Akcije

Panoeconomicus
kako citirati ovaj članak
podeli ovaj članak

Metrika

  • citati u SCIndeksu: [1]
  • citati u CrossRef-u:0
  • citati u Google Scholaru:[]
  • posete u poslednjih 30 dana:1
  • preuzimanja u poslednjih 30 dana:1

Sadržaj

članak: 4 od 4  
Back povratak na rezultate
2015, vol. 62, br. 2, str. 157-175
The fiscal compact, cyclical adjustment and the remaining leeway for expansionary fiscal policies in the euro area
(naslov ne postoji na srpskom)
School of Economics and Law, Berlin, Germany

e-adresaAchim.Truger@hwr-berlin.de
Ključne reči: fiscal policy; austerity; cyclical adjustment of public finances; Euro area
Sažetak
(ne postoji na srpskom)
Fiscal policy in the Euro area is still dominated by austerity measures implemented under the institutional setting of the 'reformed' stability and growth pact, and the even stricter 'fiscal compact'. At the same time, calls for a more expansionary fiscal policy to overcome the economic crisis have become more frequent, recently. Therefore, the article tries to assess the remaining leeway for a truly expansionary fiscal policy within the existing institutional framework. Special emphasis is put on the method of cyclical adjustment employed by the European commission in order to assess member states' fiscal position and effort. It turns out that even in the existing framework the leeway for a macroeconomically and socially more sensible fiscal policy using the interpretational leeway inherent in the rules is quite substantial.
Reference
*** (2013) Annex to the communication from the commission: Assessment of action taken by Spain, France, Malta, the Netherlands and Slovenia in response to the council recommendations of 21 June 2013 with a view to bringing an end to the situation of excessive g. Brussels: European Commission, European Commission
*** (2014) European economic forecast spring 2014. Brussels: European Commission-Directorate-General for Economic and Financial Affairs, European Commission, d
*** (2014) Recommendation for a council recommendation on Germany’s 2014 national reform programme and delivering a council opinion on Germany’s 2014 stability programme. Brussels: European Commission, European Commission, e, {SWD(2014)406 final}
*** (2013) Council recommendation with a view to bringing an end to the situation of an excessive government deficit in Spain. Brussels: European Council-Council of the European Union
*** (2010) Report on public finances in the EMU. Brussels: European Commission-Directorate-General for Economic and Financial Affairs, European Commission, b
*** (2013) Report on public finances in the EMU. Brussels: European Commission-Directorate-General for Economic and Financial Affairs, European Commission, a
*** (2014) European Council 26/27 June 2014: Conclusions. Brussels: European Council, European Council, EUCO 79/14, CO EUR 4 CONCL 2
Achim, T., Paetz, C. (2012) The economic effects of austerity policies in Europe: Some back-of-the-envelope calculations. u: Paper presented at the Euromemo-Conference, Poznan
Andrade, S.J., Portugal, D.A. (2014) Output-gaps in the PIIGS economies: An ingredient of a Greek tragedy. Estudos do Grupo de Estudos Monetários e Financeiros Working Paper, 06/2014
Anja, B., Koester, G.B. (2011) The impact of fiscal policy on economic activity over the business cycle: Evidence from a threshold VAR analysis. Deutsche Bundesbank Discussion Paper Series, 1, Economic Studies 03/2011
Arestis, P. (2011) Fiscal policy is still an effective instrument of macroeconomic policy. Panoeconomicus, vol. 58, br. 2, str. 143-156
Arestis, P., Sawyer, M. (2003) Reinventing Fiscal Policy. Journal of Post Keynesian Economics, 26(1); 3-25
Auerbach, A.J., Gorodnichenko, Y. (2013) Fiscal Multipliers in Recession and Expansion. u: Alesina Alberto, Giavazzi Francesco [ur.] Fiscal Policy after the Financial Crisis, Chicago: University of Chicago Press, 63-98
Baum, A., Poplawski-Ribeiro, M., Weber, A. (2012) Fiscal Multipliers and the State of the Economy. IMF Working Papers, 12(286): 1
Blanchard, O.J., Leigh, D. (2013) Growth Forecast Errors and Fiscal Multipliers. IMF Working Papers, 13(1): 1
Blyth, M. (2013) Austerity. The History of a Dangerous Idea. New York: Oxford University Press
Callegari, G., Melina, G., Batini, N. (2012) Successful Austerity in the United States, Europe and Japan. IMF Working Papers, 12(190): 1
Carine, B., et al. (2009) Pros and cons of various fiscal measures to stimulate the economy. Banco de Espana Economic Bulletin, 11(9): 123-144
Coenen, G., Erceg, C.J., Freedman, C., Furceri, D., Kumhof, M., Lalonde, R., Laxton, D., Lindé, J., Mourougane, A., Muir, D., Mursula, S., de Resende, C., Roberts, J., Roeger, W., Snudden, S., Trabandt (2012) Effects of Fiscal Stimulus in Structural Models. American Economic Journal: Macroeconomics, 3(4): 22-68
