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The Fiscal Stabilization Policy under EMU - An Empirical Assessment

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Author Info
Arjan Kadareja
Abstract

The focus of this paper is the empirical address of some questions linked with the launch of the European Monetary Union (EMU) and its macroeconomic stability implications for three members ( France, Germany and Italy )and one possible future member (United Kingdom). First, it is assessed the degree of symmetry of the shocks that characterized the above European economies in the recent past. Second, for the above mentioned countries, there are measured the likely macroeconomic stability effects, implied by the shift from monetary and exchange rate national policies prior to EMU to the common monetary policy conducted by ECB. Third, for France, Germany, Italy and UK it is assessed the potential stabilization role of the fiscal national policies. Finally, there are measured the effects of the Stability and Growth Pact (SGP) criteria on the fiscal national policy stabilization role.

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Paper provided by CEPII research center in its series Working Papers with number 2001-20.

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Date of creation: Dec 2001
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Handle: RePEc:cii:cepidt:2001-20

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Related research
Keywords: EMU; SGP; Fiscal policy; Stochastic simulations;

Find related papers by JEL classification:
E63 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization
C15 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: General - - - Statistical Simulation Methods
C51 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Construction and Estimation

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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. Richard Clarida & Jordi Gali & Mark Gertler, 1997. "Monetary Policy Rules in Practice: Some International Evidence," NBER Working Papers 6254, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  2. Agnes Benassy-Quere & Benoit Mojon, 1998. "EMU and Transatlantic Exchange Rate Stability," Working Papers 1998-02, CEPII research center. [Downloadable!]
  3. Fair, Ray C & Taylor, John B, 1983. "Solution and Maximum Likelihood Estimation of Dynamic Nonlinear Rational Expectations Models," Econometrica, Econometric Society, vol. 51(4), pages 1169-85, July. [Downloadable!] (restricted)
    Other versions:
  4. Ates Dagli, C. & Taylor, John B., 1984. "Estimation and solution of linear rational expectations models using a polynomial matrix factorization," Journal of Economic Dynamics and Control, Elsevier, vol. 8(3), pages 341-348, December. [Downloadable!] (restricted)
  5. Quandt, Richard E., 1983. "Computational problems and methods," Handbook of Econometrics, in: Z. Griliches† & M. D. Intriligator (ed.), Handbook of Econometrics, edition 1, volume 1, chapter 12, pages 699-764 Elsevier. [Downloadable!] (restricted)
  6. Taylor, John B., 1993. "Discretion versus policy rules in practice," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 39(1), pages 195-214, December. [Downloadable!] (restricted)
  7. Lucas, Robert Jr, 1976. "Econometric policy evaluation: A critique," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 1(1), pages 19-46, January. [Downloadable!] (restricted)
  8. Tamim Bayoumi and Barry Eichengreen., 1992. "Shocking Aspects of European Monetary Unification," Economics Working Papers 92-187, University of California at Berkeley. [Downloadable!]
    Other versions:
  9. Barry Eichengreen & Charles Wyplosz, 1993. "The Unstable EMS," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 24(1993-1), pages 51-144. [Downloadable!]
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(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. BARBIER-GAUCHARD Amélie, 2005. "Fiscal federalism, discipline and selection adverse in the EU : Lessons from a theoretical model," Economics Bulletin, Economics Bulletin, vol. 5(11), pages 1-8. [Downloadable!]
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