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Defying the 'Juncker curse' : can reformist governments be re-elected?

Buti, Marco (contributor); Turrini, Alessandro (contributor) - European Commission / Directorate-General for Economic … - 2008

European policy makers, notably in the euro area, seem to take for granted that the electorate will punish them for bold reform in product and labour markets. This may explain why progress in the euro area has been comparatively limited. This paper posits and, using a dataset for 21 OECD...

Persistent link: https://www.econbiz.de/10015313396

Fiscal policy and the cycle in the euro area : the role of government revenue and expenditure

Turrini, Alessandro (contributor) - European Commission / Directorate-General for Economic … - 2008

on the distinct role of government revenue and expenditure. The estimation of separate fiscal policy reaction functions … bias is found in bad times. The separate estimation of reaction functions for revenue and expenditure policy indicates that … this pro-cyclical bias is an entirely expenditure-driven phenomenon. Probit regressions also reveal that the risk of pro …

Persistent link: https://www.econbiz.de/10015313397

Coordination without explicit cooperation : monetary-fiscal interactions in an era of demographic change

Hughes Hallett, Andrew (contributor) - European Commission / Directorate-General for Economic … - 2008

Early work on the theory of economic policy stressed the importance of accounting for the interactions between fiscal and monetary policy. Tinbergen, and Cooper, taught us that there would be costs in missed targets, instability, and protracted imbalances if this was not done. Yet most models we...

Persistent link: https://www.econbiz.de/10015313678

EMU's decentralized system of fiscal policy

Hagen, Jürgen von (contributor); … - European Commission / Directorate-General for Economic … - 2008

This paper reviews the macroeconomic use of national fiscal policy in EMU and examines the rational and scope for a collective insurance system which redistributes income among countries in response to asymmetric cyclical shocks. The analysis of the record of national fiscal policies before and...

Persistent link: https://www.econbiz.de/10015314322

Government size and output volatility : should we forsake automatic stabilization?

Debrun, Xavier (contributor); Pisani-Ferry, Jean (contributor) - European Commission / Directorate-General for Economic … - 2008

Prior to the launch of the euro, academics and policymakers were concerned that the loss of the monetary policy instrument would deprive participating countries of a vital tool to respond to country-specific economic shocks. This concern was rooted in the generally accepted proposition that...

Persistent link: https://www.econbiz.de/10015314508

ECB vs Council vs Commission : monetary and fiscal policy interactions in the EMU when cyclical conditions are uncertain

Balboni, Fabio (contributor); Buti, Marco (contributor); … - European Commission / Directorate-General for Economic … - 2007

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 different views about the output gap on the side of the policy players -...

Persistent link: https://www.econbiz.de/10015315101

Testing the EU fiscal surveillance : how sensitive is it to variations in output gap estimates?

Langedijk, Sven (contributor); Larch, Martin (contributor) - European Commission / Directorate-General for Economic … - 2007

Real-time estimates of the potential output are essential in the EU fiscal surveillance framework. They are used for the calculation of the cyclically-adjusted budget balance, one of the main indicators in the assessment of the fiscal performance of EU Member States. Our paper examines whether...

Persistent link: https://www.econbiz.de/10015315461

Pension systems, intergenerational risk sharing and inflation

Beetsma, Roel (contributor); Bovenberg, Ary Lans (contributor) - European Commission / Directorate-General for Economic … - 2006

Everywhere in the industrialized world, population aging is putting social security systems under financial strain. As a result, social security systems are being reformed in many countries. In particular, various countries move from pure pay-as-you-go (PAYG) systems to pension systems that...

Persistent link: https://www.econbiz.de/10015316119

Fiscal policy in an estimated open-economy model for the euro area

Ratto, Marco (contributor); Roeger, Werner (contributor); … - European Commission / Directorate-General for Economic … - 2006

This paper uses an estimated DSGE model for the euro area to study the effects of fiscal stabilisation policies. There are at least two features of the euro area economy which makes this analysis interesting. First, there are nominal rigidities in goods and labour markets, and there are...

Persistent link: https://www.econbiz.de/10015316321

Economic spillover and policy coordination in the Euro area

Weyerstrass, Klaus (contributor); … - European Commission / Directorate-General for Economic … - 2006

There is a broad consensus among economists that the increased interdependence that comes from sharing a common currency and a single monetary policy justifies some degree of economic policy coordination between euro area Member States. However, empirical studies have, thus far, offered...

Persistent link: https://www.econbiz.de/10015316408