Fiscal Policy in Economic and Monetary Union

Fiscal Policy in Economic and Monetary Union

Theory, Evidence and Institutions

Marco Buti and Daniele Franco

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.

Bibliography

Marco Buti and Daniele Franco

Subjects: economics and finance, money and banking, public finance

Extract

Ackrill, R. and D. Garrat (1997), ‘Rules versus Discretion: Why EMU Needs a Stability Pact’, University of Leicester Discussion Papers, 97/3. Agell, J., L. Calmfors and G. Jonsson (1996), ‘Fiscal Policy when Monetary Policy is Tied to the Mast’, European Economic Review, 40: 1413–40. Ahmad, E., D. Hewitt and E. Ruggiero (1997), ‘Assigning Expenditure Responsibilities’, in T. Ter-Minassian (ed.), Fiscal Federalism in Theory and Practice, Washington: IMF. Ahmed, S. and J.H. Rogers (1995), ‘Government Budget Deficits and Trade Deficits. Are Present Value Constraints Satisfied in Long-term Data?’, Journal of Monetary Economics, 36: 351–74. Alesina, A., I. Angeloni and F. Etro (2001a), ‘The Political Economy of International Unions’, CEPR Discussion Papers, 3117. —— (2003), ‘International Unions’, mimeo, March. Alesina, A. and S. Ardagna (1998), ‘Tales of Fiscal Adjustment’, Economic Policy, 27: 489–545. Alesina, A., O. Blanchard, J. Galí, F. Giavazzi and H. Uhlig (2001b), Defining a Macroeconomic Framework for the Euro Area, CEPR, MECB, 3. Alesina, A. and A. Drazen (1991), ‘Why are Stabilizations Delayed?’, American Economic Review, 82: 1170–88. Alesina, A. and R. Perotti (1995a), ‘The Political Economy of Budget Deficits’, IMF Staff Papers, 42: 1–31. —— (1995b), ‘Fiscal Expansions and Adjustments in OECD Countries’, Economic Policy, 21. —— (1996a), ‘Budget Deficits and Budget Institutions’, IMF Working Papers, 52. —— (1996b), ‘Fiscal Discipline and the Budget Process’, American Economic Review, AEA Papers and Proceedings, 86: 401–7. Alesina, A. and G. Tabellini (1987), ‘Rules versus Discretion with Noncoordinated Monetary and Fiscal...