IDEAS home Printed from https://ideas.repec.org/a/diw/diwvjh/73-30-5.html
   My bibliography  Save this article

Regelgebundene versus diskretionäre Wirtschaftspolitik: das Beispiel des Stabilitäts- und Wachstumspaktes

Author

Listed:
  • Renate Ohr
  • André Schmidt

Abstract

The following paper deals on the problems of time inconsistency in connection with the stability and growth pact. The authors conclude that the current practice of application of the stability and growth pact is not appropriate for reducing the problems of time inconsistency. The stability pact will yield disciplining effects only if it will be credible applied. Therefore, the authors emphasises a more rule and less discretion orientated application of the stability and growth pact. Der vorliegende Beitrag thematisiert den Stabilitäts- und Wachstumspakt unter Berücksichtigung von Zeitinkonsistenzproblemen. Die Verfasser gelangen zu dem Ergebnis, dass die bisherige Anwendungspraxis des Stabilitäts- und Wachstumspaktes nicht geeignet ist, die Zeitinkonsistenzprobleme zu reduzieren. Vom Stabilitäts- und Wachstumspakt wird nur dann eine disziplinierende Wirkung ausgehen, wenn dieser auch glaubwürdig umgesetzt wird. Daher betonen die Verfasser die Notwendigkeit einer stärkeren Regelbindung anstelle der in der bisherigen Anwendung bestehenden hohen diskretionären Ermessensspielräume.

Suggested Citation

  • Renate Ohr & André Schmidt, 2004. "Regelgebundene versus diskretionäre Wirtschaftspolitik: das Beispiel des Stabilitäts- und Wachstumspaktes," Vierteljahrshefte zur Wirtschaftsforschung / Quarterly Journal of Economic Research, DIW Berlin, German Institute for Economic Research, vol. 73(3), pages 381-391.
    • Handle: RePEc:diw:diwvjh:73-30-5
    DOI: 10.3790/vjh.73.3.381
    as

