(This abstract was borrowed from another version of this item.)"> (This abstract was borrowed from another version of this item.)">
Nothing Special   »   [go: up one dir, main page]
IDEAS home Printed from https://ideas.repec.org/p/fce/doctra/0723.html
   My bibliography  Save this paper

Politiques et performances macroéconomiques de la zone euro : institutions, incitations, stratégies

Author

Listed:
Abstract
L'économie européenne, et en particulier celle de la zone euro, affichent des performances macroéconomiques visiblement moins bonnes que celles des autres régions du monde, alimentant le sentiment du déclin de l'Europe et les discours sur la nécessité de réformes structurelles et d'allégement des coûts du travail et de la protection sociale, afin de rendre à l'Union européenne sa compétitivité. Si le bien fondé du diagnostic n'est guère discutable, du moins dans ses grandes lignes et surtout pour la zone euro, l'identification des causes du mal et les remèdes proposés le sont, quant à eux, bien davantage. En effet, les institutions et les règles mises en place dans la zone euro pour gérer la monnaie unique et encadrer le maniement des politiques budgétaires nationales apparaissent clairement inappropriées, du moins dans l'interprétation généralement faite des textes européens, à la poursuite de politiques ambitieuses et coordonnées de croissance. Les autorités monétaires sont trop exclusivement préoccupées par la stabilité monétaire, dans une acception particulièrement étroite de la notion, et la politique monétaire apparaît donc insuffisamment réactive aux ralentissements et trop rapidement restrictive en cas de reprise. Cela renforce les biais procycliques contenus dans le Pacte de stabilité, en tout cas tel qu'il était interprété avant la réforme du printemps 2005. Cette règle budgétaire comporte en outre des incitations peu favorables aux politiques de croissance durable. Et le policy mix qui émerge spontanément des stratégies adoptées par les différents acteurs en réponse à ces institutions et règles engendre des évolutions du taux de change de l'euro qui poussent les gouvernements nationaux des États membres à privilégier les stratégies non coopératives, notamment la " désinflation compétitive " et la concurrence fiscale et sociale, en outre souvent encouragées par les instances européennes (Banque centrale européenne et Commission), par la compositi
(This abstract was borrowed from another version of this item.)

Suggested Citation

  • Jérôme Creel & Eloi Laurenbt & Jacques Le Cacheux, 2007. "Politiques et performances macroéconomiques de la zone euro : institutions, incitations, stratégies," Documents de Travail de l'OFCE 2007-23, Observatoire Francais des Conjonctures Economiques (OFCE).
    • Handle: RePEc:fce:doctra:0723
    as

    Download full text from publisher

    File URL: http://www.ofce.sciences-po.fr/pdf/dtravail/WP2007-23.pdf
    Download Restriction: no
    ---><---

    Other versions of this item:

