| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w28117 |
| 来源ID | Working Paper 28117 |
| Fiscal Policy in Europe: A Helicopter View | |
| Florin O. Bilbiie; Tommaso Monacelli; Roberto Perotti | |
| 发表日期 | 2020-11-23 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | We discuss the main fiscal policy issues in the Eurozone. Our goal is pedagogical: we do not make any new proposal, but try to represent fairly the various sides of the debate. We focus on two issues that are at the core of the current debate. The first is that, right from the start, the government deficit and debt were the key objects of contention in the debate that led to the creation of the Eurozone - and they still are, although the reasons have changed. The second, obvious issue is that a currency union implies the loss of a country-specific instrument, a national monetary policy. This puts a higher burden on fiscal policy as a tool to counteract shocks., a burden that might be even heavier now that the European Central Bank has arguably reached the Zero Lower Bound. Two obvious solutions are mutual insurance between countries; and a centralized stabilization policy. Yet both have been remarkably difficult to come by. We argue that the main reason is fear of persistent, unidirectional transfers between countries, an issue that largely reflects a Northern vs. Southern Europe divide. |
| 主题 | Macroeconomics ; Fiscal Policy ; International Economics ; International Macroeconomics |
| URL | https://www.nber.org/papers/w28117 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/585791 |
| 推荐引用方式 GB/T 7714 | Florin O. Bilbiie,Tommaso Monacelli,Roberto Perotti. Fiscal Policy in Europe: A Helicopter View. 2020. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w28117.pdf（370KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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