According to the fiscal theory of the price level (FTPL), the interactions between monetary and fiscal policies with governments facing the possibility to act in a non-Ricardian manner make the general price level be fully determined. Here, depending on the expectations framework, we show to...

The trend of female employment in France is original in comparison with the other European countries. Although French women have more children than their European sister members they are massively present on the labour market. As Jeanne Fagnani (2001) emphasises it, this paradox changes the...

La théorie budgétaire du niveau des prix, soit en anglais la Fiscal Theory of the Price Level, (FTPL), a donné lieu à une intense littérature dans les années récentes1 (Leeper [1991], Sims [1994], Woodford [1994, 1995, 1996, 1998, 1999 et 2000], Canzoneri et alii [1998], Cochrane [1999,...

In June 2012 European Council launched the banking union as a new project expected to contribute to solve the euro area crisis. Is banking union a necessary supplement to monetary union or a new rush forward? A banking union would break the link between the sovereign debt crisis and the banking...

Questo studio riprende e approfondisce alcuni degli spunti emersi dal rapporto sulla dinamica dell'export pubblicato dall'Eurobs lo scorso anno. Le tre province che fanno parte dell'Euregio sono caratterizzate da alcune interessanti regolarità e differenze nella propria struttura economica. In...

The purpose of this note is to compare the characteristics of the actual Stability and Growth Pact with that of a European “modified golden rule”. The latter would consist in achieving in each EU country a cyclically-adjusted net-of-public-investment balance. The benchmark for comparison is...

This paper aims at providing a quantitative assessment of different proposals for reforming the Stability and Growth Pact by extending a counterfactual experiment performed in Eichengreen and Wyplosz (1998). Using estimated coefficients from a reduced form model, we simulate the path of the...

Prospects for the European Union and the Euro Area look sound, but there is a risk of a significant slowdown in the US. Central banks in the European Union should stand ready to offset any deflationary impacts from abroad. The appreciation of the euro and lower oil prices should help moderate...

Le rapport Gallois préconise un élargissement des allègements de cotisations sociales pour des salaires élevés. Dans cette optique un crédit d’impôt aux entreprises est entré en vigueur au 1er janvier 2013. Ces mesures visent à aider l’industrie française à investir dans une...

Le vieillissement de la population est un phénomène commun à l’ensemble des pays de l’Union européenne. Ainsi, pour six pays étudiés (Allemagne, Espagne, France, Italie, Royaume-Uni, Suède), la proportion des plus de 65 ans passerait de 16,5 % en 2000 à 28 % en 2050 selon les...