Download or read book Is Fiscal Policy Coordination in EMU Desirable written by Roel M. W. J. Beetsma and published by . This book was released on 2001 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Is Fiscal Policy Coordination in Emu Desirable written by Roel M. W. J. Beetsma and published by . This book was released on 2006 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: It is widely argued that Europe`s unified monetary policy calls for international coordination at the fiscal level. We survey the issues involved in such coordination in the perspective of macroeconomic stabilization. A simple model identifies the circumstances under which coordination may be desirable. Coordination is beneficial when the cross-country correlation of the shocks is low. However given the potentially adverse reaction by the ECB (as a result of free-riding or a conflict on the orientation of the policy mix) fiscal coordination is likely to prove counterproductive when demand or supply shocks are highly symmetric across countries and the governments are unable to acquire a strategic leadership position vis-agrave;-vis the ECB.

Download or read book Monetary and Fiscal Policies in EMU written by Marco Buti and published by Cambridge University Press. This book was released on 2003-11-13 with total page 376 pages. Available in PDF, EPUB and Kindle. Book excerpt: Leading scholars and policy makers examine the challenges that are facing economic policies in the EMU today.

Download or read book Is policy coordination in EMU desirable written by Roel Beetsma and published by . This book was released on 2001 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Structural Distortions and Decentralized Fiscal Policies in EMU written by Roel M. W. J. Beetsma and published by . This book was released on 2001 with total page 78 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Monetary and Fiscal Policy Coordination and Macroeconomic Stabilization written by Luca Lambertini and published by . This book was released on 2003 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Fiscal Policy Coordination and EMU written by Andrew Brociner and published by . This book was released on 1992 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Independent Or Coordinated Monetary and Fiscal Policy in Emu written by Luca Lambertini and published by . This book was released on 2002 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine, in a suitable theoretical framework, the relations between monetary and fiscal policies within the European Economic and Monetary Union (EMU). Our stylized setup of EMU includes the following political agents, each endowed with an objective function: (i) A central authority (EC), which aims at maximizing a Social Welfare criterion; (ii) National Fiscal Authorities (FA), which pursue domestic output stabilization, (iii) the European Central Bank (ECB) which has a mandate to stabilize inflation. In this context we ask the following questions: - How would the EC want to direct (or coordinate) the national FA? - Do the EC decisions make control of inflation (the ECB mandate) easier or more difficult? - Do national FA have an incentive to obey to or to deviate from the EC directives? In response to the last question, our main result is that national FA may have an incentive to deviate, even if we exclude time-inconsistent motives in their preference functions, or motives linked to a failure to internalize aggregate demand spillovers. In particular, even in the absence of asymmetric shocks and of aggregate demand spillovers, EC authorities and national governments may have conflicting incentives, depending upon the relative size of disturbances to aggregate demand and supply. When both aggregate demand and supply shocks are positive (resp. negative) and the latter are large enough in absolute terms, then national governments will pursue a more expansionary (resp. contractionary) fiscal policy than it would be desirable from the point of view of social welfare. Our results imply that, if the EC authorities are required to enforce a social welfare function defined over aggregate output and inflation, then it may be necessary to endow the EC with appropriate enforcement devices with respect to the fiscal policy stance of individual member countries. This points to the necessity of having institutions (such as the Stability and Growth Pact, SGP) which help to coordinate and discipline the fiscal stance of member countries. While we do not discuss the specific provisions of the SGP, our conclusions strongly support the idea that the setting of fiscal policies by member countries needs to be disciplined, and in some instances possibly over-ruled, by the EC authorities.

Download or read book Coordination of Monetary and Fiscal Policies written by International Monetary Fund and published by International Monetary Fund. This book was released on 1998-03-01 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recently, monetary authorities have increasingly focused on implementing policies to ensure price stability and strengthen central bank independence. Simultaneously, in the fiscal area, market development has allowed public debt managers to focus more on cost minimization. This “divorce” of monetary and debt management functions in no way lessens the need for effective coordination of monetary and fiscal policy if overall economic performance is to be optimized and maintained in the long term. This paper analyzes these issues based on a review of the relevant literature and of country experiences from an institutional and operational perspective.

Download or read book MacRoeconomic Policy Coordination in Emu written by Keqiang Li and published by LAP Lambert Academic Publishing. This book was released on 2011-12 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: The European debt crisis has become much more serious recently and spread from small economy, e.g. Greece to larger economy, e.g. Spain, Italy. A major reason for this problem is the unique characteristic of fiscal policy and monetary policy within the euro zone. The national fiscal policies are decided by every member state, and may be different from each other, while the single united monetary policy is made by the ECB. As a result, the macroeconomic coordination problem is likely to emerge. This paper investigates the interactions between monetary and fiscal policies within a monetary union and assesses the ECB's policy in promoting the macroeconomic coordination. Two types of macroeconomic coordination failure may emerge in the context of the monetary union. Since the coordination failure can bring large inefficient loss to the economy at the union level, the macroeconomic coordination is absolutely necessary.

