Are the characteristics of the exchange rate regime relevant for the degree of fiscal discipline? What are the conclusions for fiscal behavior in Europe after the transition to EMU? These are the central questions that are analyzed in this paper from a theoretical point of view. After a general...

This paper identifies and measures fiscal spillovers in the EU countries empirically, using a structurally stable global vector autoregression (GVAR) model. For our purposes, the individual EU countries, as well as the most important international trading partners, are modelled with a special...

Rather than stabilising aggregate demand, discretionary fiscal policy tends to amplify cyclical fluctuations of output. The commonly accepted reasons are political economy and uncertainty. In the EU, the pro-cyclical nature of discretionary fiscal policy has also been associated with the...

The objective of this paper is to derive the characteristics of an effective fiscal governance framework, focusing on the incentives that ensure a commitment to the fiscal rules. We study this problem with the use of econometric tools, complementing this analysis with formal modelling through...

A number of novelties have emerged in the study of the discretionary fiscal policy within the Euro area during the last decade. Among the others, the availability of up-to-date information on fiscal indicators for the years following the Great Recession, the introduction of cutting-edge...

Since the start of EMU national fiscal policy in the Eurozone can be conducted almost without paying any attention to consequences for the exchange rate. This might lower fiscal discipline. In order to shed light on the empirical relevance of this consideration, the impact of the exchange rate...

Der vorliegende Aufsatz dokumentiert einerseits das unter Einhaltung des Datenschutzes und der Datensicherheit aufbereitete Datenangebot des Forschungsdatenzentrums der Rentenversicherung (FDZ-RV). Andererseits wird die Entwicklung der Nachfrage nach diesen Daten seit der Gründung des...

Ein integrativer Politikansatz zielt auf die Verbesserung der Lebensbedingungen in einer Vielzahl von Dimensionen bei Bewahrung der natürlichen Lebensgrundlagen ab, und diese Dimensionen müssen in eine sinnvolle moderne Wohlstandsdefinition einfließen. Ein moderner Wohlstandsbegriff ist viel...

Forty-five years ago, the A. Philip Randolph Institute issued "The Freedom Budget," in which a program for economic transformation was proposed that included a job guarantee for everyone ready and willing to work, a guaranteed income for those unable to work or those who should not be working,...