290 research outputs found
Strategic interactions between monetary and fiscal policies: a case study for the European Stability Pact.
This item has no abstract
Editorsâ introduction : the new EU enlargement.
this item has no abstract
Debt, Deficits and Inflation on the Road to the EU: the case of Turkey.
this item has no abstract
How would a Fixed-Exchange-Rate Regime Fit the Transition Economies? The cases of the Czech Republic, Hungary and Poland.
Cette publication n'a pas de résumé
the Adoption of Inflation Targeting Represented a Regime Switch? Empirical evidence from Canada, Sweden and the UK.
Since 1990, a growing number of countries have adopted inflation targeting (IT) around the world. Empirical evidence on its advantages has been mixed so far, and most assessments have been based on a control group methodology. In this paper, using a MSVAR technique, we assess the adoption of IT in three industrialised countries over time; in addition, we compare their outcomes with a non-IT country, the US. Results are manifold. First, an inflation targeting regime exists, although it does not constitute a change in monetary policy reaction. Second, this conclusion is robust on a subsample excluding the periods of high inflation and early sharp disinflation. Third, the sacrifice ratio of higher output volatility generally attributed to inflation stabilisation policies is not sensitive to the adoption of inflation targeting. Fourth, this framework is shown to be conducive to higher monetary policy leeway.Inflation targeting;MSVAR;Counterfactuals;
Wealth Effects and Public Debt in an Endogenous Growth Model. Banca d'Italia Public Finance Workshop "Fiscal Sustainability : Analytical Developments and Emerging Policy Issues", Perugia, 3-5 April 2008.
The debate on public financesâ sustainability has long focused on the conditions for the accumulation of debt. This implied that, empirically, the analyses revolved around estimations of dynamic versions of the debt accumulation equation, through unit root tests and cointegration tests between e.g. revenues and primary expenditures, or debt and deficit. Bohn (2007, Journal of Monetary Economics), has forcefully argued in favour of a stronger focus on theory. The model of this paper shows to which extent and under which conditions earlier results considering fiscal policy in an endogenous growth setting are modified if government spending is not entirely tax-financed. Therefore the model uses Barroâs (1990, Journal of Political Economy) production function and Blanchard (1985, Journal of Political Economy)-type consumers to assess fiscal sustainability and the determinants of long-run (or potential) growth, in presence of productive capital services. The main conclusion is that, provided public spending is not too high, it will be growth-enhancing. This feature does not hurt fiscal sustainability if taxes are adjusted appropriately. We also calibrate the model to show that the current level of public capital is low in France, the UK and the USA.
The fiscal theory of the price level and sluggish inflation : how important shall the wealth effect be ?.
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 what extent the validity of the FTPL also depends on consumers being non-Ricardian. With prices driven by rational expectations, the qualitative results of the strategic interactions between policies do not depend on the Ricardian or non-Ricardian behaviour by the households. With sluggish inflation, the strong version of the FTPL does not bring to a dynamically stable economy. The economy is stable only for a weak version of the FTPL; but, this time, stability conditions depend strongly on the existence and size of the wealth effect. If inflation is sluggish, the FTPL is incompatible with Ricardian consumers.fiscal theory of the price level; public debt; fiscal policy; monetary policy; inflation rate;
Le projet de Constitution européenne et la coordination des politiques économiques
Le projet de Constitution pour lâEurope, issu des travaux de la Convention pour lâavenir de lâEurope, a Ă©tĂ© rejetĂ© en dĂ©cembre 2003 pour des raisons politiques et sans que les questions de politique Ă©conomique quâil soulĂšve aient Ă©tĂ© discutĂ©es. Ce projet ne proposait en effet aucune rĂ©forme des politiques budgĂ©taires dans lâUE. Par dĂ©faut, le Pacte de stabilitĂ© et de croissance en reste la pierre angulaire. Mais, non respectĂ©, il ne dispose dâaucune crĂ©dibilitĂ©. Dans un premier temps, cet article propose un commentaire de texte sur lâorganisation institutionnelle des politiques budgĂ©taires en Europe. Puis il porte un regard critique sur le statu quo proposĂ© par les rĂ©dacteurs du projet de Constitution. Les avantages dâune coordination des politiques budgĂ©taires sont ensuite discutĂ©s, de mĂȘme que ceux dâune meilleure articulation des politiques budgĂ©taires et monĂ©taire. Enfin, la rĂšgle dâor des finances publiques se voit attribuĂ©e les propriĂ©tĂ©s requises pour supplĂ©er lâabsence de coordination des politiques budgĂ©taires dans lâUE.The Draft Constitution was rejected in December 2003 for political reasons and without any discussion on its economic policiesâ contents. No reform proposal on the design of fiscal policies in the EU was even mentioned, nor reform proposal of the statutes of the ESCB. Hence, the Stability and Growth Pact remains the cornerstone of European fiscal policies. Unfortunately, not enforced, it lacks credibility. In the paper, the institutional framework of European fiscal policies is thoroughly discussed. The Draft status quo is given a critical assessment. The article then turns towards the advantages of a better coordination of economic policies, be they only fiscal or monetary and fiscal policies. Last, the âgolden rule of public financesâ is showed to incorporate properties which might make up for the absence of âex ante coordinationâ within the EU
LâĂ©conomie de la panique : faire face aux crises financiĂšres:LâĂ©conomie de la panique : faire face aux crises financiĂšres
AprĂšs cinq annĂ©es de crises rĂ©currentes dans les Ă©conomies Ă©mergentes, des pays asiatiques en 1997-1998 Ă lâArgentine en 2002, en passant par la Russie, lâouvrage de JĂ©rĂŽme Sgard arrive Ă point pour tenter de nous aider Ă en comprendre, en particulier, les causes et les dynamiques, mais aussi les consĂ©quences pour « lâarchitecture financiĂšre internationale ». [Premier paragraphe]Sgard, JĂ©rĂŽme, "L'Ă©conomie de la panique : faire face aux crises financiĂšres", La DĂ©couverte, Paris, 2002, 2-7071-3836-
Macroeconomic Policy in the First Year of Euroland:Premier rapport annuel du groupe de politique macroéconomique du CEPS
LâOFCE ayant rĂ©cemment publiĂ© un Rapport sur lâĂ©tat de lâUnion europĂ©enne, il Ă©tait important que nous nous plongions dans la lecture du rapport du CEPS, mĂȘme si les formes et les ambitions diffĂšrent dâun ouvrage Ă lâautre. Sur la forme, le rapport du CEPS se prĂ©sente comme un document de travail et il sâadresse plus particuliĂšrement Ă des lecteurs familiers du raisonnement Ă©conomique et de la macroĂ©conomie. [PremiĂšres lignes]"Macroeconomic Policy in the First Year of Euroland",
Premier Rapport Annuel du Groupe de Politique
Macroéconomique du CEPS
(Centre for European Policy Studies, Bruxelles), 199
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