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Regelgebundene versus diskretionäre Wirtschaftspolitik: das Beispiel des Stabilitäts- und Wachstumspaktes

  • Renate Ohr
  • André Schmidt

The following paper deals on the problems of time inconsistency in connection with the stability and growth pact. The authors conclude that the current practice of application of the stability and growth pact is not appropriate for reducing the problems of time inconsistency. The stability pact will yield disciplining effects only if it will be credible applied. Therefore, the authors emphasises a more rule and less discretion orientated application of the stability and growth pact. Der vorliegende Beitrag thematisiert den Stabilitäts- und Wachstumspakt unter Berücksichtigung von Zeitinkonsistenzproblemen. Die Verfasser gelangen zu dem Ergebnis, dass die bisherige Anwendungspraxis des Stabilitäts- und Wachstumspaktes nicht geeignet ist, die Zeitinkonsistenzprobleme zu reduzieren. Vom Stabilitäts- und Wachstumspakt wird nur dann eine disziplinierende Wirkung ausgehen, wenn dieser auch glaubwürdig umgesetzt wird. Daher betonen die Verfasser die Notwendigkeit einer stärkeren Regelbindung anstelle der in der bisherigen Anwendung bestehenden hohen diskretionären Ermessensspielräume.

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File URL: http://ejournals.duncker-humblot.de/doi/pdf/10.3790/vjh.73.3.381
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Article provided by DIW Berlin, German Institute for Economic Research in its journal Vierteljahrshefte zur Wirtschaftsforschung.

Volume (Year): 73 (2004)
Issue (Month): 3 ()
Pages: 381-391

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Handle: RePEc:diw:diwvjh:73-30-5
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  1. Kenneth Rogoff, 1987. "Equilibrium Political Budget Cycles," NBER Working Papers 2428, National Bureau of Economic Research, Inc.
  2. Alesina, Alberto & Tabellini, Guido, 1988. "Credibility and politics," European Economic Review, Elsevier, vol. 32(2-3), pages 542-550, March.
  3. Creel, Jérôme, 2001. "Strategic Interactions between Monetary and fiscal Policies : a case study for the European Stability Pact," Economics Papers from University Paris Dauphine 123456789/3413, Paris Dauphine University.
  4. Barro, Robert J. & Gordon, David B., 1983. "Rules, discretion and reputation in a model of monetary policy," Journal of Monetary Economics, Elsevier, vol. 12(1), pages 101-121.
  5. Beetsma, Roel & Jensen, Henrik, 2003. "Contingent deficit sanctions and moral hazard with a stability pact," Journal of International Economics, Elsevier, vol. 61(1), pages 187-208, October.
  6. Nordhaus, William D, 1975. "The Political Business Cycle," Review of Economic Studies, Wiley Blackwell, vol. 42(2), pages 169-90, April.
  7. Schelling, Thomas C, 1982. "Establishing Credibility: Strategic Considerations," American Economic Review, American Economic Association, vol. 72(2), pages 77-80, May.
  8. 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.
  9. Kydland, Finn E & Prescott, Edward C, 1977. "Rules Rather Than Discretion: The Inconsistency of Optimal Plans," Journal of Political Economy, University of Chicago Press, vol. 85(3), pages 473-91, June.
  10. L. Wade, 1988. "Review," Public Choice, Springer, vol. 58(1), pages 99-100, July.
  11. Robert Ackrill & Dean Garratt, . "Rules Versus Discretion: Why EMU Needs a Stability Pact," Discussion Papers in European Economics 97/3, Department of Economics, University of Leicester.
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