Titlebook: Business Cycles and Macroeconomic Stability; Should We Rebuild Bu Jean-Oliver Hairault,Pierre-Yves Hénin,Franck Port Book 1997 Springer Sci

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The Efficiency of National and Regional Stabilization Policiesicardian equivalence is expected to operate more fully at the provincial level than the national level, because at the national level those receiving benefits are not necessarily those paying the taxes — there is an element of redistribution across provinces. Alternatively, one can distinguish betwe

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Insurance Against Asymetric Shocks in a European Monetary Unionry, asymmetric shocks to national income. We study the potential properties of such a system using historical data from the 12 EC economies. An insurance scheme with reasonable properties can be implemented on the basis of a fairly complex econometric formula. However, simplifying the computation of

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Are Automatic Stabilizers Still Effective? the French Case in the Nineties increase in private savings which has contributed to blunt the responsiveness of economic activity to fiscal policy. Many explanations are explored and tested: precautionary motives linked with worries about the financial future of France’s retirement plans or higher responsiveness of employment to

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Output Stabilization Versus Deficit Sustainability: Is it a Trade-Off ? precluding automatic stabilization through the procyclical component of budget balance. This paper attempts to assess qualitatively the importance of this effect, by looking at the experience of main OECD countries over the last three decades. Our empirical approach is twofold. We first retain the