    References listed on IDEAS

    as
    1. Jérôme Creel & Éloi Laurent & Jacques Le Cacheux, 2007. "La politique de change de la zone euro ou le hold-up tranquille de la BCE," Revue de l'OFCE, Presses de Sciences-Po, vol. 100(1), pages 7-30.
    2. Hyeon-seung Huh, 2002. "Estimating Asymmetric Output Cost of Lowering Inflation for Australia," Southern Economic Journal, John Wiley & Sons, vol. 68(3), pages 600-616, January.
    3. Frankel, Jeffrey A & Rose, Andrew K, 1998. "The Endogeneity of the Optimum Currency Area Criteria," Economic Journal, Royal Economic Society, vol. 108(449), pages 1009-1025, July.
    4. Jeffrey G. Williamson, 2002. "Winners and Losers Over Two Centuries of Globalization," NBER Working Papers 9161, National Bureau of Economic Research, Inc.
    5. Palle Andersen & David Gruen, 1995. "Macroeconomic Policies and Growth," RBA Annual Conference Volume (Discontinued), in: Palle Andersen & Jacqueline Dwyer & David Gruen (ed.),Productivity and Growth, Reserve Bank of Australia.
    6. Wyplosz, Charles, 2001. "Do We Know How Low Inflation Should Be?," CEPR Discussion Papers 2722, C.E.P.R. Discussion Papers.
    7. Jérôme Creel & Eloi Laurent & Jacques Le Cacheux, 2006. "Ouverte pour travaux : la Présidence allemande de l'UE et la réunification européenne," SciencePo Working papers Main hal-01021343, HAL.
    8. Robert E. Lucas, 2001. "Inflation and Welfare," International Economic Association Series, in: Axel Leijonhufvud (ed.), Monetary Theory as a Basis for Monetary Policy, chapter 4, pages 96-142, Palgrave Macmillan.
    9. Vaona, A. & Schiavo, S., 2007. "Nonparametric and semiparametric evidence on the long-run effects of inflation on growth," Economics Letters, Elsevier, vol. 94(3), pages 452-458, March.
    10. ,, 2004. "Problems And Solutions," Econometric Theory, Cambridge University Press, vol. 20(2), pages 427-429, April.
    11. Jérôme Creel & Jacques Le Cacheux, 2006. "La nouvelle désinflation compétitive européenne," Revue de l'OFCE, Presses de Sciences-Po, vol. 98(3), pages 7-36.
    12. Dani Rodrik, 1998. "Why Do More Open Economies Have Bigger Governments?," Journal of Political Economy, University of Chicago Press, vol. 106(5), pages 997-1032, October.
    13. Jacques Le Cacheux, 2005. "Politiques de croissance en Europe. Un problème d'action collective," Revue économique, Presses de Sciences-Po, vol. 56(3), pages 705-713.
    14. repec:hal:wpspec:info:hdl:2441/2967 is not listed on IDEAS
    15. Takatoshi Ito & Frederic S. Mishkin, 2006. "Two Decades of Japanese Monetary Policy and the Deflation Problem," NBER Chapters, in: Monetary Policy with Very Low Inflation in the Pacific Rim, pages 131-1997, National Bureau of Economic Research, Inc.
    16. Robert A. Mundell, 1962. "The Appropriate Use of Monetary and Fiscal Policy for Internal and External Stability," IMF Staff Papers, Palgrave Macmillan, vol. 9(1), pages 70-79, March.
    17. ,, 2004. "Problems And Solutions," Econometric Theory, Cambridge University Press, vol. 20(1), pages 223-229, February.
    18. Edmond Malinvaud & John Flemming & Edmund Phelps & Robert Solow & Anthony Atkinson & Olivier Blanchard & Jean-Paul Fitoussi, 1992. "La désinflation compétitive, le Mark et les politiques budgétaires en Europe," Post-Print hal-03567346, HAL.
    19. repec:hal:spmain:info:hdl:2441/2085 is not listed on IDEAS
    20. Pierre Salmon, 2006. "Horizontal Competition Among Governments," Chapters, in: Ehtisham Ahmad & Giorgio Brosio (ed.), Handbook of Fiscal Federalism, chapter 2, Edward Elgar Publishing.
    21. repec:hal:wpspec:info:hdl:2441/3531 is not listed on IDEAS
    22. Jérôme Creel & Jacky Fayolle, 2002. "La Banque Centrale Européenne ou le Seigneur des euros," Revue de l'OFCE, Presses de Sciences-Po, vol. 0(5), pages 175-210.
    23. Cameron, David R., 1978. "The Expansion of the Public Economy: A Comparative Analysis," American Political Science Review, Cambridge University Press, vol. 72(4), pages 1243-1261, December.
