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Progress and ConfusionThe State of Macroeconomic Policy$
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Olivier Blanchard, Raghuram G. Rajan, Kenneth S. Rogoff, and Lawrence H. Summers

Print publication date: 2016

Print ISBN-13: 9780262034623

Published to MIT Press Scholarship Online: January 2017

DOI: 10.7551/mitpress/9780262034623.001.0001

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What Future for Rules-Based Fiscal Policy?

What Future for Rules-Based Fiscal Policy?

Chapter:
(p.183) 19 What Future for Rules-Based Fiscal Policy?
Source:
Progress and Confusion
Author(s):

Marco Buti

Publisher:
The MIT Press
DOI:10.7551/mitpress/9780262034623.003.0019

The chapter discusses the future of rules-based fiscal policy, with a focus on fiscal rules in the European Union (EU). It argues that the European fiscal stance was at times too restrictive during the crisis, due to the incompleteness of the architecture of the European Monetary Union rather than its fiscal framework. The chapter also argues that fiscal rules need to achieve a double act: anchor public debt ratios while helping to stabilize the economy. Both goals are consistent with the present EU fiscal rules but are hidden in a framework that is overly complicated.

Keywords:   fiscal policy, fiscal rules, European Union, debt ratios, stabilization policy

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