Suchergebnisse

The paper considers the issue of whether a supranational fiscal policy in Europe is needed, and, if so what responsibilities it should undertake. The literature on endogenous growth and the principle of subsidiarity suggest that such a policy should be limited to externalities or economies of scale not captured at the national level. These may include spending on research and development and transportation or knowledge networks, and harmonization of social security designed to enhance labor mobility. EU-wide stabilization policy or enhanced EU redistribution does not seem justified, however.

About the author - Introduction -- Macroeconomic modelling. Macroeconomic effects of projected population aging in industrial countries / Paul R Masson and Ralph W Tryon ; Models of inflation and the costs of disinflation / Bankim Chadha, Paul R Masson and Guy Meredith ; German unification : what have we learned from multi-country models? / Joseph E Gagnon, Paul R Masson and Warwick J McKibbin -- Exchange rate regimes and international currencies. Exchange rate regimes of developing countries: global context and individual choices / Esteban Jadresic, Paul R Masson and Paolo Mauro ; Should African Monetary Unions be expanded? An empirical investigation of the scope for monetary integration in sub-Saharan Africa / Xavier Debrun, Paul R Masson and Catherine Pattillo ; Currency unions in Africa: is the trade effect substantial enough to justify their formation? / Paul R Masson ; Fiscal asymmetries and the survival of the Euro zone / Paul R Masson ; The Euro at 20: lessons for Africa / Paul R Masson -- Monetary regimes. The scope for inflation targeting in developing countries / Paul R Masson, Miguel A Savastano and Sunil Sharma ; Are bygones not bygones? Modeling price-level targeting with an escape clause and lessons from the gold standard / Paul R Masson and Malik D Shukayev.