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Close to Balance or in Surplus. A Policy Maker’s Guide to the Implementation of the Stability and Growth Pact

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Michael J. Artis
Marco Buti

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Paper provided by European University Institute (EUI), Robert Schuman Centre of Advanced Studies (RSCAS) in its series EUI-RSCAS Working Papers with number 28.

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Date of creation: 15 Jun 2000
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Handle: RePEc:erp:euirsc:p0026

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Keywords: currency; economic integration; EMU; Euro; European Central Bank; political economy; stability pact;

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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. Alessandro Missale, . "Optimal Debt Management with a Stability and Growth Pact," Working Papers 166, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University. [Downloadable!]
  2. Blanchard, Olivier J., 1984. "Current and anticipated deficits, interest rates and economic activity," European Economic Review, Elsevier, vol. 25(1), pages 7-27, June. [Downloadable!] (restricted)
    Other versions:
  3. Francesco Giavazzi & Tullio Jappelli & Marco Pagano, 1999. "Searching for Non-Keynesian Effects of Fiscal Policy," CSEF Working Papers 16, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy. [Downloadable!]
    Other versions:
  4. Thomas Dalsgaard & Alain de Serres, 1999. "Estimating Prudent Budgetary Margins for 11 EU Countries: A Simulated SVAR Model Approach," OECD Economics Department Working Papers 216, OECD, Economics Department. [Downloadable!]
  5. Artis, M. & Marcellino, M., 1999. "Fiscal Forecasting: the Track Record of the IMF, OECD and EC," Economics Working Papers eco99/22, European University Institute.
    Other versions:
  6. Bertola, Giuseppe & Drazen, Allan, 1993. "Trigger Points and Budget Cuts: Explaining the Effects of Fiscal Austerity," American Economic Review, American Economic Association, vol. 83(1), pages 11-26, March. [Downloadable!] (restricted)
    Other versions:
  7. Dury, K. & Pina, A.M., 2000. "Fiscal Policy in EMU: Simulating the Operation of the Stability Pact," Economics Working Papers eco2000/3, European University Institute.
    Other versions:
  8. Sutherland, Alan, 1997. "Fiscal crises and aggregate demand: can high public debt reverse the effects of fiscal policy?," Journal of Public Economics, Elsevier, vol. 65(2), pages 147-162, August. [Downloadable!] (restricted)
    Other versions:
  9. Barrell, R. & Dury, K. & Hurst, I., 1999. "Analysing Monetary and Fiscal Policy Regimes using Deterministic and Stochastic Simulations," Economics Working Papers eco99/37, European University Institute.
  10. Clive W.J. Granger, 1999. "Outline of forecast theory using generalized cost functions," Spanish Economic Review, Springer, vol. 1(2), pages 161-173. [Downloadable!] (restricted)
  11. Artis, Michael J & Marcellino, Massimiliano, 1998. "Fiscal Solvency and Fiscal Forecasting in Europe," CEPR Discussion Papers 1836, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
    Other versions:
  12. Barry Eichengreen, 1996. "Saving Europe's Automatic Stabilizers," Center for International and Development Economics Research, Working Paper Series 1032, Center for International and Development Economics Research, Institute for Business and Economic Research, UC Berkeley. [Downloadable!]
    Other versions:
  13. Barry Eichengreen & Charles Wyplosz, 1998. "The Stability Pact: more than a minor nuisance?," Economic Policy, CEPR, CES, MSH, vol. 13(26), pages 65-113, 04. [Downloadable!] (restricted)
  14. Buti, Marco & Franco, Daniele & Ongena, Hedwig, 1998. "Fiscal Discipline and Flexibility in EMU: The Implementation of the Stability and Growth Pact," Oxford Review of Economic Policy, Oxford University Press, vol. 14(3), pages 81-97, Autumn.
  15. McKinnon, Ronald I, 1994. "A Common Monetary Standard or a Common Currency for Europe? Fiscal Lessons from the United States," Scottish Journal of Political Economy, Scottish Economic Society, vol. 41(4), pages 337-57, November.
  16. Adriana Arreaza & Bent E. Sorensen & Oved Yosha, 1998. "Consumption Smoothing through Fiscal Policy in OECD and EU Countries," NBER Working Papers 6372, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  17. Artis, Michael J & Winkler, Bernhard, 1997. "The Stability Pact: Safeguarding the Credibility of the European Central Bank," CEPR Discussion Papers 1688, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
  18. Roberto Perotti, 1999. "Fiscal Policy In Good Times And Bad," The Quarterly Journal of Economics, MIT Press, vol. 114(4), pages 1399-1436, November. [Downloadable!] (restricted)
  19. Deborah Roseveare & Willi Leibfritz & Douglas Fore & Eckhard Wurzel, 1996. "Ageing Populations, Pension Systems and Government Budgets: Simulations for 20 OECD Countries," OECD Economics Department Working Papers 168, OECD, Economics Department. [Downloadable!]
  20. Lars E.O. Svensson, 1999. "Monetary policy issues for the Eurosystem," Proceedings, Federal Reserve Bank of San Francisco.
    Other versions:
  21. Alberto Alesina & Silvia Ardagna, 1998. "Tales of fiscal adjustment," Economic Policy, CEPR, CES, MSH, vol. 13(27), pages 487-545, October. [Downloadable!] (restricted)
  22. Keereman, F., 1999. "The Track Record of the Commission Forecasts," European Economy - Economic Papers 137, Commission of the EC, Directorate-General for Economic and Financial Affairs (DG ECFIN).
Full references