    24. Jérôme Creel & Thierry Latreille & Jacques Le Cacheux, 2002. "Le Pacte de stabilité et les politiques budgétaires dans l'Union européenne," Revue de l'OFCE, Presses de Sciences-Po, vol. 0(5), pages 245-297.
    25. George A. Akerlof & William R. Dickens & George L. Perry, 1996. "The Macroeconomics of Low Inflation," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 27(1), pages 1-76.
    26. repec:hal:spmain:info:hdl:2441/2088 is not listed on IDEAS
    27. Alesina, Alberto & Tabellini, Guido, 1987. "Rules and Discretion with Noncoordinated Monetary and Fiscal Policies," Economic Inquiry, Western Economic Association International, vol. 25(4), pages 619-630, October.
    28. Hyeon‐Seung Huh & Hyun‐Hoon Lee, 2002. "Asymmetric output cost of lowering inflation: empirical evidence for Canada," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 35(2), pages 218-238, May.
    29. repec:hal:wpspec:info:hdl:2441/2084 is not listed on IDEAS
    30. repec:hal:spmain:info:hdl:2441/3004 is not listed on IDEAS
    31. repec:hal:wpspec:info:hdl:2441/2085 is not listed on IDEAS
    32. repec:hal:spmain:info:hdl:2441/3531 is not listed on IDEAS
    33. Philippe Aghion & Jean Pisani-Ferry & Elie Cohen, 2006. "Politique économique et croissance en Europe," SciencePo Working papers Main hal-03569090, HAL.
    34. Bruno, Michael & Easterly, William, 1998. "Inflation crises and long-run growth," Journal of Monetary Economics, Elsevier, vol. 41(1), pages 3-26, February.
    35. Charles Wyplosz, 2006. "European Monetary Union: the dark sides of a major success [‘The macroeconomics of low inflation’]," Economic Policy, CEPR, CESifo, Sciences Po;CES;MSH, vol. 21(46), pages 208-261.
    36. repec:hal:wpspec:info:hdl:2441/2103 is not listed on IDEAS
    37. repec:hal:spmain:info:hdl:2441/2084 is not listed on IDEAS
    38. Michael Sarel, 1996. "Nonlinear Effects of Inflation on Economic Growth," IMF Staff Papers, Palgrave Macmillan, vol. 43(1), pages 199-215, March.
    39. repec:hal:wpspec:info:hdl:2441/3004 is not listed on IDEAS
    40. repec:hal:spmain:info:hdl:2441/2967 is not listed on IDEAS
    41. Jonathan Temple, 2000. "Inflation and Growth: Stories Short and Tall," Journal of Economic Surveys, Wiley Blackwell, vol. 14(4), pages 395-426, September.
    42. Philippe Aghion & Jean Pisani-Ferry & Elie Cohen, 2006. "Politique économique et croissance en Europe," Post-Print hal-03569090, HAL.
    43. repec:oup:ecpoli:v:21:y:2006:i:46:p:207-261 is not listed on IDEAS
    44. repec:hal:wpspec:info:hdl:2441/2088 is not listed on IDEAS
    45. repec:hal:spmain:info:hdl:2441/2103 is not listed on IDEAS
    46. Eloi Laurent & Jacques Le Cacheux, 2006. "Integrity and Efficiency in the EU: The Case against the European economic constitution," SciencePo Working papers Main hal-00972707, HAL.
    47. Fagan, Gabriel & Henry, Jerome & Mestre, Ricardo, 2005. "An area-wide model for the euro area," Economic Modelling, Elsevier, vol. 22(1), pages 39-59, January.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Olivier Giraud & Arnaud Lechevalier, 2009. "L'éclatement de la norme d'emploi en Allemagne et en France au tournant du siècle," Post-Print halshs-00532915, HAL.
    2. repec:hal:spmain:info:hdl:2441/eu4vqp9ompqllr09h95ai71so is not listed on IDEAS
    3. Eloi Laurent, 2007. "If it's Broken, Don't Fix it:The Government of the Euro area in the EU "Reform Treaty"," SciencePo Working papers Main hal-00972704, HAL.
    4. repec:spo:wpmain:info:hdl:2441/eu4vqp9ompqllr09h95ai71so is not listed on IDEAS
    5. repec:hal:spmain:info:hdl:2441/2201 is not listed on IDEAS
    6. repec:spo:wpmain:info:hdl:2441/2137 is not listed on IDEAS
    7. repec:hal:spmain:info:hdl:2441/2137 is not listed on IDEAS
    8. repec:spo:wpmain:info:hdl:2441/2201 is not listed on IDEAS

