| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP3920 |
| DP3920 Optimal State-Contingent Regulation under Limited Liability | |
| Robert J. Gary-Bobo; Yossi Spiegel | |
| 发表日期 | 2003-06-23 |
| 出版年 | 2003 |
| 语种 | 英语 |
| 摘要 | A popular view among economists, policy-makers, and the media, is that the Maastricht Treaty and then Stability and Growth Pact have significantly impaired the ability of EU governments to conduct a stabilizing fiscal policy and to provide an adequate level of public infrastructure. In this Paper, we investigate this view by estimating fiscal rules for the discretionary budget deficit over the period 1980-2002, using data on EMU countries and control groups of non-EMU EU countries and other non-EU OECD countries. We do not find much support for this view. In fact, we find that discretionary fiscal policy in EMU countries has become more counter-cyclical over time, following what appears to be a trend that affects other industrialized countries as well. Similarly, we find that the decline in public investment experienced over the last decade by EMU countries is part of a worldwide trend that started well before the Maastricht Treaty was signed. |
| 主题 | International Macroeconomics |
| 关键词 | Stabilization policy Counter-cyclical fiscal policy European monetary integration Fiscal rules |
| URL | https://cepr.org/publications/dp3920 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/532905 |
| 推荐引用方式 GB/T 7714 | Robert J. Gary-Bobo,Yossi Spiegel. DP3920 Optimal State-Contingent Regulation under Limited Liability. 2003. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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