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Ordoliberalism, pragmatism and the Eurozone crisis : how the German tradition shaped economic policy in Europe
Feld, Lars P.; Köhler, Ekkehard A.; Nientiedt, Daniel - 2015 - This version: May 18, 2015
German policy during the Eurozone crisis supposedly follows an ordoliberal tradition. In this paper, we discuss to what … economic constitution for Europe in which several pillars supposedly aim at ensuring sound money in the Eurozone. The policies … the German government pushed during the Eurozone crisis have been informed by the ordoliberal tradition. In particular …
Persistent link: https://www.econbiz.de/10010528303
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A simple and flexible alternative to the stability and growth pact deficit ceilings : is it at hand?
Muscatelli, V. Anton; Natale, Piergiovanna; Tirelli, … - 2003
There have been widespread criticisms of EMU fiscal institutions. We consider a simple alternative to the deficit ceilings envisaged in the Stability and Growth Pact. We advocate the adoption of deficit targets. National governments should retain discretion in setting deviations from targets,...
Persistent link: https://www.econbiz.de/10011509363
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Smoothing asymmetric shocks vs. redistribution in the euro area : a simple proposal for dealing with mistrust in the euro area
Oksanen, Heikki - 2016 - This version 2016-03-22
The euro area will not have a centralised budget and smoothing of country-specific asymmetric shocks via private financial markets will develop only slowly. Mistrust among the governments has caused rigid, even pro-cyclical fiscal policies. Smoothing mechanisms are absent due to the fear that...
Persistent link: https://www.econbiz.de/10011444463
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Fiscal and monetary interaction : the role of asymmetries of the stability and growth pact in EMU
Governatori, Matteo (contributor);  … - 2004
The paper builds a simplified model describing the economy of a currency union with decentralised national fiscal policy, where the main features characterising the policy-making are similar to those in EMU. National governments choose the size of deficit taking into account the two main rules...
Persistent link: https://www.econbiz.de/10002522745
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The impact of fiscal rules on public finances : theory and empirical evidence for the Euro area
Marneffe, Wim; Aarle, Bas van; Wielen, Wouter van der; … - 2010
This paper presents a review of the most significant fiscal rules policymakers can choose from. The insights from this review are then applied to the current budgetary situation of the European Union. In the European Union, the supranational Stability and Growth Pact (SGP) should provide the...
Persistent link: https://www.econbiz.de/10008808242
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What do we really know about fiscal sustainability in the EU? : a panel data diagnostic
Afonso, António (contributor);  … - 2008
Persistent link: https://www.econbiz.de/10003641707
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Has the stability and growth pact impeded political budget cycles in the European Union?
Mink, Mark (contributor); Haan, Jakob de (contributor) - 2005
This paper examines whether there is a political budget cycle (PBC) in countries in the euro area. Using a multivariate model for the period 1999-2004 and various election indicators we find strong evidence that the Stability and Growth Pact has not restricted fiscal policy makers in the euro...
Persistent link: https://www.econbiz.de/10003120672
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A fiscal rule that has teeth : a suggestion for a "fiscal sustainability council" underpinned by the financial markets
Hedbávný, Petr (contributor);  … - 2005
endeavored to qualify for euro-zone membership, which compelled strict limits on budgetary deficits. We then explore which …
Persistent link: https://www.econbiz.de/10003112610
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The Swedish fiscal policy council : watchdog with a broad remit
Calmfors, Lars - 2012
The Swedish Fiscal Policy Council (FPC) set up in 2007 is one example of the recent international trend to create independent fiscal watchdogs. The FPC has established itself as an important participant in the Swedish economic policy discussion. The FPC has small resources and a broad remit...
Persistent link: https://www.econbiz.de/10009488889
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What should fiscal councils do?
Calmfors, Lars; Wren-Lewis, Simon - 2011
The paper analyses theoretically what role fiscal councils could play and surveys empirically the activities of existing councils. Case studies of the Swedish Fiscal Policy Council and the UK Office for Budget Responsibility are done. It is concluded that fiscal councils should be advisory,...
Persistent link: https://www.econbiz.de/10009011182