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Autoren: 
Boysen-Hogrefe, Jens
Jannsen, Nils
Plödt, Martin
Schwarzmüller, Tim
Datum: 
2015
Schriftenreihe/Nr.: 
Kiel Working Paper No. 2014
Zusammenfassung: 
The EU's macroeconomic surveillance mechanism, namely the Macroeconomic Imbalance Procedure (MIP), is based on the so-called Scoreboard, which comprises a set of indicators that serve as a signalling device for potentially harmful macroeconomic developments. We first evaluate the early warning properties of the Scoreboard indicators with regard to financial crises. We then analyze the role of emerging crisis signals from the Scoreboard for the subsequent steps of the MIP (In-Depth Reviews), in which the gravity of imbalances and policy recommendations are specified. The results of our study help to identify ways to improve the current set-up and ultimately to deliver more transparent and effective policy advice.
Schlagwörter: 
Macroeconomic Imbalance Procedure
early warning indicators
signals approach
financial crises
JEL: 
E02
E61
C25
Dokumentart: 
Working Paper

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