    Download full text from publisher

    File URL: https://doi.org/10.3790/vjh.73.3.381
    Download Restriction: no
    File URL: https://libkey.io/10.3790/vjh.73.3.381?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Barro, Robert J. & Gordon, David B., 1983. "Rules, discretion and reputation in a model of monetary policy," Journal of Monetary Economics, Elsevier, vol. 12(1), pages 101-121.
    2. repec:hal:spmain:info:hdl:2441/3221 is not listed on IDEAS
    3. Fuest Clemens, 1993. "Budgetdefizite in einer Europäischen Währungsunion: Bedarf es gemeinsamer Verschuldungsregeln?," Zeitschrift für Wirtschaftspolitik, De Gruyter, vol. 42(1-3), pages 123-150, April.
    4. Robert Ackrill & Dean Garratt, "undated". "Rules Versus Discretion: Why EMU Needs a Stability Pact," Discussion Papers in European Economics 97/3, Division of Economics, School of Business, University of Leicester.
    5. Marco Buti & Gabriele Giudice, 2002. "Maastricht’s Fiscal Rules at Ten: An Assessment," Journal of Common Market Studies, Wiley Blackwell, vol. 40(5), pages 823-848, December.
    6. L. Wade, 1988. "Review," Public Choice, Springer, vol. 58(1), pages 99-100, July.
    7. Jérôme Creel, 2002. "Strategic interactions between monetary and fiscal policies: a case study for the European Stability Pact," Sciences Po publications info:hdl:2441/3221, Sciences Po.
    8. Alesina, Alberto & Tabellini, Guido, 1988. "Credibility and politics," European Economic Review, Elsevier, vol. 32(2-3), pages 542-550, March.
    9. Alberto Alesina & Nouriel Roubini & Gerald D. Cohen, 1997. "Political Cycles and the Macroeconomy," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262510944, December.
    10. repec:hal:wpspec:info:hdl:2441/3221 is not listed on IDEAS
    11. Schelling, Thomas C, 1982. "Establishing Credibility: Strategic Considerations," American Economic Review, American Economic Association, vol. 72(2), pages 77-80, May.
    12. William D. Nordhaus, 1975. "The Political Business Cycle," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 42(2), pages 169-190.
    13. Rogoff, Kenneth, 1990. "Equilibrium Political Budget Cycles," American Economic Review, American Economic Association, vol. 80(1), pages 21-36, March.
    14. Beetsma, Roel & Jensen, Henrik, 2003. "Contingent deficit sanctions and moral hazard with a stability pact," Journal of International Economics, Elsevier, vol. 61(1), pages 187-208, October.
    15. Kydland, Finn E & Prescott, Edward C, 1977. "Rules Rather Than Discretion: The Inconsistency of Optimal Plans," Journal of Political Economy, University of Chicago Press, vol. 85(3), pages 473-491, June.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Renate Ohr & André Schmidt, 2006. "Handelbare Verschuldungsrechte zur Sicherung fiskalischer Stabilität in der Währungsunion?," Departmental Discussion Papers 128, University of Goettingen, Department of Economics.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Donato Masciandaro, 1995. "Designing a central bank: Social player, monetary agent, or banking agent?," Open Economies Review, Springer, vol. 6(4), pages 399-410, October.
    2. Cleomar Gomes da silva & Flavio V. Vieira, 2016. "Monetary policy decision making: the role of ideology, institutions and central bank independence," Economics Bulletin, AccessEcon, vol. 36(4), pages 2051-2062.
    3. Ferré, Montserrat & Manzano, Carolina, 2014. "Rational Partisan Theory with fiscal policy and an independent central bank," Journal of Macroeconomics, Elsevier, vol. 42(C), pages 27-37.
    4. Persson, Torsten & Tabellini, Guido, 1999. "Political economics and macroeconomic policy," Handbook of Macroeconomics, in: J. B. Taylor & M. Woodford (ed.), Handbook of Macroeconomics, edition 1, volume 1, chapter 22, pages 1397-1482, Elsevier.
    5. Jorge M. Streb, 2011. "Estabilización económica e incentivos políticos," CEMA Working Papers: Serie Documentos de Trabajo. 461, Universidad del CEMA.
    6. Price, Simon, 1997. "Political Business Cycles and Macroeconomic Credibility: A Survey," Public Choice, Springer, vol. 92(3-4), pages 407-427, September.
    7. Michael Berlemann & Gunther Markwardt, 2007. "Unemployment and Inflation Consequences of Unexpected Election Results," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 39(8), pages 1919-1945, December.
    8. Beckmann, Joscha & Ademmer, Esther & Belke, Ansgar & Schweickert, Rainer, 2017. "The political economy of the impossible trinity," European Journal of Political Economy, Elsevier, vol. 47(C), pages 103-123.
    9. Berlemann, Michael & Markwardt, Gunther, 2003. "Partisan cycles and pre-electoral uncertainty," Dresden Discussion Paper Series in Economics 01/03, Technische Universität Dresden, Faculty of Business and Economics, Department of Economics.
    10. Jorge M. Streb & Daniel Lema & Gustavo Torrens, 2009. "Checks and Balances on Political Budget Cycles: Cross‐Country Evidence," Kyklos, Wiley Blackwell, vol. 62(3), pages 426-447, August.
    11. Oriola, Hugo, 2023. "Political monetary cycles: An empirical study," European Journal of Political Economy, Elsevier, vol. 79(C).
    12. Jablanovic, Vesna D., 2013. "The Government Spending On Agribusiness Sector Model," 50th Anniversary Seminar, Agriculture and Rural Development -Challenges of Transition and Integration Processes, September 27, 2013 161816, University of Belgrade, Department of Agricultural Economics, Faculty of Agriculture.
    13. Alberto Alesina & Gerald D. Cohen & Nouriel Roubini, 1992. "Macroeconomic Policy And Elections In Oecd Democracies," Economics and Politics, Wiley Blackwell, vol. 4(1), pages 1-30, March.
    14. Eric Dubois, 2016. "Political Business Cycles 40 Years after Nordhaus," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) hal-01291401, HAL.
    15. Gerard H. Kuper, 2018. "The powers that are: central bank independence in the Greenspan era," Empirical Economics, Springer, vol. 54(2), pages 485-499, March.
    16. Brian Snowdon & Howard R. Vane, 1999. "The New Political Macroeconomics: An Interview with Alberto Alesina," The American Economist, Sage Publications, vol. 43(1), pages 19-34, March.
    17. Antoine Cazals & Pierre Mandon, 2015. "Political Budget Cycles: Manipulation of Leaders or Bias from Research? A Meta-Regression Analysis," CERDI Working papers halshs-01238883, HAL.
    18. Jorge Miguel Streb, 2005. "Signaling in Political Budget Cycles: How Far Are You Willing to Go?," Journal of Public Economic Theory, Association for Public Economic Theory, vol. 7(2), pages 229-252, May.
    19. Ball, R., 1999. "The Institutional Foundations of Monetary Commitment: A Comparative Analysis," World Development, Elsevier, vol. 27(10), pages 1821-1842, October.
    20. Reichenvater, Arno, 2007. "Business Cycles, Political Incentives and the Macroeconomy: Comparison of Models," MPRA Paper 5527, University Library of Munich, Germany.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:diw:diwvjh:73-30-5. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Bibliothek (email available below). General contact details of provider: https://edirc.repec.org/data/diwbede.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.