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Rotten Parents and Disciplined Children: A Politico-Economic Theory of Public Expenditure and Debt

Song, Zheng Michael; Storesletten, Kjetil; Zilibotti, … - C.E.P.R. Discussion Papers - 2012

This paper proposes a dynamic politico-economic theory of fiscal policy in a world comprising a set of small open economies, whose driving force is the intergenerational conflict over debt, taxes, and public goods. Subsequent generations of voters choose fiscal policy through repeated elections....

Persistent link: https://www.econbiz.de/10011083405

`Excessive Deficits': Sense and Nonsense in the Treaty of Maastricht

Buiter, Willem H.; Corsetti, Giancarlo; Roubini, Nouriel - C.E.P.R. Discussion Papers - 1992

In this paper we evaluate internationally agreed limits on public sector debt and deficits, such as those agreed by the EC countries in the Treaty of Maastricht as preconditions for membership in a monetary union. These fiscal convergence criteria require that general government budget deficits...

Persistent link: https://www.econbiz.de/10005123755

Fiscal Insurance and Debt Management in OECD Economies

Faraglia, Elisa; Marcet, Albert; Scott, Andrew - C.E.P.R. Discussion Papers - 2007

Assuming the role of debt management is to provide hedging against fiscal shocks we consider three questions: i) what indicators can be used to assess the performance of debt management? ii) how well have historical debt management policies performed? and iii) how is that performance affected by...

Persistent link: https://www.econbiz.de/10005136566

How the Euro Crisis Evolved and How to Avoid Another: EMU, Fiscal Policy and Credit Ratings

Polito, Vito; Wickens, Michael R. - C.E.P.R. Discussion Papers - 2013

This paper argues that the crisis was an outcome of EMU: setting a common monetary policy for countries with different …

Persistent link: https://www.econbiz.de/10011084346

Macroeconomic Policies of the Economic and Monetary Union: Theorectical Underpinnings and Challenges

Arestis, Philip; Sawyer, Malcolm - EconWPA - 2003

decipher the type of economic analysis and macroeconomic policies of the Economic and Monetary Union (EMU) theoretical and … the EMU macroeconomic policies lie in their potential to achieve full employment and low inflation in the euro area. We … conclude that the institutional and policy arrangements surrounding the EMU and the euro are neither adequate for dealing with …

Persistent link: https://www.econbiz.de/10005076715

Spread the News: How the Crisis Affected the Impact of News on the European Sovereign Bond Markets

Beetsma, Roel; de Jong, Frank; Giuliodori, Massimo; … - C.E.P.R. Discussion Papers - 2012

We investigate how "news" affected domestic interest spreads vis-à-vis Germany and how it propagated to other countries during the recent crisis period, thereby distinguishing between the so-called GIIPS countries and other European countries. We make original use of the Eurointelligence...

Persistent link: https://www.econbiz.de/10011083333

Saving and Endogenous Growth: A Survey of Theory and Policy

Buiter, Willem H. - C.E.P.R. Discussion Papers - 1991

The paper surveys and extends recent results on the effect of changes in government fiscal and financial policy, and in private savings behaviour, on economic growth. Private saving behaviour is represented by an overlapping generations (OLG) model. The supply side of the model permits...

Persistent link: https://www.econbiz.de/10005789148

Fiscal Rules and the Budget Process

Milesi-Ferretti, Gian Maria - C.E.P.R. Discussion Papers - 1997

This paper examines the rationale for the imposition of fiscal rules as a way to reduce budgetary imbalances. It presents theoretical arguments for the existence of a ‘fiscal deficit bias’ and the empirical evidence on the economic, political and institutional factors leading to this bias....

Persistent link: https://www.econbiz.de/10005791693

Good, Bad or Ugly? On the Effects of Fiscal Rules with Creative Accounting

Milesi-Ferretti, Gian Maria - C.E.P.R. Discussion Papers - 2001

Do fiscal rules likely lead to fiscal adjustment, or do they encourage the use of ‘creative accounting’? This question is studied with a model in which fiscal rules are imposed on ‘measured’ fiscal variables, which can differ from ‘true’ variables because there is a margin for...

Persistent link: https://www.econbiz.de/10005791761

Patching up the Pact: some Suggestions for Enhancing Fiscal Sustainability and Macroeconomic Stability in an Enlarged European Union

Buiter, Willem H.; Grafe, Clemens - C.E.P.R. Discussion Papers - 2002

The paper considers the implications for the EU accession candidates of Central and Eastern Europe of the fiscal-financial constraints imposed by the Stability and Growth Pact and the Maastricht Treaty. Our findings apply also to those current EU members whose initial conditions (e.g....

Persistent link: https://www.econbiz.de/10005792378

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