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Guidelines for sustained growth in the EU? : the concept and consequences of the broad economic policy guidelines ; [Paper prepared for the 2nd conference “Development in Economic...

Hein, Eckhard; Niechoj, Torsten - 2005

The Broad Economic Policy Guidelines contain the answers of the European Commission and the governments of the EU-member countries to the European growth and employment problems. These guidelines have been the major EU-economic policy concept for around ten years now. They can be seen as a...

Persistent link: https://www.econbiz.de/10003744521

Monetary policy, macroeconomic policy mix and economic performance in the Euro area

Hein, Eckhard; Truger, Achim - 2006

In order to explain slow growth and high unemployment in the Euro area, in particular if compared to the USA, we follow a macroeconomic policy view focussing on the more restrictive stance of monetary, fiscal and wage policies in the Euro area. In the present paper we focus on the particular...

Persistent link: https://www.econbiz.de/10003744533

Fiscal policy and macroeconomic performance in the Euro area : lessons for the future

Hein, Eckhard; Truger, Achim - 2006

Seit dem Begin der Europäischen Währungsunion (EWU) steht die Finanzpolitik in den Staaten des Euroraums ganz im … der Finanzpolitik für den Zeitraum von 2001 bis 2005 im Euroraum und seinen einzelnen Mitgliedsstaaten und vergleicht sie … mit denen der Finanzpolitik in den USA. Während die US-Finanzpolitik aktiv anti-zyklisch dem Abschwung entgegengewirkt hat …

Persistent link: https://www.econbiz.de/10003744534

The golden rule of public investment : a necessary and sufficient reform of the EU fiscal framework?

Truger, Achim - 2016

Dass die Fiskalpolitik innerhalb der europäischen Wirtschaftspolitik einer Aufwertung bedarf, ist angesichts der … Finanzpolitik insgesamt größere Spielräume einräumen und die öffentlichen Investitionen als besonders wachstumsrelevante öffentliche …

Persistent link: https://www.econbiz.de/10011477456

Austerity, cyclical adjustment and the remaining leeway for expansionary fiscal policies in the Euro area

Truger, Achim - 2014

Fiscal policy in the Euro area is still dominated by austerity measures implemented under the institutional setting of the 'reformed' stability and growth pact, and the even stricter 'fiscal compact'. At the same time, calls for a more expansionary fiscal policy to overcome the economic crisis...

Persistent link: https://www.econbiz.de/10010424293

Fiscal space on the Eurozone peripery : the case of Spain

Uxó González, Jorge; Álvarez Peralta, Nacho; … - 2017

On the one hand, every official document about fiscal policy in Spain, and most orthodox academic papers argue that Spain has no "fiscal space" and that it should apply resolute actions to assure budget consolidation. On the other hand, Spain also had the second highest unemployment rate in the...

Persistent link: https://www.econbiz.de/10011595916

Long-term effects of fiscal stimulus and austerity in Europe

Gechert, Sebastian; Horn, Gustav A.; Paetz, Christoph - 2017

We analyze whether there are negative (positive) long-term effects of austerity measures (stimulus measures) on potential output growth. Based on the approach of Blanchard and Leigh (2013) and Fatás and Summers (2016) and using a novel dataset of narratively identified fiscal policy shocks, we...

Persistent link: https://www.econbiz.de/10011656960

The macroeconomic effects of the Euro Area's fiscal consolidation 2011 - 2013 : a simulation-based approach

Rannenberg, Ansgar; Schoder, Christian; Strasky, Jan - 2015

We simulate the Euro Area's fiscal consolidation between 2011 and 2013 by employing two DSGE models used by the ECB and the European Commission, respectively. The cumulative multiplier amounts to 0.7 and 1.0 in the baseline, but increases to 1.3 with a reasonably calibrated financial accelerator...

Persistent link: https://www.econbiz.de/10011311671

The European financial and economic crisis : alternative solutions from a (post-) Keynesian perspective

Hein, Eckhard; Truger, Achim; Treeck, Till van - 2011

The financial and economic crisis in the Euro area has revealed a number of important flaws in the economic policy framework in Europe. On the one hand, the imbalances, which have dominated European development since the introduction of the euro, are not sustainable; and this is more serious in a...

Persistent link: https://www.econbiz.de/10009530390

Monetary union stability : the need for a government banker and the case for a European public finance authority

Palley, Thomas I. - 2011

This paper argues monetary union stability requires a government banker that manages the bond market and it offers a specific proposal for stabilizing the euro that does not violate the "no country bail-out" clause. There is accumulating evidence that the euro's current architecture is unstable....

Persistent link: https://www.econbiz.de/10009530412