The study aims to offer a clear and suggestive view of the stage in which we can find the Romanian economy in terms of performance of the main objective of the macroeconomic policy–ensuring the price stability In the context of an unstable economic environment, one of the reasons for choos-ing...

The current economic situation forces the governments to find solution how to promote economic growth. Economic theory suggests that differences in taxation may play a role in explaining differences in economic performance. The paper summarizes common features tax related measures used to...

The aim of this paper is to evaluate the robustness of the theory that claims restrictive effects of expansionary fiscal policy. It shows that such so-called “non-Keynesian effects” may arise from synchronous and opposite monetary policy interventions. The paper demonstrates this conclusion...

We compare welfare levels under two alternative fiscal rules: a procyclical balanced budget policy and an acyclical structural surplus (government accumulates assets). We use a dynamic, stochastic, general equilibrium model. The acylical rule benefits households that do not enjoy access to...

The European Union has recently implemented one of the biggest reform packages in its history. Developed solutions are designed to (1) strengthen EU’s resilience to shocks and (2) improve its shock absorption capabilities. It seems that so far stress was mainly placed on the first objective....

El propósito del presente documento es el de contribuir al debate en torno a la importancia de la política fiscal como una herramienta poderosa para la estabilización y el crecimiento económico, así como mostrar el hecho de que los déficits fiscales no son los responsables de la...

We identify the major public debt overhang episodes in the advanced economies since the early 1800s, characterized by public debt to GDP levels exceeding 90% for at least five years. Consistent with Reinhart and Rogoff (2010) and other more recent research, we find that public debt overhang...

The aim of this article is to estimate the mutual interaction of monetary and fiscal policy in the Visegrad Group countries, i.e. in the Czech Republic, Slovakia, Poland, and Hungary. The relations between monetary and fiscal policy - its coordination, cooperation or mutual antagonism - are...

This article examines the scope and size of adjustments made by statisticians on source data from public accounting systems in EU member states to reach harmonised statistical measures. The article focuses on EDP Table 2 which shows the reconciliation from cash/cash modified or accrual public...

The short-run effects of fiscal policy depend not only on current tax and spending choices, but also on expectations about future policy adjustment. While general equilibrium models typically restrict medium-term adjustment to taxation, we highlight the importance of government spending...