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Fiscal Deficits in Monetary Unions: A Comparison of EMU and United States

Arestis, Philip; Khan, Mosahid; Luintel, Kul B. - In: Eastern Economic Journal 28 (2002) 1, pp. 89-103

The stringent deficit criterion followed by the EMU is motivated by the belief that a sustainable fiscal arrangement is …

Persistent link: https://www.econbiz.de/10005466813

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

Does fiscal consolidation promote economic growth and employment? Evidence from the PIIGGS countries

Arestis, Philip; Kaya, Ayşe; Şen, Hüseyin - In: European Journal of Economics and Economic Policies: … 15 (2018) 3, pp. 289-312

Using annual data over the period 1980–2014, this paper attempts to provide an answer to the question of whether fiscal consolidation promotes growth and employment in the context of the PIIGGS countries (Portugal, Ireland, Italy, Greece, Great Britain, and Spain) by using the Bootstrap...

Persistent link: https://www.econbiz.de/10014363334

Anticipated fiscal policy and adaptive learning

Evans, George W.; Honkapohja, Seppo; Mitra, Kaushik - In: Journal of monetary economics 56 (2009) 9, pp. 930-953

Persistent link: https://www.econbiz.de/10003924197

Anticipated Fiscal Policy and Adaptive Learning

Evans, George W. - 2007

We consider the impact of anticipated policy changes when agents form expectations using adaptive learning rather than rational expectations. To model this we assume that agents combine limited structural knowledge with a standard adaptive learning rule. We analyze these issues using two...

Persistent link: https://www.econbiz.de/10012775727

Fiscal Policy and Learning

Mitra, Kaushik - 2017

Using the standard real business cycle model with lump-sum taxes, we analyze the impact of fiscal policy when agents form expectations using adaptive learning rather than rational expectations (RE). The output multipliers for government purchases are significantly higher under learning, and fall...

Persistent link: https://www.econbiz.de/10012941780

Commentary. An Alternative Stability Pact for the European Union

Arestis, Philip; McCauley, Kevin; Sawyer, Malcolm C. - 2001

This paper proposes an alternative stability and growth pact to the one which accompanied the introduction of the euro in January 1999. The latter is part of the third stage of economic and monetary union and, will govern the economic policies of the member countries which have joined the single...

Persistent link: https://www.econbiz.de/10014140127

The Case for Fiscal Policy

Arestis, Philip; Sawyer, Malcolm C. - 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/10014081771

Reinventing Fiscal Policy

Arestis, Philip; Sawyer, Malcolm C. - 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/10014081772

Enhancing Efficiency of Government Budget and Fiscal Policy

McGee, Robert W.; Yoon, Yeomin - 2006

When one thinks of efficiency in connection with government budget and fiscal policy, the first thought is usually how to find ways to make the budget and fiscal process work more efficiently. How can the funds needed to pay for government be collected and disbursed with minimum cost? A...

Persistent link: https://www.econbiz.de/10014065188

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