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Fiscal Policies and the Prices of Labor : A Comparison of the U.K. And U.S

Mulligan, Casey B. - 2015

This paper measures the 2007-13 evolution of employment tax rates in the U.K. and the U.S., especially as they are influenced by changes in tax and safety net benefit rules. The magnitudes of the U.S. changes are greater, in the direction of taxing a greater fraction of the value created by...

Persistent link: https://www.econbiz.de/10013019485

Inspecting the Mechanism : Leverage and the Great Recession in the Eurozone

Martin, Philippe J. - 2014

We provide a comprehensive account of the dynamics of eurozone countries from 2000 to 2012. We analyze private leverage … government spending, and sudden stops. We then ask how eurozone countries would have fared with different policies. We find that …

Persistent link: https://www.econbiz.de/10013045645

Disinflation and Fiscal Reform : A Neoclassical Perspective

Rigobon, Roberto - 2021

, since most of these policies turned out to be failures, lowering reserves and causing higher inflation rates. Given this …. In this paper we show that, if the reform process is uncertain and inflation has welfare costs, the optimal exchange rate …

Persistent link: https://www.econbiz.de/10013233012

Real Interest Rates, Imbalances and the Curse of Regional Safe Asset Providers at the Zero Lower Bound

Gourinchas, Pierre-Olivier - 2016

The current environment is characterized by low real rates and by policy rates close to or at their lower bound in all major financial areas. We analyze these unusual economic conditions from a historical perspective and draw some implications for external imbalances, safe asset demand and the...

Persistent link: https://www.econbiz.de/10012983411

Target Loans, Current Account Balances and Capital Flows : The Ecb's Rescue Facility

Sinn, Hans-Werner - 2011

The European Monetary Union is stuck in a severe balance-of-payments imbalance of a nature similar to the one that destroyed the Bretton Woods System. Greece, Ireland, Portugal, Spain and Italy have suffered from balance-of-payments deficits whose accumulated value, as measured by the Target...

Persistent link: https://www.econbiz.de/10013118098

The Eurocrisis : Muddling Through, or on the Way to a More Perfect Euro Union?

Aizenman, Joshua - 2014

This paper looks at the short history of the Eurozone through the lens of an evolutionary approach to forming new …-through" approach towards the Eurozone crisis. We review several manifestations of this muddling through process. Greater mobility of … mature institutions in the Eurozone …

Persistent link: https://www.econbiz.de/10013052139

Do Balanced Budget Rules Work? U.S. Experience and Possible Lessons for the Emu

Inman, Robert P. - 2021

The `Excessive Deficit Procedure' of the Maastricht Treaty on Economic and Monetary Union proposes two fiscal convergence conditions for entry and continued membership in the EMU: 1) a country's overall budget deficit for each fiscal year must be equal to or below 3% of GDP, and 2) a country's...

Persistent link: https://www.econbiz.de/10013223574

Over-Optimistic Official Forecasts in the Eurozone and Fiscal Rules

Frankel, Jeffrey A. - 2012

. The members of the eurozone are supposedly constrained by the fiscal caps of the Stability and Growth Pact. Yet ever since …:•Governments' budget forecasts are biased in the optimistic direction, especially among the Eurozone countries, especially when they have …-optimistic during booms.•Despite the well-known tendency of eurozone members to exceed the 3% cap on budget deficits, often in …

Persistent link: https://www.econbiz.de/10013102194

A Surplus of Ambition : Can Europe Rely on Large Primary Surpluses to Solve its Debt Problem?

Eichengreen, Barry - 2014

IMF forecasts and the EU's Fiscal Compact foresee Europe's heavily indebted countries running primary budget surpluses of as much as 5 percent of GDP for as long as 10 years in order to maintain debt sustainability and bring their debt/GDP ratios down to the Compact's 60 percent target. We show...

Persistent link: https://www.econbiz.de/10013050287

Debt Crises and Risk Sharing : The Role of Markets Versus Sovereigns

Kalemli-Ozcan, Sebnem - 2014

Using a variance decomposition of shocks to GDP, we quantify the role of international factor income, international transfers, and saving in achieving risk sharing during the recent European crisis. We focus on the sub-periods 1990-2007, 2008-2009, and 2010 and consider separately the European...

Persistent link: https://www.econbiz.de/10013058253