Suchergebnisse

Cover -- Content -- I. Introduction -- II. Fiscal Councils on the Rise -- A. Deficit Bias and the Emergence of Fiscal Councils -- B. Institutions for Fiscal Credibility? -- III. A Simple Model of a Fiscal Council -- A. Basic Setup -- B. Establishing an FC is Society's Choice -- C. Installing an FC Is the Prerogative of the Government -- IV. Are Existing Fiscal Councils Built to Work? -- A. Enhancing the Signal: An Index -- B. Results -- V. Conclusion -- References -- Figures -- 1. Advanced Economies: Frequency of Overall Fiscal Deficits Above 0.5 percent of GDP

Three years after the birth of the European Monetary Union (EMU) economists are still divided in assessing the ability of its key institutions to provide macroeconomic stability and foster necessary reforms. Blending empirical and theoretical data, experts offer a comprehensive survey of recent research in macroeconomic policymaking within the EMU

A democratic society in which the distribution of wealth is unequal elects political parties that are likely to represent the interest of poor people. It is in the interest of clientele of the resulting governments to attempt to levy inflation taxes in order to erode the real value of debt service and redistributive from the rich to poor.