Die zentrale Frage des Aufsatzes lautet: Ob und wie kann eine zentrale Fiskalbehörde oder ein fiskalischer Transfermechanismus die fiskalpolitische Stabilisierung in der EWU verbessern? Dazu werden theoretische Argumente und empirische Evidenz präsentiert, die die These bestätigen, dass die gegenwärtige EWU nicht in der Lage ist, asymmetrische und symmetrische idiosynkratische Schocks zu verarbeiten.The ...
In the paper, we calculate real equilibrium exchange rates (EER) for EU accession countries and compare these with the actual exchange rate movements since the mid-1990s. The real equilibrium exchange rates are derived from models of macroeconomic balance and tested for econometrically. It is found that productivity increases can be regarded as one source of the observed PPI-based real appreciation ...
We analyse the effectiveness of fiscal policy rules for business cycle stabilisation in a monetary union using a quarterly macro-econometric model of Germany. The simulations compare a deficit target and an expenditure target under a range of supply, demand and fiscal shocks. Their effects are evaluated by their impact on prices and output. The analysis demonstrates that in general the deficit target ...