One scheme fits all: A central fiscal capacity for the EMU targeting eurozone, national and regional shocks

被引：2

作者：

Beetsma, Roel ^{[1
,2
,3
,4
,5
,6
]}

Cimadomo, Jacopo ^{[7
]}

van Spronsen, Josha ^{[1
,6
,8
]}

机构：

[1] Univ Amsterdam, Amsterdam, Netherlands

[2] Copenhagen Business Sch, Frederiksberg, Denmark

[3] European Fiscal Board, Brussels, Belgium

[4] CEPR, London, England

[5] CESifo, Munich, Germany

[6] Tinbergen Inst, Amsterdam, Netherlands

[7] European Cent Bank, Fiscal Pol Div, Frankfurt, Germany

[8] Prices & Costs Div, European Cent Bank, Frankfurt, Germany

来源：

EUROPEAN ECONOMIC REVIEW | 2024年 / 165卷

关键词：

Central fiscal capacity; Euro area; Macroeconomic stabilisation; Multilevel factor model; Bayesian inference; POLICY; MONETARY; AREA; CRISIS;

D O I：

10.1016/j.euroecorev.2024.104721

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This paper proposes a central fiscal capacity for the euro area that generates transfers in response to eurozone, country, and region-specific shocks. The main novelty of this fiscal capacity is that it allows a joint response to these three types of shocks within a single scheme. Based on NUTS3 regional data over the last two decades and regional fiscal multiplier estimates, our analysis shows that - with a limited risk of moral hazard - substantial stabilisation could have been achieved in response to the eurozone and regional shocks, while country-specific shocks were on average weaker and therefore needed less stabilisation.

引用

页数：26

共 53 条

[1] On the design of a European Unemployment Insurance System [J].