Download or read book Is Fiscal Policy Coordination in EMU Desiderable written by Roel Beetsma and published by . This book was released on 2001 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Fiscal Policy Automatic Stabilisers and Policy Coordination in EMU written by Matti Virén and published by . This book was released on 1999 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Policy Coordination in a Monetary Union written by Michael Carlberg and published by Springer Science & Business Media. This book was released on 2013-06-05 with total page 284 pages. Available in PDF, EPUB and Kindle. Book excerpt: A comprehensive study of the international coordination of economic policy in a monetary union. It carefully discusses the process of policy competition and the structure of policy cooperation. As to policy competition, the focus is on competition between the union central bank, the German government, and the French government. Similarly, as to policy cooperation, the focus is on cooperation between the union central bank, the German government, and the French government. The key questions are: Does the process of policy competition lead to full employment and price stability? Can these targets be achieved through policy cooperation? And is policy cooperation superior to policy competition? Another important issue is monetary competition / monetary cooperation between Europe and America.

Download or read book Fiscal Policy Without a State in EMU written by J. Kaarlejärvi and published by Springer. This book was released on 2007-10-26 with total page 307 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines fiscal policy coordination in EMU and the required adjustments to national fiscal policies by EMU member states. The book shows that, in the process of Europeanization, national interests have had a major impact on the formation of fiscal policy coordination.

Download or read book Currencies Crises Fiscal Policy and Coordination written by Paul R. Masson and published by World Scientific. This book was released on 2011 with total page 355 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume provides an integrated compilation of selected major articles published by the author in several fields of international finance. These include contributions to the understanding of currency crises and financial contagion, the evolution of exchange rate regimes, the interaction between national fiscal policies and regional monetary unions, and the effect of uncertainty on the gains from international economic policy coordination. The author spent most of his career doing research at established institutions (the Bank of Canada, OECD, and IMF), and these articles emerged from the need to understand the major economic policy issues of the day. In the book's introduction, the author discusses the motivation for these contributions and the unifying themes that emerged, while a concluding chapter provides his personal reflections and suggestions about promising avenues for further research.

Download or read book Fiscal Policy in Economic and Monetary Union written by Marco Buti and published by Edward Elgar Publishing. This book was released on 2005-01-01 with total page 321 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book has many merits, and represents an important contribution to the controversial topic of European fiscal policy. I appreciated in particular the high quality and rigor of the analysis and the fact that the pros and cons of the contending opinions are presented in a fair way. It is a rewarding reading. EAEPE Newsletter Buti and Franco present a series of interesting analytical information which should be read by as broad an audience as possible. . . the book is a good buy. László Csaba, Acta Oeconomica This book explores the origins, rationale, problems and prospects of the European fiscal policy framework. It provides the reader with a roadmap to EMU s budgetary framework by exploring its theoretical and empirical foundations, uncovering its historical roots and emphasising its supranational nature. The authors, who have been at the forefront of the academic and policy debate on economic policy in Europe, argue that fiscal policy has always been at the core of the EMU debate. The Maastricht criteria and the Stability and Growth Pact are the most contentious building blocks of EMU s institutional architecture: they have aroused heated controversies between academics and policymakers ever since their adoption. As EMU s budgetary rules undergo their first severe shock, Europe is still searching for its fiscal soul. The book s basic premise is that one cannot fully understand EMU s fiscal framework and the recent debate on its reform without placing them in a historical and institutional perspective and abstracting from the uniqueness of EMU, where sovereign countries retain a large degree of fiscal independence, and monetary policy is entrusted to an independent central bank with the overriding mission of maintaining price stability. Analysing all aspects of EMU s fiscal rules and institutions, this book will strongly appeal to students, academics and researchers of macroeconomic policy and European integration. Policymakers and fiscal policy experts at both national and international levels will also find the book to be of great interest.

Download or read book Strategic Policy Interactions in a Monetary Union written by Michael Carlberg and published by Springer Science & Business Media. This book was released on 2009-03-10 with total page 263 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book studies the strategic policy interactions in a monetary union. The leading protagonists are the European Central Bank and national governments. The target of the ECB is low inflation in Europe. The targets of a national government are low unemployment and a low structural deficit. There are demand shocks, supply shocks, and mixed shocks. There are country-specific shocks and common shocks. This book develops a series of basic, intermediate, and more advanced models. Here the focus is on the Nash equilibrium. The key questions are: Given a shock, can policy interactions reduce the existing loss? And to what extent can they do so? Another topical issue is policy cooperation. To illustrate all of this there are a lot of numerical examples. The present book is part of a larger research project on European Monetary Union, see the references given at the back of the book. Some parts of this project were presented at the World Congress of the International Economic Association, at the International Conference on Macroeconomic Analysis, at the International Institute of Public Finance, and at the International Atlantic Economic Conference. Other parts were presented at the Macro Study Group of the German Economic Association, at the Annual Meeting of the Austrian Economic Association, at the Göttingen Workshop on International Economics, at the Halle Workshop on Monetary Economics, at the Research Seminar on Macroeconomics in Freiburg, at the Research Seminar on Economics in Kassel, and at the Passau Workshop on International Economics.