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dc.contributor.authorBrück, Tilmanen_US
dc.contributor.authorCors, Andreasen_US
dc.contributor.authorZimmermann, Klaus F.en_US
dc.contributor.authorZwiener, Rudolfen_US
dc.date.accessioned2009-01-28T15:39:04Z-
dc.date.available2009-01-28T15:39:04Z-
dc.date.issued2002en_US
dc.identifier.urihttp://hdl.handle.net/10419/18054-
dc.description.abstractThe standardisation of the European systems of national accounts has progressed significantly in recent years. Some room for interpretation remains in regard to some accounting standards, the periodicity of the data, and the quality of the forecasts of budget deficits. Yet national accounts data of the eurozone countries are now a reliable basis for macroeconomic policy decisions. The stability and growth pact of the eurozone countries relies heavily on one indicator of fiscal discipline, the budget deficit as a share of gross domestic product. Drawing from simulation evidence of the German economy, it is argued that fulfilling the deficit target is no guarantee for achieving output stabilisation. The pact hence fails to internalise the externalities arising from a decentralised fiscal policy in the European monetary union. The deficit target could be replaced with an expenditure target. Given the macroeconomic policy objectives of the euro economies it would be more appropriate to hand the supervision of an amended stability pact to an independent council of economic experts. Such council could assess the macroeconomic environment more carefully and could have the authority to caution and fine fiscally irresponsible eurozone governments.en_US
dc.language.isoengen_US
dc.publisherDeutsches Institut für Wirtschaftsforschung (DIW) Berlinen_US
dc.relation.ispartofseriesDIW-Diskussionspapiere 318en_US
dc.subject.jelE62en_US
dc.subject.jelE37en_US
dc.subject.jelC82en_US
dc.subject.jelF42en_US
dc.subject.ddc330en_US
dc.subject.keywordSimulationen_US
dc.subject.keywordfiscal policyen_US
dc.subject.keywordinternational policy coordinationen_US
dc.subject.stwVolkswirtschaftliche Gesamtrechnungen_US
dc.subject.stwFinanzpolitiken_US
dc.subject.stwInternationale wirtschaftspolitische Koordinationen_US
dc.subject.stwKonvergenzkriterienen_US
dc.subject.stwEuropäische Wirtschafts- und Währungsunionen_US
dc.subject.stwEU-Staatenen_US
dc.titleStability criteria and convergence : the role of the system of national accounts for fiscal policy in Europeen_US
dc.typeWorking Paperen_US
dc.identifier.ppn367447851en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
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