The Crisis, Automatic Stabilisation, and the Stability Pact

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This paper develops a comprehensive description of recent trends on the effectiveness of automatic stabilisers in the European Union, using both macro evidence on the cyclical sensitivity of budget deficits to economic activity and micro evidence on the tax and expenditure profi les. We conclude tha...

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Autores principales: Creel, Jérome, Saraceno, Francesco
Formato: Artículo revista
Lenguaje:Inglés
Publicado: Instituto de Economía y Finanzas. Facultad de Ciencias Económicas. Universidada Nacional de Córdoba. 2010
Materias:
automatic stabilisers
tax progressivity
unemployment benefits
discretionary fiscal policy
European fiscal institutions
Stability and Growth Pact
E6
H2
H3
H6
estabilizadores automáticos
progresividad impositiva
seguro de desempleo
políticas fiscales discrecionales
Instituciones Fiscales Europeas
Pacto de Crecimiento y Estabilidad
Acceso en línea:https://revistas.unc.edu.ar/index.php/REyE/article/view/3871
Aporte de:
Revistas de la UNC de Universidad Nacional de Córdoba
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record_format ojs
institution Universidad Nacional de Córdoba
institution_str I-10
repository_str R-10
container_title_str Revistas de la UNC
language Inglés
format Artículo revista
topic automatic stabilisers
tax progressivity
unemployment benefits
discretionary fiscal policy
European fiscal institutions
Stability and Growth Pact
E6
H2
H3
H6
estabilizadores automáticos
progresividad impositiva
seguro de desempleo
políticas fiscales discrecionales
Instituciones Fiscales Europeas
Pacto de Crecimiento y Estabilidad
E6
H2
H3
H6
spellingShingle automatic stabilisers
tax progressivity
unemployment benefits
discretionary fiscal policy
European fiscal institutions
Stability and Growth Pact
E6
H2
H3
H6
estabilizadores automáticos
progresividad impositiva
seguro de desempleo
políticas fiscales discrecionales
Instituciones Fiscales Europeas
Pacto de Crecimiento y Estabilidad
E6
H2
H3
H6
Creel, Jérome
Saraceno, Francesco
The Crisis, Automatic Stabilisation, and the Stability Pact
topic_facet automatic stabilisers
tax progressivity
unemployment benefits
discretionary fiscal policy
European fiscal institutions
Stability and Growth Pact
E6
H2
H3
H6
estabilizadores automáticos
progresividad impositiva
seguro de desempleo
políticas fiscales discrecionales
Instituciones Fiscales Europeas
Pacto de Crecimiento y Estabilidad
E6
H2
H3
H6
author Creel, Jérome
Saraceno, Francesco
author_facet Creel, Jérome
Saraceno, Francesco
author_sort Creel, Jérome
title The Crisis, Automatic Stabilisation, and the Stability Pact
title_short The Crisis, Automatic Stabilisation, and the Stability Pact
title_full The Crisis, Automatic Stabilisation, and the Stability Pact
title_fullStr The Crisis, Automatic Stabilisation, and the Stability Pact
title_full_unstemmed The Crisis, Automatic Stabilisation, and the Stability Pact
title_sort crisis, automatic stabilisation, and the stability pact
description This paper develops a comprehensive description of recent trends on the effectiveness of automatic stabilisers in the European Union, using both macro evidence on the cyclical sensitivity of budget deficits to economic activity and micro evidence on the tax and expenditure profi les. We conclude that there is increasing evidence of the declining importance of the automatic stabilisation. This points to a fundamental contradiction in the European Stability and Growth Pact, that relies almost exclusively on automatic stabilisation for the conduct of fi scal policy, We also argue, on the basis of past experience, that further increasing market fl exibility does not seem a viable path to reduce aggregate fluctuations. The paper concludes by highlighting the complex relation between discretionary policies and automatic stabilisation.
publisher Instituto de Economía y Finanzas. Facultad de Ciencias Económicas. Universidada Nacional de Córdoba.
publishDate 2010
url https://revistas.unc.edu.ar/index.php/REyE/article/view/3871
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