Creel, J., Heyer, É., Plane, M. (2011) Petit précis de politique budgétaire par tous les temps. Revue de l'OFCE, 116(1): 61
Delong, J. B., Summers, L.H. (2012) Fiscal Policy in a Depressed Economy. Brookings Papers on Economic Activity, 2012(1): 233-297
Eckhard, H., Stockhammer, E. (2011) A post-Keynesian macroeconomic model of inflation, distribution and employment. u: Eckhard Hein, Stockhammer Engelbert [ur.] A Modern Guide to Keynesian Macroeconomics and Economic Policies, Cheltenham: Edward Elgar, 112-136
Eckhard, H., Truger, A., van Treeck, T. (2012) The European financial and economic crisis: Alternative solutions from a (post-)Keynesian perspective. u: Arestis Philip, Sawyer Malcolm [ur.] The Euro Crisis: International Papers in Political Economy, Basingstoke: Palgrave Macmillan, 35-78
Eschenbach, F., Schuknecht, L. (2004) Budgetary risks from real estate and stock markets. Economic Policy, 19(39): 314-346
European Central Bank (2014) Economic and Monetary Developments: Part 5, Fiscal Developments. ECB Monthly Bulletin, 15(9); 84-94
European Commission (2013) The 2013 stability and convergence programmes: An overview. European Economy Occasional Paper, 152
European Commission (2014) The 2014 stability and convergence programmes: An overview. European Economy Occasional Paper, 199
Fazzari, S.M., Morley, J., Panovska, I. (2012) State dependent effects of fiscal policy. Australian School of Business Research Paper, 2012 ECON 27
Francesca, D., Cécile, D., Havik, K., Mcmorrow, K., Planas, C., Raciborski, R., Röger, W., Rossi, A. (2010) The production function methodology for calculating potential growth rates and output gaps. European Commission Economic Paper, 420
Gechert, S. (2015) What fiscal policy is most effective? A meta-regression analysis. Oxford Economic Papers, 67(3): 553-580
Gilles, M., George-Marian, I., Paternoster, D., Salto, M. (2013) The cyclically-adjusted budget balance used in the EU fiscal framework. European Economy Economic Paper, 478
Hein, E., Truger, A. (2014) Fiscal policy and rebalancing in the Euro Area: A critique of the German debt brake from a post-Keynesian perspective. Panoeconomicus, vol. 61, br. 1, str. 21-38
Holland, D., Portes, J. (2012) Self-Defeating Austerity?. National Institute Economic Review, 222(1): F4-F10
Klär, E. (2013) Potential economic variables and actual economic policies in Europe. Intereconomics, 48(1): 33-40
Klär, E. (2014) Die Eurokrise im Spiegel der Potenzialschätzungen: Lehren für eine alternative Wirtschaftspolitik?. Bonn: Friedrich-Ebert-Stiftung
Larch, M., Turrini, A. (2010) The cyclically adjusted budget balance in EU fiscal policymaking. Intereconomics, 45(1): 48-60
Lavoie, M. (2009) Taming the new consensus: Hysteresis and some other post-Keynesian amendments. u: Fontana Giuseppe, Setterfield Mark [ur.] Macroeconomics and Macroeconomic Pedagogy, Basingstoke: Palgrave Macmillan, 191-213
Leigh, D., Pescatori, A., Guajardo, J. (2011) Expansionary Austerity New International Evidence. IMF Working Papers, 11(158): 1
Logeay, C., Tober, S. (2006) Hysteresis and the nairu in the euro area. Scottish Journal of Political Economy, 53(4): 409-429
Mario, D. (2014) Unemployment in the Euro area. u: Annual Central Bank Symposium, Jackson Hole, http://www.ecb.europa.eu/press/key/date/2014/html/sp140822.en.html
Observatoire Français des Conjonctures Économiques, Economic Council of the Labour Movement, Institut für Makroökonomie and Konjunkturforschung in der Hans-Böckler-Stiftung (2013) Independent annual growth survey: First report. u: Progressive Economy, Brussels
Richard, H., Kell, M., Mahfouz, S. (2002) The effectiveness of fiscal policy in stimulating economic activity: A review of the literature. International Monetary Fund Working Paper, 02/208
Roberto, P. (2012) The ‘Austerity myth': Gain without pain?. Bank for International Settlements Working Paper, 362
Romer, C.D., Romer, D.H. (2010) The Macroeconomic Effects of Tax Changes: Estimates Based on a New Measure of Fiscal Shocks. American Economic Review, 100(3): 763-801
Stefano, M., Peirce, F. (2014) Flexibility clauses in the stability and growth pact. Center for European Policy Studies, Policy Brief 319
Truger, A. (2013) Austerity in the euro area: the sad state of economic policy in Germany and the EU. European Journal of Economics and Economic Policies: Intervention, 10(2): 158-174
Truger, A., Will, H. (2013) The German. Revue de l'OFCE, 127(1): 153
Zack, G., Poncela, P., Senra, E., Sotelsek, D. (2014) Some New Results on the Estimation of Structural Budget Balance for Spain. Revista Hacienda Pública Española, 210(3): 11-31
 

O članku

jezik rada: engleski
vrsta rada: izvorni naučni članak
DOI: 10.2298/PAN1502157T
objavljen u SCIndeksu: 06.07.2015.

Povezani članci

Nema povezanih članaka