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Règles Budgétaires et Gestion du Policy-Mix dans l'UEM Budgetary Rules and Management of the Policy-Mix in the UME

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  • Schalck, Christophe

Abstract

This papper proposes a comparison of EMU's different fisca rules, i.e. the stability and growth Pact, the structural deficit rule and the golden rule. From comparing the economic stabilizing effects and their consistency with the monetaty policy, it concludes that the Pact is better in the case of a supply shock, and the golden rule is better in the case of a demand shock

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File URL: http://mpra.ub.uni-muenchen.de/1434/
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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 1434.

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Date of creation: 2006
Date of revision: Oct 2006
Handle: RePEc:pra:mprapa:1434

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Keywords: Règles budgétaires; Policy-Mix; Stabilisation;

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References

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  1. Svensson, Lars E.O. & Rudebusch , Glenn, 1998. "Policy Rules for Inflation Targeting," Seminar Papers 637, Stockholm University, Institute for International Economic Studies.
  2. Henri Sterdyniak & Jérôme Creel, 1995. "Les déficits publics en Europe. Causes, conséquences ou remèdes à la crise ?," Revue économique, Presses de Sciences-Po, vol. 0(3), pages 645-656.
  3. 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.
  4. Jérôme Creel, 2002. "Asymétries budgétaires dans la zone euro, un essai de modélisation du Pacte de stabilité," Revue Française d'Économie, Programme National Persée, vol. 16(3), pages 91-127.
  5. Persson, Torsten & Tabellini, Guido, 1995. "Double-edged incentives: Institutions and policy coordination," Handbook of International Economics, in: G. M. Grossman & K. Rogoff (ed.), Handbook of International Economics, edition 1, volume 3, chapter 38, pages 1973-2030 Elsevier.
  6. Jérôme Creel, 2003. "Ranking Fiscal Policy Rules: the Golden Rule of Public Finance vs. the Stability and Growth Pact," Sciences Po publications 2003-04, Sciences Po.
  7. Gert Peersman & Frank Smets, 2005. "The Industry Effects of Monetary Policy in the Euro Area," Economic Journal, Royal Economic Society, vol. 115(503), pages 319-342, 04.
  8. 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 Publishing.
  9. Ferrero, Andrea, 2009. "Fiscal and monetary rules for a currency union," Journal of International Economics, Elsevier, vol. 77(1), pages 1-10, February.
  10. Blanchard, Olivier J & Giavazzi, Francesco, 2004. "Improving the SGP Through a Proper Accounting of Public Investment," CEPR Discussion Papers 4220, C.E.P.R. Discussion Papers.
  11. Bouthevillain, Carine & Cour-Thimann, Philippine & van de Dool, Gerrit & Hernández de Cos, Pablo & Langenus, Geert & Mohr, Matthias & Momigliano, Sandro & Tujula, Mika, 2001. "Cyclically adjusted budget balances: an alternative approach," Working Paper Series 0077, European Central Bank.
  12. Engwerda, Jacob C. & van Aarle, Bas & Plasmans, Joseph E. J., 2002. "Cooperative and non-cooperative fiscal stabilization policies in the EMU," Journal of Economic Dynamics and Control, Elsevier, vol. 26(3), pages 451-481, March.
  13. Amélie Barbier & Patrick Villieu, 2003. "Quelle cible de déficit dans la zone euro ?. Les enseignements d'un modèle à deux pays," Revue économique, Presses de Sciences-Po, vol. 54(3), pages 499-509.
  14. Jérôme Creel & Thierry Latreille & Jacques Le Cacheux, 2002. "Le Pacte de stabilité et les politiques budgétaires dans l'Union européenne," Revue de l'OFCE, Presses de Sciences-Po, vol. 0(5), pages 245-297.
  15. Marco Buti & Gabriele Giudice, 2002. "Maastricht's Fiscal Rules at Ten: An Assessment," Journal of Common Market Studies, Wiley Blackwell, vol. 40(5), pages 823-848, December.
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