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. Ray Barrell & Ian Hurst & Álvaro Pina, 2002. "Fiscal Targets, Automatic Stabilisers and their Effects on Output," Working Papers 2002/05, Department of Economics at the School of Economics and Management (ISEG), Technical University of Lisbon.. [Downloadable!]
  2. Tilman Brück & Andreas Cors & Klaus F. Zimmermann & Rudolf Zwiener, 2002. "Stability Criteria and Convergence: The Role of the System of National Accounts for Fiscal Policy in Europe," Discussion Papers of DIW Berlin 318, DIW Berlin, German Institute for Economic Research. [Downloadable!]
  3. Teresa Leal & Javier J. Pérez & Mika Tujula & Jean-Pierre Vidal, 2007. "Fiscal forecasting - lessons from the literature and challenges," Working Paper Series 843, European Central Bank. [Downloadable!]
    Other versions:
  4. Harmen Lehment, 2002. "European Fiscal Policies Under the Stability Pact — Some First Insights," Kiel Working Papers 1098, Kiel Institute for the World Economy. [Downloadable!]
  5. Buiter, Willem H & Grafe, Clemens, 2002. "Patching up the Pact: some Suggestions for Enhancing Fiscal Sustainability and Macroeconomic Stability in an Enlarged European Union," CEPR Discussion Papers 3496, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
  6. Edoardo Gaffeo & Giuliana Passamani & Roberto Tamborini, 2005. "Fiscal and monetary policy, unfortunate events, and the SGP arithmetics - Evidence from a growth-gaps model," Department of Economics Working Papers 0519, Department of Economics, University of Trento, Italia. [Downloadable!]
  7. Catherine Mathieu & Henri Sterdyniak, 2003. "Reforming the Stability and Growth Pact: Breaking the Ice," Documents de Travail de l'OFCE 2003-02, Observatoire Francais des Conjonctures Economiques (OFCE). [Downloadable!]
  8. Michael J. Artis, Luca Onorante, 2006. "The Economic Importance of Fiscal Rules," Economics Working Papers ECO2006/14, European University Institute. [Downloadable!]
    Other versions:
  9. Barry Eichengreen & Fabio Ghironi, 2000. "EMU and Enlargement," Boston College Working Papers in Economics 481, Boston College Department of Economics, revised 01 May 2001. [Downloadable!]
  10. A J Hughes Hallett & Peter McAdam, 2001. "Fiscal Consolidation and the Probability Distribution of Deficits: A Stochastic Analysis of the Stability Pact," Studies in Economics 0101, Department of Economics, University of Kent. [Downloadable!]
  11. Uhlig, Harald, 2002. "One Money, but Many Fiscal Policies in Europe: What Are the Consequences?," CEPR Discussion Papers 3296, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  12. Matteo Governatori & Sylvester Eijffinger, 2004. "Fiscal and Monetary Interaction: The Role of Asymmetries of the Stability and Growth Pact in EMU," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
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  13. Waltraud Schelkle, 2003. "A Mixed Blessing: Monetary Enlargement within the Maastricht Policy Framework," Vierteljahrshefte zur Wirtschaftsforschung / Quarterly Journal of Economic Research, DIW Berlin, German Institute for Economic Research, vol. 72(4), pages 624-635.
  14. Marco BUTI & Werner ROEGER & Jan IN'T VELD, 2001. "Monetary and Fiscal Policy Interactions under a Stability Pact," Economics Working Papers ECO2001/08, European University Institute. [Downloadable!]
  15. Mauro Visaggio, 2004. "Does Stability and Growth Pact Provide an Adequate and Consistent Fiscal Rule?," Macroeconomics 0407008, EconWPA. [Downloadable!]
  16. Carlos Marinheiro, 2003. "Output Smoothing in EMU and OECD: Can We Forego Government Contribution? A risk sharing approach," GEMF Working Papers 2003-02, GEMF - Faculdade de Economia, Universidade de Coimbra. [Downloadable!]
    Other versions:
  17. Tilman Brück & Rudolf Zwiener, 2004. "Fiscal Policy Rules for Stabilisation and Growth: A Simulation Analysis of Deficit and Expenditure Targets in a Monetary Union," Discussion Papers of DIW Berlin 427, DIW Berlin, German Institute for Economic Research. [Downloadable!]
    Other versions:
  18. Fritz Breuss, 2001. "Towards a Political Economy of Zero Budgeting in Austria," Empirica, Springer, vol. 28(1), pages 41-67, March. [Downloadable!] (restricted)
  19. Richard Hule & Matthias Sutter, 2003. "Can the Stability and Growth Pact in EMU Cause Budget Deficit Cycles?," Empirica, Springer, vol. 30(1), pages 25-38, March. [Downloadable!] (restricted)
  20. Galí, Jordi & Perotti, Roberto, 2003. "Fiscal Policy and Monetary Integration in Europe," CEPR Discussion Papers 3933, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
    Other versions:
  21. Rasmus Kattai & Kaie Kerem & Kadrin Keres & Martti Randveer, 2004. "Fiscal Policy as a Determinant of Consumption Expenditure: The Estonian Case," Working Papers 111, School of Economics and Business Administration, Tallinn University of Technology. [Downloadable!]
  22. Buti, Marco & Sapir, André, 2001. "EMU in the Early Years: Differences and Credibility," CEPR Discussion Papers 2832, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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