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Policy Assessment of the European Central Bank and the Stability and Growth Pact’s Echo of the Conventional Wisdom on Budget Management

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Author Info
William E. Ginn (East Carolina University)

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Abstract

This paper provides an in-depth normative analysis in two parts: 1) ECB monetary policy focusing on credibility, accountability, transparency, flexibility, and both goal and instrument independence; 2) Theoretical analysis of discrepancies of the Stability and Growth Pact rules vs. discretionary framework that is comprised of the conventional view on budget deficits and how budget deficit targeting creates a procyclical and endogenous policy.

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File URL: http://129.3.20.41/eps/if/papers/0402/0402004.pdf
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Publisher Info
Paper provided by EconWPA in its series International Finance with number 0402004.

Download reference. The following formats are available: HTML (with abstract), plain text (with abstract), BibTeX, RIS (EndNote, RefMan, ProCite), ReDIF
Length: 30 pages
Date of creation: 22 Feb 2004
Date of revision:
Handle: RePEc:wpa:wuwpif:0402004

Note: Type of Document - word doc; prepared on WinXP; to print on HP Deskjet Series; pages: 30; figures: Within Document
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Web page: http://129.3.20.41

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Related research
Keywords: Central Bank Credibility; Accountability; Flexibility; Ricardian Equivalence;

Find related papers by JEL classification:
F3 - International Economics - - International Finance
F4 - International Economics - - Macroeconomic Aspects of International Trade and Finance

This paper has been announced in the following NEP Reports:

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This page was last updated on 2009-12-9.

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