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537 - Structural reforms at the zero bound

537 - Structural reforms at the zero bound

The cyclically-adjusted budget balance (CAB) is the backbone of the EU framework of fiscal surveillance, both in its preventive and corrective arms. The concept corresponds to the budget balance prevailing if the economy was running at potential. After correcting for the one-off and temporary measures, it is called structural budget balance and used to assess the fiscal policy stance.

Categories: Structural policies, growth and development; EU Member State economies; Economic crisis

Series: Economic Papers

 
12 - Latvia: benefiting from the euro, facing new challenges

12 - Latvia: benefiting from the euro, facing new challenges

Latvia appears to be already reaping a number of benefits from its changeover to the euro in January 2014. Enhanced competition, bank intermediation and the low-interest rate environment are bringing immediate and long-term benefits to the economy. Moreover, despite concerns that traders might take advantage of the introduction of the new currency to raise prices, consumer price inflation has turned out lower than expected.

Categories: Structural policies, growth and development; Economic indicators; The euro

Series: Country Focus

 
536 - Adjusting the budget balance for the business cycle: the EU methodology - Gilles Mourre, Caterina Astarita and Savina Princer

536 - Adjusting the budget balance for the business cycle: the EU methodology - Gilles Mourre, Caterina Astarita and Savina Princer

The cyclically-adjusted budget balance (CAB) is the backbone of the EU framework of fiscal surveillance, both in its preventive and corrective arms. The concept corresponds to the budget balance prevailing if the economy was running at potential. After correcting for the one-off and temporary measures, it is called structural budget balance and used to assess the fiscal policy stance. This paper presents the EU methodology for computing the CAB and derives the new value of the budgetary semi-elasticities following the recent revision of individual revenue and expenditure elasticities by the OECD.

Categories: Public financesEconomic policy coordination

Series: Economic Papers

 
11 - Do the Baltic States need to tax passenger cars more

11 - Do the Baltic States need to tax passenger cars more

Energy and carbon intensities in the Baltics are among the highest in the EU, in particular in transport.

Categories: Structural policies, growth and development; Public finances

Series: Country Focus

 
535 - The Production Function Methodology for Calculating Potential Growth Rates & Output Gaps - Havik, Mc Morrow, Orlandi, Planas, Raciborski, Roeger, Rossi, Thum-Thysen, Vandermeulen

535 - The Production Function Methodology for Calculating Potential Growth Rates & Output Gaps - Havik, Mc Morrow, Orlandi, Planas, Raciborski, Roeger, Rossi, Thum-Thysen, Vandermeulen

This paper provides a detailed description of the current version of the Ecofin Council approved production function (PF) methodology which is used for assessing both the productive capacity (i.e. potential output) and cyclical position (i.e. output gaps) of EU economies. Compared with the previous 2010 paper on the same topic, there have been two significant changes to the PF methodology, namely an overhaul of the NAWRU methodology & the introduction of a new T+10 methodology.

Categories: Economic policy coordination; Public finances; Structural policies, growth and development

Series: Economic Papers

 

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