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From Deficits to Debt and Back : Political Incentives Under Numerical Fiscal Rules

Buti, Marco - 2010

Under numerical fiscal rules, such as those underpinning EMU, governments have strong temptations to use accounting …

Persistent link: https://www.econbiz.de/10012716093

Cyclical Stabilisation Under the Stability and Growth Pact : How Effective are Automatic Stabilisers?

Brunila, Anne - 2009

It is widely recognised that fiscal policy will have greater responsibilities for cyclical stabilisation in the EMU …, given the loss of the monetary instrument at national level. At the same time, the EMU's budgetary framework emphasises the … stabilisation. Looking ahead, one of the challenges facing policy-makers will be how to design tax and welfare reforms which, while …

Persistent link: https://www.econbiz.de/10012721132

From Deficits to Debt and Back : Political Incentives Under Numerical Fiscal Rules

Buti, Marco - 2012

Under numerical fiscal rules, such as those underpinning EMU, governments have strong temptations to use accounting … credibility of EMU's fiscal rules. If properly implemented, the reformed Pact, which stresses durable adjustment and long …

Persistent link: https://www.econbiz.de/10013110665

Fiscal rules, financial stability and optimal currency areas

De Grauwe, Paul; Foresti, Pasquale - 2015

In this paper we suggest that Eurozone countries face a policy trade-off among: 1) a common rule imposing co-movements in fiscal policy; 2) financial stability; and 3) financial integration. We provide empirical evidence documenting the existence of such a trade-off in the period characterized...

Persistent link: https://www.econbiz.de/10010533078

ECB vs. Council vs. Commission : Monetary and Fiscal Policy Interactions in the EMU When Cyclical Conditions are Uncertian

Buti, Marco - 2008

This paper examines economic policy interactions in the Economic and Monetary Union when the assessment of cyclical conditions in real time is surrounded by uncertainty. On the basis of a simple stylised model it shows that with a Nash-type of interaction different views about the output gap on...

Persistent link: https://www.econbiz.de/10012769738