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The Cyclically Adjusted Budget Balance in EU Fiscal Policymaking. Love at First Sight Turned into a Mature Relationship

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  • Larch, Martin
  • Turrini, Alessandro

Abstract

The cyclically adjusted budget balance (CAB) plays a key role in the EU fi scal surveillance framework. It started off in a supporting role in the shadow of the headline defi cit and, before long, turned into the linchpin of the rules of the Stability and Growth Pact. The steep ascent was driven by high expectations which, with the passing of time, were only partly met. The everyday practice of the EU fi scal surveillance rapidly revealed a number of caveats of the CAB which, at times, hampered the effectiveness of fi scal surveillance. This paper provides a comprehensive review of the changing fortunes of the CAB in the EU fi scal surveillance framework. It portrays its main shortcomings and the way they are dealt with in practice.

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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 20594.

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Date of creation: 2009
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Handle: RePEc:pra:mprapa:20594

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Keywords: Cyclically adjusted budget balance; Stability and Growth Pact; Fiscal Policy;

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  1. Olivier Jean Blanchard, 1990. "Suggestions for a New Set of Fiscal Indicators," OECD Economics Department Working Papers 79, OECD Publishing.
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Cited by:
  1. Agnello, Luca & Cimadomo, Jacopo, 2009. "Discretionary Fiscal Policies over the Cycle: New Evidence based on the ESCB Disaggregated Approach," Working Paper Series, European Central Bank 1118, European Central Bank.
  2. European Commission, 2010. "Taxation trends in the European Union: 2010 edition," Taxation trends, Directorate General Taxation and Customs Union, European Commission 2010, Directorate General Taxation and Customs Union, European Commission.
  3. Jef Vuchelen & Jesse De Wit, 2008. "An Evaluation of the OECD Cyclically-Adjusted Primary Government Balance Forecasts," Brussels Economic Review, ULB -- Universite Libre de Bruxelles, ULB -- Universite Libre de Bruxelles, vol. 51(4), pages 459-479.
  4. Vladimir Tomsik, 2012. "Some insights into monetary and fiscal policy interactions in the Czech Republic," BIS Papers chapters, Bank for International Settlements, in: Bank for International Settlements (ed.), Fiscal policy, public debt and monetary policy in emerging market economies, volume 67, pages 161-171 Bank for International Settlements.
  5. Doris Prammer & Lukas Reiss, 2014. "Fiscal Projections by the Oesterreichische Nationalbank: Methods and Motives," Monetary Policy & the Economy, Oesterreichische Nationalbank (Austrian Central Bank), issue 2, pages 31-48.
  6. European Commission, 2012. "Taxation trends in the European Union: 2012 edition," Taxation trends, Directorate General Taxation and Customs Union, European Commission 2012, Directorate General Taxation and Customs Union, European Commission.
  7. IMK Düsseldorf & OFCE Paris & WIFO Wien, 2013. "Die Krise schwelt weiter," IMK Report, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute 80-2013, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.

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