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Macro economic trade-offs in the euro area: IAGS The Elusive Recovery

Listed author(s):
  • Georg Feigl

    (Institute of Anatomy)

  • Markus Marterbauer
  • Miriam Rehm
  • Matthias Schnetzer
  • Sepp Zuckerstätter
  • Lars Andersen
  • Thea Nissen
  • Signe Dahl
  • Peter Hohlfeld
  • Benjamin Lojak
  • Thomas Theobald
  • Achim Truger
  • Andrew Watt

    (Macroeconomic Policy Institute (IMK))

  • Guillaume Allegre

    (Observatoire français des conjonctures économiques)

  • Céline Antonin

    (Observatoire français des conjonctures économiques)

  • Christophe Blot

    (Observatoire français des conjonctures économiques)

  • Jérôme Creel

    (Observatoire français des conjonctures économiques)

  • Bruno Ducoudre

    (Observatoire français des conjonctures économiques)

  • Paul Hubert

    (Observatoire français des conjonctures économiques)

  • Sabine Lebayon
  • Sandrine Levasseur

    (Observatoire français des conjonctures économiques)

  • Hélène Périvier

    (Observatoire français des conjonctures économiques)

  • Raul Sampognaro

    (Observatoire français des conjonctures économiques)

  • Aurélien Saussay

    (Observatoire français des conjonctures économiques)

  • Vincent Touze

    (Observatoire français des conjonctures économiques)

  • Sébastien Villemot

    (Observatoire français des conjonctures économiques)

  • Xavier Timbeau

    (Observatoire français des conjonctures économiques)

The last year Report of the Five Presidents highlighted the necessity of progress in the EU in four directions: achieving “a genuine Economic Union, (…) a Financial Union, (…) a Fiscal Union, (and) a Political Union”. The associated roadmap for completing the EMU includes a greater focus on employment, a better implementation of the Macroeconomic Imbalance Procedure, a better assessment of fiscal stance and fiscal sustainability, the completion of the Banking Union and the launch of a Capital Markets Union. They thus pointed to a very large set of ambitions which renewed the debate about the consistency of existing 6-pack, 2-pack and Fiscal compact, which were mainly related to fiscal and competitiveness issues. This roadmap raises an important question: is it possible within the given institutional setting to close the unemployment gap (the difference between actual and natural rates of unemployment), that is to say increase the “well-being of the peoples” (Art. 3 TEU) in a sustainable way, achieve public finance sustainability, reduce macro imbalances, and ensure the liquidity and solvency of financial institutions and other objectives at the same moment?

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File URL: http://spire.sciencespo.fr/hdl:/2441/1hgg8g0cu68mdb4lrl1e7gb1rf/resources/4-201701macroeconomictradeoffs.pdf
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Paper provided by Sciences Po in its series Sciences Po publications with number info:hdl:2441/1hgg8g0cu68mdb4lrl1e7gb1rf.

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Date of creation: Dec 2016
Publication status: Published in Revue de l'OFCE, 2016, vol. IAGS, pp.129-171
Handle: RePEc:spo:wpmain:info:hdl:2441/1hgg8g0cu68mdb4lrl1e7gb1rf
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  1. Christina D. Romer & David H. Romer, 2004. "A New Measure of Monetary Shocks: Derivation and Implications," American Economic Review, American Economic Association, vol. 94(4), pages 1055-1084, September.
  2. Martin Larch & Alessandro Turrini, 2010. "The cyclically adjusted budget balance in EU fiscal policymaking," Intereconomics: Review of European Economic Policy, Springer;German National Library of Economics;Centre for European Policy Studies (CEPS), vol. 45(1), pages 48-60, January.
  3. Creel, Jérôme & Hubert, Paul & Saraceno, Francesco, 2013. "An assessment of the Stability and Growth Pact reform in a small-scale macro-framework," Journal of Economic Dynamics and Control, Elsevier, vol. 37(8), pages 1567-1580.
  4. Achim Truger, 2015. "The Fiscal Compact, Cyclical Adjustment and the Remaining Leeway for Expansionary Fiscal Policies in the Euro Area," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 62(2), pages 157-175, June.
  5. Jing Cynthia Wu & Fan Dora Xia, 2016. "Measuring the Macroeconomic Impact of Monetary Policy at the Zero Lower Bound," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 48(2-3), pages 253-291, March.
  6. George Psacharopoulos & Harry Anthony Patrinos, 2004. "Returns to investment in education: a further update," Education Economics, Taylor & Francis Journals, vol. 12(2), pages 111-134.
  7. Sebastian Gechert & Ansgar Rannenberg, 2014. "Are Fiscal Multipliers Regime-Dependent? A Meta Regression Analysis," IMK Working Paper 139-2014, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
  8. Jérôme Creel & Paola Monperrus-Veroni & Francesco Saraceno, 2009. "On The Long-Term Effects Of Fiscal Policy In The United Kingdom: The Case For A Golden Rule," Scottish Journal of Political Economy, Scottish Economic Society, vol. 56(5), pages 580-607, November.
  9. Caiani, Alessandro & Godin, Antoine & Caverzasi, Eugenio & Gallegati, Mauro & Kinsella, Stephen & Stiglitz, Joseph E., 2016. "Agent based-stock flow consistent macroeconomics: Towards a benchmark model," Journal of Economic Dynamics and Control, Elsevier, vol. 69(C), pages 375-408.
  10. 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.
  11. Gustav A. Horn & Jan Behringer & Alexander Herzog-Stein & Peter Hohlfeld & Katja Rietzler & Sabine Stephan & Thomas Theobald & Silke Tober, 2016. "Aufschwung mit schwächen," IMK Report 118-2016, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
  12. Card, David, 2001. "Estimating the Return to Schooling: Progress on Some Persistent Econometric Problems," Econometrica, Econometric Society, vol. 69(5), pages 1127-1160, September.
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