Stability and growth in Europe: towards a better pact
In: Monitoring european integration 13
21 Ergebnisse
Sortierung:
In: Monitoring european integration 13
In: Discussion paper series 2760
In: International macroeconomics
In: CEPR Discussion Paper No. DP16535
SSRN
In: CEPR Discussion Paper No. DP13149
SSRN
Working paper
In: After the Crisis, S. 6-45
In: Journal of Monetary Economics, Band 45, Heft 1, S. 107-128
In: NBER Working Paper No. w22374
SSRN
Working paper
Recent academic research has questioned the role of economic policy as a determinant of long term growth rates. While there seems to be a correlation between several policy variables and growth rates, this correlation disappears when controlling for other factors. As an example, the significance of key economic policy variables such as inflation or government size disappears if we account for the quality of institutions. This paper looks at recent empirical research that questions the conclusion that macroeconomic policy does not matter for growth. By looking at the volatility of economic policy (whether it is fiscal policy or exchange rates), the authors find that policy is still a relevant and robust explanatory variable of cross country differences in economic growth. These results have strong policy implications. Improvements in the conduct of macroeconomic policy can have beneficial growth effects even if institutional reforms are not taking place. These results do not deny the importance of institutional reforms. By setting the right institutions one can ensure the proper conduct of macroeconomic policy without having to rely on the 'quality' of the decision maker.
BASE
SSRN
In: Journal of international economics, Band 55, Heft 1, S. 3-28
ISSN: 0022-1996
In: CEPR Discussion Paper No. DP17232
SSRN
In: Journal of international economics, Band 112, S. 238-250
ISSN: 0022-1996
In: Working paper series 615
In: International Research Forum on Monetary Policy
SSRN
Working paper
In: Journal of economic dynamics & control, Band 32, Heft 2, S. 571-593
ISSN: 0165-1889