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Economic Spillovers, Structural Reforms and Policy Coordination in the Euro Area

:	Bas van Aarle, Klaus Weyerstrass
:	Economic Spillovers, Structural Reforms and Policy Coordination in the Euro Area
:	Physica-Verlag
:	9783790819700
:	1
:	CHF 87.60
:

:	Internationale Wirtschaft
:	English

:	235
:	Wasserzeichen/DRM
:	PC/MAC/eReader/Tablet
:	PDF

This book analyzes economic interdependence in the Euro Area. It offers expert estimates of the sign and size of economic spillovers. Moreover, the authors explore the impact of economic policy coordination on economic performance in the Euro Area. Among the many topics explored are the link between fiscal and monetary policies in the Euro Area and the coordination of fiscal policies and of structural reforms.

	Preface	6
	Contents	7
	Contributors	10
	1 Economic spillovers, structural reforms and policy coordination in the Euro Area: An overview	11
	1.1 Introduction	11
	1.2 A working definition of spillovers	13
	1.3 Overview of the literature	16
	1.4 Overview of the main results	23
	1.5 Policy implications and avenues for further research	27
	References	32
	2 Budgetary spillovers and short-term interest rates	36
	2.1 Introduction	36
	2.2 Methodology and literature	37
	2.3 Fiscal spillovers at the aggregate Euro Area level	39
	2.4 Fiscal spillovers in the Euro Area at the country level	45
	2.5 Conclusion	58
	Appendix: Characteristics of the dataset	59
	References	61
	3 Budgetary spillovers and long-term interest rates	63
	3.1 Introduction	63
	3.2 Deficits and interest rates: is there any robust evidence?	65
	3.2.1 Static versus dynamic models	65
	3.2.2 Capital flows and crowding out in open economies	69
	3.2.3 Monetary integration and crowding out	70
	3.3 A stock-flow fiscal VAR for open economies	71
	3.4 Crowding-out effects of fiscal policies	81
	3.5 Spillovers of fiscal policies	82
	3.5.1 Relative fiscal shocks and relative crowding out	83
	3.5.2 Crowding out in small open economies	88
	3.5.3 Robustness checks	101
	3.6 Conclusion	102
	Appendix A: Domestic economy: SVAR models with exogenous debt ratio	105
	Appendix B: SVAR models with yield	106
	References	109
	4 Budgetary stabilisation and the level of public debt	115
	4.1 Introduction	115
	4.2 A look at fiscal theory and empirics	116
	4.3 Threshold regression models	120
	4.4 Data description and regression set-up	123
	4.5 Results	125
	4.6 Conclusion	130
	Appendix A: Data sources and definitions	130
	Appendix B: ADF unit root tests	132
	Appendix C	132
	Appendix D: Years above the threshold	133
	References	134
	5 Spillovers from economic reform	136
	5.1 Introduction	136
	5.2 Determination of mark-up ratios	137
	5.3 Mark-up and macroeconomic performance	144
	5.3.1 Total factor productivity growth	144
	5.3.2 Employment	147
	5.3.3 Unemployment rate	149
	5.3.4 Labour productivity growth	150
	5.4 The influence of regulation on the mark-up	152
	5.5 Conclusion	157
	Appendix: Data sources and definitions	159
	References	160
	6 Macroeconomic and welfare effects of structural and budgetary policies: spillovers in the MSG3 model	162
	6.1 Introduction	162
	6.2 Effects of structural policies	163
	6.3 Budgetary consolidation policies	169
	6.4 Structural reform and budgetary consolidation	183
	6.5 Sensitivity analysis: monetary versus inflation targeting	192
	6.6 Welfare Effects	198
	Appendix: The MSG3 Macroeconomic Global Model	205
	References	208
	7 Have Europe’s labour markets become more flexible? An exercise in measuring the relative flexibility of wages across countries and time	209
	7.1 Introduction	209
	7.2 Methodology: The analytic background and estimation technique	211
	7.3 The empirical evidence on wage flexibility	213
	7.4 Statistical results	214
	7.5 The benchmark and indicators of wage flexibility	217
	7.6 The US wages spectrum	220
	7.7 Country by country results	221
	7.8 Conclusion	229
	Appendix: Time frequency techniques and the estimation of time- varying spectra or cross- spectra	230
	References	235
	Index	239