Automatic Stabilisers and Market Flexibility in EMU: Is There A Trade-Off?
It is often claimed that tax and welfare reforms that aim at enhancing efficiency may come at the cost of cyclical stabilisation. Reducing the generosity of welfare systems and lowering taxes may boost efficiency and output, and improve market adjustment to shocks. But, by reducing the size of autom...
Gespeichert in:
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| Weitere Verfasser: | , , |
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Paris
OECD Publishing
2002
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| Schriftenreihe: | OECD Economics Department Working Papers
no.335 |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | It is often claimed that tax and welfare reforms that aim at enhancing efficiency may come at the cost of cyclical stabilisation. Reducing the generosity of welfare systems and lowering taxes may boost efficiency and output, and improve market adjustment to shocks. But, by reducing the size of automatic stabilisers, it may also imply less cyclical smoothing. This would be unwelcome in EMU given the loss of national monetary autonomy and the well-known pitfalls of active fiscal management. This paper argues that the alleged trade-off between efficiency/flexibility and stabilisation may not exist. We show that, if the initial level of the tax burden is high, reducing it may lead to higher output stabilisation in the event of a supply shock and higher inflation stabilisation in the event of a demand shock. The threshold level of taxation depends on the preferences of the central bank over inflation and output. Econometric and numerical simulations show that European countries - ... |
| Beschreibung: | 1 Online-Ressource (27 p.) 21 x 29.7cm. |
| DOI: | 10.1787/642866215738 |
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| spelling | Buti, Marco VerfasserIn aut Automatic Stabilisers and Market Flexibility in EMU Is There A Trade-Off? Marco, Buti ... [et al] = Stabilisateurs automatiques et flexibilité de marchés de l'UEM. Y-a-t-il un compromis ? / Marco, Buti ... [et al] Stabilisateurs automatiques et flexibilité de marchés de l'UEM. Y-a-t-il un compromis ? Paris OECD Publishing 2002 1 Online-Ressource (27 p.) 21 x 29.7cm. Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier OECD Economics Department Working Papers no.335 It is often claimed that tax and welfare reforms that aim at enhancing efficiency may come at the cost of cyclical stabilisation. Reducing the generosity of welfare systems and lowering taxes may boost efficiency and output, and improve market adjustment to shocks. But, by reducing the size of automatic stabilisers, it may also imply less cyclical smoothing. This would be unwelcome in EMU given the loss of national monetary autonomy and the well-known pitfalls of active fiscal management. This paper argues that the alleged trade-off between efficiency/flexibility and stabilisation may not exist. We show that, if the initial level of the tax burden is high, reducing it may lead to higher output stabilisation in the event of a supply shock and higher inflation stabilisation in the event of a demand shock. The threshold level of taxation depends on the preferences of the central bank over inflation and output. Econometric and numerical simulations show that European countries - ... Economics Euro Area Martinez-Mongay, Carlos MitwirkendeR ctb Sekkat, Khalid MitwirkendeR ctb van den Noord, Paul MitwirkendeR ctb FWS01 ZDB-13-SOC FWS_PDA_SOC https://doi.org/10.1787/642866215738 Volltext |
| spellingShingle | Buti, Marco Automatic Stabilisers and Market Flexibility in EMU Is There A Trade-Off? Economics Euro Area |
| title | Automatic Stabilisers and Market Flexibility in EMU Is There A Trade-Off? |
| title_alt | Stabilisateurs automatiques et flexibilité de marchés de l'UEM. Y-a-t-il un compromis ? |
| title_auth | Automatic Stabilisers and Market Flexibility in EMU Is There A Trade-Off? |
| title_exact_search | Automatic Stabilisers and Market Flexibility in EMU Is There A Trade-Off? |
| title_full | Automatic Stabilisers and Market Flexibility in EMU Is There A Trade-Off? Marco, Buti ... [et al] = Stabilisateurs automatiques et flexibilité de marchés de l'UEM. Y-a-t-il un compromis ? / Marco, Buti ... [et al] |
| title_fullStr | Automatic Stabilisers and Market Flexibility in EMU Is There A Trade-Off? Marco, Buti ... [et al] = Stabilisateurs automatiques et flexibilité de marchés de l'UEM. Y-a-t-il un compromis ? / Marco, Buti ... [et al] |
| title_full_unstemmed | Automatic Stabilisers and Market Flexibility in EMU Is There A Trade-Off? Marco, Buti ... [et al] = Stabilisateurs automatiques et flexibilité de marchés de l'UEM. Y-a-t-il un compromis ? / Marco, Buti ... [et al] |
| title_short | Automatic Stabilisers and Market Flexibility in EMU |
| title_sort | automatic stabilisers and market flexibility in emu is there a trade off |
| title_sub | Is There A Trade-Off? |
| topic | Economics Euro Area |
| topic_facet | Economics Euro Area |
| url | https://doi.org/10.1787/642866215738 |
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