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Debt rule design in theory and practice : the SGP's debt benchmark revisited

Hauptmeier, Sebastian; Kamps, Christophe - 2020

better balance the objectives of macroeconomic stabilisation and debt sustainability: first, accounting for persistent …

Persistent link: https://www.econbiz.de/10012172233

Fiscal behaviour in the European Union : rules, fiscal decentralization and government indebtedness

Afonso, António; Hauptmeier, Sebastian - 2009

We assess the fiscal behaviour in the European Union countries for the period 1990-2005 via the responsiveness of budget balances to several determinants. The results show that the existence of effective fiscal rules, the degree of public spending decentralization, and the electoral cycle can...

Persistent link: https://www.econbiz.de/10003866536

The macroeconomic impact of the Next Generation EU instrument on the euro area

Bańkowski, Krzysztof; Ferdinandusse, Marien; … - 2021

In response to the economic fallout from the coronavirus (COVID-19) pandemic, the European Council agreed on the Next Generation EU (NGEU) instrument. NGEU allows the European Commission to issue debt to finance grants and loans to EU Member States, with the disbursement of funds intended to be...

Persistent link: https://www.econbiz.de/10012417434

A fiscal capacity for the euro area : lessons from existing fiscal-federal systems

Burriel, Pablo; Chronis, Panagiotis; Freier, Maximilian; … - 2020

be needed to complete the architecture of Economic and Monetary Union (EMU). This paper analyses the performance of … suggests that effective cross-regional stabilisation of asymmetric shocks tends to work via direct cash transfers to households … contributions. This would suggest that a euro area budgetary instrument for stabilisation should be designed as a tool that enhances …

Persistent link: https://www.econbiz.de/10012197708

Macroeconomic stabilisation properties of a euro area unemployment insurance scheme

Kaufmann, Christoph; Attinasi, Maria Grazia; … - 2020

In this paper we use a medium-scale DSGE model to quantitatively assess the macroeconomic stabilisation properties of a …-back mechanisms implies a much weaker degree of stabilisation across countries. …

Persistent link: https://www.econbiz.de/10012241162

Transmission of government spending shocks in the Euro area : time variation and driving forces

Kirchner, Markus; Cimadomo, Jacopo; Hauptmeier, Sebastian - 2010

This paper provides new evidence on the effects of government spending shocks and the fiscal transmission mechanism in the euro area for the period 1980-2008. Our contribution is two-fold. First, we investigate changes in the macroeconomic impact of government spending shocks using time-varying...

Persistent link: https://www.econbiz.de/10011380027