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Market Mechanisms for Policy Decisions: Tools for the European Union

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  • Alessandra Casella

Abstract

The thesis of this paper is that more transparent, rule-bound and subtle mechanisms for policy coordination will be needed to ensure the success of an enlarged European Union. A common policy is a public good with distributional implications. Economists have developed a large number of plausible market mechanisms for the efficient provision of public goods, and the European Union, with its limited number of members and relative ease of information is a promising ground for such schemes. An important open area of applied research is thus the tailoring of incentive schemes to the specific needs of the European Union and its policy choices. The paper discusses two possible examples: a system of tradable deficit permits to implement the fiscal constraints imposed by the Maastricht treaty; and a rule allowing country representatives to shift their own votes intertemporally when deliberations are taken by vote in periodic committee meetings.

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Bibliographic Info

Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 8027.

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Date of creation: Dec 2000
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Publication status: published as Casella, Alessandra. "Market Mechanisms For Policy Decisions: Tools For The European Union," European Economic Review, 2001, v45(4-6,May), 995-1006.
Handle: RePEc:nbr:nberwo:8027

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  1. Bagnoli, Mark & Lipman, Barton L, 1989. "Provision of Public Goods: Fully Implementing the Core through Private Contributions," Review of Economic Studies, Wiley Blackwell, Wiley Blackwell, vol. 56(4), pages 583-601, October.
  2. Moore, John & Repullo, Rafael, 1988. "Subgame Perfect Implementation," Econometrica, Econometric Society, Econometric Society, vol. 56(5), pages 1191-1220, September.
  3. Mueller,Dennis C., 2003. "Public Choice III," Cambridge Books, Cambridge University Press, Cambridge University Press, number 9780521894753.
  4. Alessandra Casella, 1999. "Tradable Deficit Permits: Efficient Implementation of the Stability Pacin the European Monetary Union," NBER Working Papers 7278, National Bureau of Economic Research, Inc.
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Cited by:
  1. Hausken, Kjell & Knutsen, John F., 2010. "An enabling mechanism for the creation, adjustment, and dissolution of states and governmental units," Economics Discussion Papers, Kiel Institute for the World Economy 2010-6, Kiel Institute for the World Economy.
  2. Lossani, Marco & Natale, Piergiovanna & Tirelli, Patrizio, 2001. "A Reform Proposal for EMU Institutions," MPRA Paper 18694, University Library of Munich, Germany.
  3. Bizer, Kilian & Sesselmeier, Werner, 2004. "Koordinierte Makropolitik in der Europäischen Union?," Darmstadt Discussion Papers in Economics, Darmstadt Technical University, Department of Business Administration, Economics and Law, Institute of Economics (VWL) 21326, Darmstadt Technical University, Department of Business Administration, Economics and Law, Institute of Economics (VWL).
  4. Amy K. Filipek & Till Schreiber, 2010. "The Stability and Growth Pact: Past Performance and Future Reforms," Working Papers, Department of Economics, College of William and Mary 97, Department of Economics, College of William and Mary.
  5. Kjell Hausken & John F. Knutsen, 2002. "The Birth, Adjustment and Death of States," Public Economics, EconWPA 0205004, EconWPA.

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