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Jérôme Creel & Eloi Laurent & Jacques Le Cacheux, 2007. "Politiques et performances macroéconomiques de la zone euro," SciencePo Working papers Main hal-03459617, HAL.
    2. repec:spo:wpmain:info:hdl:2441/2082 is not listed on IDEAS
    3. repec:hal:spmain:info:hdl:2441/2082 is not listed on IDEAS
    4. repec:spo:wpecon:info:hdl:2441/2139 is not listed on IDEAS
    5. repec:hal:wpspec:info:hdl:2441/2139 is not listed on IDEAS
    6. repec:hal:spmain:info:hdl:2441/2139 is not listed on IDEAS
    7. repec:spo:wpmain:info:hdl:2441/2139 is not listed on IDEAS
    8. Akhand Akhtar Hossain, 2009. "Central Banking and Monetary Policy in the Asia-Pacific," Books, Edward Elgar Publishing, number 12777.
    9. Éloi Laurent & Jacques Le Cacheux, 2010. "Taille des pays et stratégies de croissance," Revue de l'OFCE, Presses de Sciences-Po, vol. 0(1), pages 171-190.
    10. Manamba EPAPHRA, 2016. "Nonlinearities in Inflation and Growth Nexus: The Case of Tanzania," Journal of Economics and Political Economy, KSP Journals, vol. 3(3), pages 471-512, September.
    11. Miao, Jianjun & Xie, Danyang, 2013. "Economic growth under money illusion," Journal of Economic Dynamics and Control, Elsevier, vol. 37(1), pages 84-103.
    12. Seleteng, Monaheng & Bittencourt, Manoel & van Eyden, Reneé, 2013. "Non-linearities in inflation–growth nexus in the SADC region: A panel smooth transition regression approach," Economic Modelling, Elsevier, vol. 30(C), pages 149-156.
    13. Jérôme Creel & Jacques Le Cacheux, 2006. "La nouvelle désinflation compétitive européenne," Revue de l'OFCE, Presses de Sciences-Po, vol. 98(3), pages 7-36.
    14. Ibarra, Raul & Trupkin, Danilo R., 2016. "Reexamining the relationship between inflation and growth: Do institutions matter in developing countries?," Economic Modelling, Elsevier, vol. 52(PB), pages 332-351.
    15. repec:hal:spmain:info:hdl:2441/eu4vqp9ompqllr09h95chf5k8 is not listed on IDEAS
    16. Mr. Etienne B Yehoue, 2012. "On Price Stability and Welfare," IMF Working Papers 2012/189, International Monetary Fund.
    17. repec:spo:wpmain:info:hdl:2441/eu4vqp9ompqllr09h95chf5k8 is not listed on IDEAS
    18. Gylfason, Thorvaldur & Herbertsson, Tryggvi Thor, 2001. "Does inflation matter for growth?," Japan and the World Economy, Elsevier, vol. 13(4), pages 405-428, December.
    19. Ariyanto, Anto, 2017. "CRITICAL REVIEW : Inflasi dan Pertumbuhan Jangka Panjang : Sebuah Teori Baru Keynesian dan Bukti semiparametrik Lanjut," INA-Rxiv 5ydqg, Center for Open Science.
    20. Jean-Baptiste Nkume, 2014. "Optimal Inflation Threshold for Economic Growth in Malawi," Journal of Economics and Behavioral Studies, AMH International, vol. 6(12), pages 933-946.
    21. Pierre‐Richard Agénor, 2004. "Macroeconomic Adjustment and the Poor: Analytical Issues and Cross‐Country Evidence," Journal of Economic Surveys, Wiley Blackwell, vol. 18(3), pages 351-408, July.
    22. Baharumshah, Ahmad Zubaidi & Slesman, Ly & Wohar, Mark E., 2016. "Inflation, inflation uncertainty, and economic growth in emerging and developing countries: Panel data evidence," Economic Systems, Elsevier, vol. 40(4), pages 638-657.
    23. Stanley Fischer, 1996. "Why are central banks pursuing long-run price stability?," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, pages 7-34.
    24. Funk Peter & Kromen Bettina, 2010. "Inflation and Innovation-Driven Growth," The B.E. Journal of Macroeconomics, De Gruyter, vol. 10(1), pages 1-52, August.
    25. Staehr, Karsten, 2008. "Fiscal policies and business cycles in an enlarged euro area," Economic Systems, Elsevier, vol. 32(1), pages 46-69, March.
    26. Wojciech Charemza & Svetlana Makarova & Imran Shah, 2015. "Making the most of high inflation," Applied Economics, Taylor & Francis Journals, vol. 47(34-35), pages 3723-3739, July.
    27. Vinayagathasan, Thanabalasingam, 2013. "Inflation and economic growth: A dynamic panel threshold analysis for Asian economies," Journal of Asian Economics, Elsevier, vol. 26(C), pages 31-41.
    28. Mandeya Shelton M.T & Ho Sin-Yu, 2022. "Inflation, Inflation Uncertainty and the Economic Growth Nexus: A Review of the Literature," Folia Oeconomica Stetinensia, Sciendo, vol. 22(1), pages 172-190, June.

    More about this item

    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • N14 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: 1913-

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:fce:doctra:0723. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Francesco Saraceno (email available below). General contact details of provider: https://edirc.repec.org/data/ofcspfr.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.