications of low interest-growth differentials for debt sustainability and, second, the reform of the EU fiscal governance framework. In both debates the choice of government debt anchor and the speed of adjustment take centre...
Persistent link: https://www.econbiz.de/10012422041
The monetary integration of the acceding countries will proceed in several distinct steps, starting with membership in the European Union (EU), followed by participation in the so-called Exchange Rate Mechanism (ERM) II and ultimately entry into the euro area. This paper addresses the question...
Persistent link: https://www.econbiz.de/10011604710
This study analyses the link between fiscal frameworks and their budgetary impact. We look at different features of national numerical fiscal rules in combination with fiscal councils and medium-term budgeting frameworks. We construct our own time-varying dataset for national fiscal frameworks...
Persistent link: https://www.econbiz.de/10011605633
We analyse the effectiveness of optimal simple and implementable monetary and fiscal policy rules in stabilising economic activity, inflation and government debt in face of an occasionally binding lower bound on the nominal interest rate in a New Keynesian model. We show that, within the...
Persistent link: https://www.econbiz.de/10014278399
This paper attempts to gauge the effects of various fiscal and monetary policy rules on macroeconomic outcomes in the euro area. It consists of two major parts - a historical assessment and an assessment based on an extended scenario until 2030 - and it builds on the ECB-BASE -a semistructural...
Persistent link: https://www.econbiz.de/10012819037
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/10011604479
In this paper we analyse the interaction of fiscal rules and fiscal space. We find strong evidence for fiscal rules being associated with higher fiscal space. Furthermore, the analysis shows that countries with more fiscal space tend to have higher discretionary expenditures, but that this...
Persistent link: https://www.econbiz.de/10011605917
We assess the fiscal behaviour in the European Union countries for the period 1990-2005 via the responsiveness of budget balances to several determinants. The results show that the existence of effective fiscal rules, the degree of public spending decentralization, and the electoral cycle can...
Persistent link: https://www.econbiz.de/10011605100
This paper investigates the interplay between discretionary fiscal policy and inflation in the euro area, emphasizing the role of public debt levels in modulating this relationship. It explores how fiscal expansions or contractions influence inflationary pressures, particularly under varying...
Persistent link: https://www.econbiz.de/10015199511
Since most macroeconomic data are revised after the initial release both researchers and policy-makers have no choice rather than recognising and understanding the revisions. This paper analyses revisions to the fiscal data in the euro area, also by contrasting them with the 'better-understood'...
Persistent link: https://www.econbiz.de/10013368006