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Macroeconomic Policy Coordination in Europe � an Agnostic View

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  • Joachim Scheide
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    Abstract

    Coordination is a fundamental principle for economic policy in the EU. There is a consensus that soft coordination (exchange of information, general guidelines for economic policy) is useful. Whether stabilization policies should be coordinated is another matter. Against the background of the Broad Economic Policy Guidelines (BEPG) and the literature on macro policies it is discussed whether the conditions for such coordination are met in Europe. Commitments by policymakers are almost impossible, fiscal policies may not be effective, and negative spillovers are unlikely. Therefore, the arguments for an ex ante coordination of macro policies are weak. Nevertheless, economic policies can be successful in achieving the targets even if they are not coordinated.

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    Bibliographic Info

    Paper provided by Kiel Institute for the World Economy in its series Kiel Working Papers with number 1174.

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    Length: 31 pages
    Date of creation: Jun 2003
    Date of revision:
    Handle: RePEc:kie:kieliw:1174

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    Keywords: International policy coordination; stabilization policies;

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    References

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    1. John B. Taylor, 2000. "Reassessing Discretionary Fiscal Policy," Journal of Economic Perspectives, American Economic Association, vol. 14(3), pages 21-36, Summer.
    2. Blinder, Alan S, 1997. "Is There a Core of Practical Macroeconomics That We Should All Believe?," American Economic Review, American Economic Association, vol. 87(2), pages 240-43, May.
    3. Alberto Alesina & Ignazio Angeloni & Federico Etro, 2005. "International Unions," American Economic Review, American Economic Association, vol. 95(3), pages 602-615, June.
    4. Taylor, John B., 1997. "A Core of Practical Macroeconomics," Choices, Agricultural and Applied Economics Association, vol. 12(4).
    5. Martin Feldstein, 2002. "The Role for Discretionary Fiscal Policy in a Low Interest Rate Environment," NBER Working Papers 9203, National Bureau of Economic Research, Inc.
    6. Frankel, Jeffrey A & Rockett, Katharine E, 1988. "International Macroeconomic Policy Coordination When Policymakers Do Not Agree on the True Model," American Economic Review, American Economic Association, vol. 78(3), pages 318-40, June.
    7. Siebert, Horst, 2001. "How the EU can move to a higher growth path : some considerations," Kiel Discussion Papers 383, Kiel Institute for the World Economy (IfW).
    8. Alberto Alesina & Roberto Perotti, 1996. "Fiscal Adjustments in OECD Countries: Composition and Macroeconomic Effects," NBER Working Papers 5730, National Bureau of Economic Research, Inc.
    9. Eichenbaum, Martin, 1997. "Some Thoughts on Practical Stabilization Policy," American Economic Review, American Economic Association, vol. 87(2), pages 236-39, May.
    10. Alberto Alesina & Roberto Perotti, 1997. "Fiscal Adjustments in OECD Countries: Composition and Macroeconomic Effects," IMF Staff Papers, Palgrave Macmillan, vol. 44(2), pages 210-248, June.
    11. Robert E. Lucas Jr., 2003. "Macroeconomic Priorities," American Economic Review, American Economic Association, vol. 93(1), pages 1-14, March.
    12. Alberto Alesina & Roberto Perotti, 1996. "Fiscal Adjustments in OECD Countries," IMF Working Papers 96/70, International Monetary Fund.
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    Cited by:
    1. Carstensen, Kai & Gern, Klaus-Jürgen & Kamps, Christophe & Scheide, Joachim, 2003. "Euroland: Stagnation wird allmählich überwunden," Open Access Publications from Kiel Institute for the World Economy 3081, Kiel Institute for the World Economy (IfW).

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