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Brunila, Anne; Buti, Marco; Veld, Jan in ’t

doi:10.1023/a:1022646912573

Cited by 48 publications

(2 citation statements)

References 14 publications

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“…Coverage under the remaining programs is limited to workers in industry and commerce. Certain countries exclude unemployed persons who earned more than a certain amount before unemployment (Brunila et al, 2003). There are also special regulations in certain countries governing the situation of temporary and seasonal workers.…”

Section: A Starting Points For the Analysis And Basic Findingsmentioning

confidence: 99%

"An Introduction to the European Union Unemployment Reinsurance System as Automatic Economic Stabilizer: Economic Policy and Management Recommendations"

Trunk¹,

Stubelj²

2023

SBPUTTEM

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A few months in, it is still hard to grasp the scale and scope of COVID-19’s global impact. A third of the world population is under some sort of “lockdown.” All the while, a second crisis, in the form of an economic recession, is underway (Schwab and Vanham, 2020). During the recession, European Union (EU) members did not use fiscal policies to ease the recession, while the reinsurance system in the case of unemployment would achieve exactly this, as it acts as an automatic stabilizer. The response to unemployment in the great recession and subsequent events related to the European debt crisis has been very heterogeneous across Europe and in population groups. This study examines stabilizing power and efficiency of presented unemployment reinsurance systems (URS EU). We find that the statutory contribution rate for unemployment insurance is sufficiently high only in a small part of the EU. Only certain insurance systems are sustainable. This paper demonstrates that the need for an automatic stabilizer, such as the reinsurance in the case of unemployment, has shown even more necessary. Through this paper and these recommendations, this study hopes to encourage institutional reforms, especially in the euro area, as the monetary union reduces macroeconomic stabilization policies at national level. We believe that the URS EU would represent a possible solution to the problems outlined in the paper.

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Section: A Starting Points For the Analysis And Basic Findingsmentioning

confidence: 99%

"An Introduction to the European Union Unemployment Reinsurance System as Automatic Economic Stabilizer: Economic Policy and Management Recommendations"

Trunk¹,

Stubelj²

2023

SBPUTTEM

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“…While this approach allows for controlling for other factors, it can suffer from the endogeneity of the output gap.4 The microeconomic approach, however, has limitations because it only accounts for the direct stabilizing role of the tax and benefit system and does not consider indirect stabilizing effects related to general equilibrium and behavioral responses.5 A wide range of shocks have been considered in macro-simulation models: shocks to consumption, income, investment and productivity. Consumption and income shocks are found to have the largest stabilizing effects given their direct association with tax revenue (e. g.;Brunila et al, 2003;Tödter and Scharnagl, 2004; European Commission, 2017b). Also, estimates of automatic stabilizers are typically larger for microeconomic stimulations than for reduced-form macroeconomic models.…”

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confidence: 99%

Revisiting the Countercyclicality of Fiscal Policy

Jalles¹

2023

IMF Working Papers

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This paper provides a novel dataset of time-varying measures on the degree of countercyclicality of fiscal policies for advanced and developing economies between 1980 and 2021. The use of time-varying measures of fiscal stabilization, with special attention to potential endogenity issues, overcomes the major limitation of previous studies and alllows the analysis to account for both country-specific as well as global factors. The paper also examines the key determinants of countercyclicality of fiscal policy with a focus on factors as severe crises, informality, financial development, and governance. Empirical results show that (i) fiscal policy tends to be more counter-cyclical during severe crises than typical recessions, especially for advanced economies; (ii) fiscal counter-cyclicality has increased over time for many economies over the last two decades; (iii) discretionary and automatic countercyclicality are both strong in advanced economies but acyclical (at times procyclical) in low-income countries, (iv) fiscal countercyclicality operates primarily through the expenditure channel, particularly for social benefits, (vi) better financial development, larger government size and stronger institutional quality are associated with larger countercyclical effects of fiscal policy. Our results are robust to various specifications and endogeneity checks.

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From the Ideological Neutrality to the Neoclassical Inspiration: The Evolution of the Italian Constitutional Law of Public Debt and Deficit

Mostacci

2016

Fiscal Rules - Limits on Governmental Deficits and Debt

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Cited by 48 publications

References 14 publications

"An Introduction to the European Union Unemployment Reinsurance System as Automatic Economic Stabilizer: Economic Policy and Management Recommendations"

"An Introduction to the European Union Unemployment Reinsurance System as Automatic Economic Stabilizer: Economic Policy and Management Recommendations"

Revisiting the Countercyclicality of Fiscal Policy

From the Ideological Neutrality to the Neoclassical Inspiration: The Evolution of the Italian Constitutional Law of Public Debt and Deficit

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