The stability Pact and the coordination of fiscal policies in the EMU
This paper studies the relationship between the Stability and Growth Pact (SGP) and the coordination of fiscal policies in the EMU. Results show that the coordination is an efficient tool to increase EMU stabilization, even though the overall impact greatly varies according to the nature of the shock that occurs. Fiscal coordination appears to be compatible with the SGP and coordination gains can actually be enhanced with the SGP. Nethertheless, results are closely related to the effects of monetary and fiscal policies on output.
Volume (Year): 5 (2006)
Issue (Month): 9 ()
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- Engwerda, J.C. & van Aarle, B. & Plasmans, J.E.J., 2002.
"Cooperative and non-cooperative fiscal stabilization policies in the EMU,"
Other publications TiSEM
2cc19f3f-16ad-4fed-a701-5, Tilburg University, School of Economics and Management.
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"Cyclically Adjusted Budget Balances: an Alternative Approach,"
77, Quebec a Montreal - Recherche en gestion.
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- Christophe Schalck, 2006. "EMU's Fiscal Rules and Economic Stabilization," Economics Bulletin, AccessEcon, vol. 5(4), pages 1-8.
- Beetsma, Roel & Uhlig, Harald, 1999. "An Analysis of the Stability and Growth Pact," Economic Journal, Royal Economic Society, vol. 109(458), pages 546-71, October.
- 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.
- Otmar Issing, 2002. "On Macroeconomic Policy Co-ordination in EMU," Journal of Common Market Studies, Wiley Blackwell, vol. 40(2), pages 345-358, 06.
- Tamim Bayoumi & Barry Eichengreen, 1995. "Restraining Yourself: The Implications of Fiscal Rules for Economic Stabilization," IMF Staff Papers, Palgrave Macmillan, vol. 42(1), pages 32-48, March.
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