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The stability Pact and the coordination of fiscal policies in the EMU

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  • Christophe Schalck

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    (EconomiX, University of Paris X)

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    Abstract

    This paper studies the relationship between the Stability and Growth Pact (SGP) and the coordination of fiscal policies in the EMU. Results show that the coordination is an efficient tool to increase EMU stabilization, even though the overall impact greatly varies according to the nature of the shock that occurs. Fiscal coordination appears to be compatible with the SGP and coordination gains can actually be enhanced with the SGP. Nethertheless, results are closely related to the effects of monetary and fiscal policies on output.

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    File URL: http://www.accessecon.com/pubs/EB/2006/Volume5/EB-06E60002A.pdf
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    Bibliographic Info

    Article provided by AccessEcon in its journal Economics Bulletin.

    Volume (Year): 5 (2006)
    Issue (Month): 9 ()
    Pages: 1-11

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    Handle: RePEc:ebl:ecbull:eb-06e60002

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    1. Beetsma, Roel & Uhlig, Harald, 1999. "An Analysis of the Stability and Growth Pact," Economic Journal, Royal Economic Society, Royal Economic Society, vol. 109(458), pages 546-71, October.
    2. Bouthevillain, C. & Van Den Dool, G. & Langenus, G. & Mohr, M. & Momigliano, S. & Tujula, M. & De Cos, P.H. & Cour-Thimann, Philippine, 2001. "Cyclically Adjusted Budget Balances: an Alternative Approach," Papers 77, Quebec a Montreal - Recherche en gestion.
    3. Marco Buti & Carlos Martinez-Mongay & Khalid Sekkat & Paul van den Noord, 2002. "Automatic Stabilisers and Market Flexibility in EMU: Is There A Trade-Off?," OECD Economics Department Working Papers, OECD Publishing 335, OECD Publishing.
    4. Otmar Issing, 2002. "On Macroeconomic Policy Co-ordination in EMU," Journal of Common Market Studies, Wiley Blackwell, Wiley Blackwell, vol. 40(2), pages 345-358, 06.
    5. Christophe Schalck, 2006. "EMU's Fiscal Rules and Economic Stabilization," Economics Bulletin, AccessEcon, vol. 5(4), pages 1-8.
    6. Engwerda, Jacob C. & van Aarle, Bas & Plasmans, Joseph E. J., 2002. "Cooperative and non-cooperative fiscal stabilization policies in the EMU," Journal of Economic Dynamics and Control, Elsevier, Elsevier, vol. 26(3), pages 451-481, March.
    7. Tamim Bayoumi & Barry Eichengreen, 1995. "Restraining Yourself: The Implications of Fiscal Rules for Economic Stabilization," IMF Staff Papers, Palgrave Macmillan, vol. 42(1), pages 32-48, March.
    8. repec:ebl:ecbull:v:5:y:2006:i:4:p:1-8 is not listed on IDEAS
    9. Leith, Campbell & Wren-Lewis, Simon, 2000. "Interactions between Monetary and Fiscal Policy Rules," Economic Journal, Royal Economic Society, Royal Economic Society, vol. 110(462), pages C93-108, March.
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