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Establishing a Fiscal Dialogue in Europe
In this contribution, I use the fiscal theory of the price level as a backdrop for a discussion on the risks that expansionary fiscal policies may pose on debt sustainability. I recall that a regime of fiscal dominance does not lead to macroeconomic instability. I also review a few empirical papers...
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Formato: | Online Artículo Texto |
Lenguaje: | English |
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Palgrave Macmillan UK
2021
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Acceso en línea: | https://www.ncbi.nlm.nih.gov/pmc/articles/PMC7958595/ https://www.ncbi.nlm.nih.gov/pubmed/33746359 http://dx.doi.org/10.1057/s41294-021-00144-5 |
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author | Creel, Jérôme |
author_facet | Creel, Jérôme |
author_sort | Creel, Jérôme |
collection | PubMed |
description | In this contribution, I use the fiscal theory of the price level as a backdrop for a discussion on the risks that expansionary fiscal policies may pose on debt sustainability. I recall that a regime of fiscal dominance does not lead to macroeconomic instability. I also review a few empirical papers on fiscal sustainability and I conclude, also based upon own estimates, that it is not a major concern, at least in the short to mid-run. Finally, I argue that Europeans should continue on the fiscal impetus they contributed to in 2020 by fostering coordination and transparency on EU fiscal policies. To achieve this objective, I revisit the idea of an enhanced dialogue on fiscal matters at the European Parliament and propose to establish a Fiscal Dialogue with the EU Member States. |
format | Online Article Text |
id | pubmed-7958595 |
institution | National Center for Biotechnology Information |
language | English |
publishDate | 2021 |
publisher | Palgrave Macmillan UK |
record_format | MEDLINE/PubMed |
spelling | pubmed-79585952021-03-15 Establishing a Fiscal Dialogue in Europe Creel, Jérôme Comp Econ Stud Article In this contribution, I use the fiscal theory of the price level as a backdrop for a discussion on the risks that expansionary fiscal policies may pose on debt sustainability. I recall that a regime of fiscal dominance does not lead to macroeconomic instability. I also review a few empirical papers on fiscal sustainability and I conclude, also based upon own estimates, that it is not a major concern, at least in the short to mid-run. Finally, I argue that Europeans should continue on the fiscal impetus they contributed to in 2020 by fostering coordination and transparency on EU fiscal policies. To achieve this objective, I revisit the idea of an enhanced dialogue on fiscal matters at the European Parliament and propose to establish a Fiscal Dialogue with the EU Member States. Palgrave Macmillan UK 2021-03-15 2021 /pmc/articles/PMC7958595/ /pubmed/33746359 http://dx.doi.org/10.1057/s41294-021-00144-5 Text en © Association for Comparative Economic Studies 2021 This article is made available via the PMC Open Access Subset for unrestricted research re-use and secondary analysis in any form or by any means with acknowledgement of the original source. These permissions are granted for the duration of the World Health Organization (WHO) declaration of COVID-19 as a global pandemic. |
spellingShingle | Article Creel, Jérôme Establishing a Fiscal Dialogue in Europe |
title | Establishing a Fiscal Dialogue in Europe |
title_full | Establishing a Fiscal Dialogue in Europe |
title_fullStr | Establishing a Fiscal Dialogue in Europe |
title_full_unstemmed | Establishing a Fiscal Dialogue in Europe |
title_short | Establishing a Fiscal Dialogue in Europe |
title_sort | establishing a fiscal dialogue in europe |
topic | Article |
url | https://www.ncbi.nlm.nih.gov/pmc/articles/PMC7958595/ https://www.ncbi.nlm.nih.gov/pubmed/33746359 http://dx.doi.org/10.1057/s41294-021-00144-5 |
work_keys_str_mv | AT creeljerome establishingafiscaldialogueineurope |