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

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Author Info
Christophe Schalck () (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://economicsbulletin.vanderbilt.edu/2006/volume5/EB-06E60002A.pdf
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Publisher Info
Article provided by Economics Bulletin in its journal Economics Bulletin.

Volume (Year): 5 (2006)
Issue (Month): 9 ()
Pages: 1-11
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Handle: RePEc:ebl:ecbull:v:5:y:2006:i:9:p:1-11

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Related research
Keywords: EMU Fiscal Coordination Stability and Growth Pact

Find related papers by JEL classification:
E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. Kenneth M. Kletzer, . "Macroeconomic Stabilization with a Common Currency:," EPRU Working Paper Series 97-22, Economic Policy Research Unit (EPRU), University of Copenhagen. Department of Economics. [Downloadable!]
  2. Beetsma, Roel & Uhlig, Harald, 1999. "An Analysis of the Stability and Growth Pact," Economic Journal, Royal Economic Society, vol. 109(458), pages 546-71, October. [Downloadable!] (restricted)
  3. Christophe Schalck, 2006. "EMU's Fiscal Rules and Economic Stabilization," Economics Bulletin, Economics Bulletin, vol. 5(4), pages 1-8. [Downloadable!]
  4. 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 335, OECD Economics Department. [Downloadable!]
  5. Glenn D. Rudebusch & Lars E. O. Svensson, 1998. "Policy rules for inflation targeting," Proceedings, Federal Reserve Bank of San Francisco, issue Mar.
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  6. Leith, Campbell & Wren-Lewis, Simon, 2000. "Interactions between Monetary and Fiscal Policy Rules," Economic Journal, Royal Economic Society, vol. 110(462), pages C93-108, March. [Downloadable!] (restricted)
  7. Philippine Cour-Thimann & Pablo Hernandez Cos & Matthias F. Mohr & Mika Tujula & Carine Bouthevillain & Geert Langenus & Sandro Momigliano & Gerrit Van Den Dool, 2001. "Cyclically adjusted budget balances: an alternative approach," Working Paper Series 077, European Central Bank. [Downloadable!]
    Other versions:
  8. Otmar Issing, 2002. "On Macroeconomic Policy Co-ordination in EMU," Journal of Common Market Studies, Blackwell Publishing, vol. 40(2), pages 345-358, 06. [Downloadable!] (restricted)
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Christophe Schalck, 2007. "Coordination des Politiques Budgétaires dans une Union Monétaire Hétérogène: Modélisation et Application à l'UEM," EconomiX Working Papers 2007-2, University of Paris West - Nanterre la Défense, EconomiX. [Downloadable!]
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