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International Monetary Economics

This piece explores the intricacies of fiscal policy concerning the Stability and Growth Pact, highlighting the distinction between automatic and discretionary stabilizers. It delves into the concept of structural budget balance, deficit bias, and collective control mechanisms, including the implications of income spillovers from 1972 to 2004. Further, it examines the No Bailout Clause's role in addressing default risks and discusses critical issues raised by the Pact, notably in its early years and continuing controversies regarding fiscal policy independence and enforcement mechanisms.

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International Monetary Economics

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Presentation Transcript

  1. International Monetary Economics

  2. Fiscal Policy and the Stability Pact

  3. Limits on effectiveness

  4. A Crucial Distinction: Automatic vs Discretionary

  5. Automatic Stabilizers

  6. Discretionary

  7. The Structural Budget Balance: A Formal Presentation

  8. A Crucial Distinction: Automatic vs Discretionary

  9. Should the Instrument Be Subjected to Some Form of Collective Control?

  10. Income Spillovers 1972-2004

  11. Should the Instrument Be Subjected to Some Form of Collective Control?

  12. The Most Serious Concern: The Deficit Bias

  13. What is the Problem with the Deficit Bias?

  14. The Answer to Default Risk: The No Bailout Clause

  15. The Answer to Default Risk: The No Bailout Clause

  16. In the End, Should Fiscal Policy Independence be Limited?

  17. The General Principles

  18. How to Restrain Fiscal Policies

  19. The Stability and Growth Pact

  20. How the Pact Works

  21. The Procedure

  22. The Fine Schedule

  23. How is the Fine Levied

  24. The Broad Economic Policy Guidelines

  25. Issues Raised by the Pact (1)

  26. Issues Raised by the Pact (2)

  27. Issues Raised by the Pact (3)

  28. Issues Raised by the Pact (3)

  29. Issues Raised by the Pact (3)

  30. The Early Years (Before Slowdown)

  31. Further Controversies

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