Skip to main content
SpringerLink
Log in

Business Cycles and Macroeconomic Stability

Should We Rebuild Built-in Stabilizers?

  • Book
  • © 1997

Overview

Editors:
  1. Jean-Oliver Hairault

    1. CEPE-Université de Lille I, France
      MAD-Université de Paris I, France

    View editor publications

    You can also search for this editor in PubMed   Google Scholar

  2. Pierre-Yves Hénin

    1. MAD-Université de Paris I, France
      CEPREMAP, France

    View editor publications

    You can also search for this editor in PubMed   Google Scholar

  3. Franck Portier

    1. MAD-Université de Paris I, France
      Université de Rouen, CEPREMAP, France

    View editor publications

    You can also search for this editor in PubMed   Google Scholar

This is a preview of subscription content, log in via an institution to check access.

Access this book

Log in via an institution
eBook USD 169.00
Price excludes VAT (USA)
  • Available as PDF
  • Read on any device
  • Instant download
  • Own it forever
Softcover Book USD 219.99
Price excludes VAT (USA)
  • Compact, lightweight edition
  • Dispatched in 3 to 5 business days
  • Free shipping worldwide - see info
Hardcover Book USD 219.99
Price excludes VAT (USA)
  • Durable hardcover edition
  • Dispatched in 3 to 5 business days
  • Free shipping worldwide - see info

Tax calculation will be finalised at checkout

Other ways to access

Licence this eBook for your library

Institutional subscriptions

Table of contents (14 chapters)

  1. Front Matter

    Pages i-xxv
    Download chapter PDF

  2. Fiscal Policies, Business Cycle and Growth

    1. Front Matter

      Pages 1-1
      Download chapter PDF

    2. An Exploration Into the Effects of Dynamic Economic Stabilization

      • Jim Dolmas, Gregory W. Huffman
      Pages 3-29

    3. Optimal Public Spending in a Business Cycle Model

      • Steve Ambler, Emanuela Cardia
      Pages 31-53

    4. Welfare, Stabilization or Growth: a Comparison of Different Fiscal Objectives

      • Steven P. Cassou, Kevin J. Lansing
      Pages 55-78

    5. Public Investment, Stabilization and Growth

      • Fabrice Collard
      Pages 79-105

  3. Automatic Stabilizers in an Economic Union

    1. Front Matter

      Pages 107-107
      Download chapter PDF

    2. Monetary Union and the Role of Automatic Stabilizers

      • Kenneth M. Kletzer, Willem H. Buiter
      Pages 109-147

    3. The Efficiency of National and Regional Stabilization Policies

      • Tamim Bayoumi, Paul R. Masson
      Pages 149-170

    4. Insurance Against Asymetric Shocks in a European Monetary Union

      • Jürgen von Hagen, George W. Hammond
      Pages 171-188

    5. Automatic Stabilizers in a European Perspective

      • Frédérique Bec, Jean-Olivier Hairault
      Pages 189-208

  4. Stabilization and Labour Market Policies

    1. Front Matter

      Pages 209-209
      Download chapter PDF

    2. The Cyclical Effects of Labour Market Policy

      • Stephen P. Millard
      Pages 211-230

    3. Financing Unemployment Benefits in the Business Cycle: Stabilization, Welfare and Equity Issues

      • Jean-Olivier Hairault, François Langot, Franck Portier
      Pages 231-251

  5. Empirical Evidence, Recent Trends and Problems on Stabilization

    1. Front Matter

      Pages 253-253
      Download chapter PDF

    2. Are Automatic Stabilizers Still Effective? the French Case in the Nineties

      • Jean-Philippe Cotis, Bruno Crepon, Yannick L’Horty, Renaud Méary
      Pages 255-280

    3. Output Stabilization Versus Deficit Sustainability: Is it a Trade-Off ?

      • Bertrand Candelon, Pierre-Yves Hénin
      Pages 281-300

    4. The Effects of Fiscal Policy and the Maastricht Solvency Criteria on European Employment

      • Ray Barrell, Nigel Pain, James Sefton
      Pages 301-319

    5. Macroeconomic Effects of Fiscal Restructuring in Europe

      • Ali H. Bayar, André Dramais, Werner Roeger, Jan In’t Veld
      Pages 321-336

  6. Back Matter

    Pages 337-341
    Download chapter PDF
Back to top

Keywords

About this book

Setting the issue "Most economists consider the marked increase in automatic stabilizers a highly favorable development with respect to maintenance of economic stability". Besides the rare privilege of having being signed by both Milton Friedman and Paul Samuelson (Depres,Friedman, Hart, Samuelson, and Wallace [1950]), among others, this sentence expressed as soon as 1950 the consensus view on the stabilizing effect of fiscal rules governing tax revenue and public expendi­ tures and transfers. This positive ex ante assessment will have been confirmed ex post as part of the explanation for post war stabilization (Burns [1960], de Long and Summers [1986], Moore and Zarnovitz [1986]). However, it becomes disputed in both its positive and normative aspects. Many institutional changes since the eighties point at curbing back the transfer mechanisms underlying automatic stabilizers, and legal restraints on deficits such as the US balanced budget amendment or the European Maastricht criteria would involve serious risks for the future of stabilizers. Under such rules "the government would become, almost inevitally, a destabilizer rather than a stabilizer" said Joseph Stiglitz, quoted by the New York Times (April 1995)). "Built-in stabilizers are automatic fiscal adjustments that reduce the national income multiplier and thus cushion the effects of changes in autonomous spend­ ing on the level of income" (Pechman [1987]). Early analyses of the automatic fiscal stabilizers include the contributions of A. G. Hart [1945], R. Musgrave and M. Miller (1948) and E. C. Brown (1955).

Editors and Affiliations

  • CEPE-Université de Lille I, France

    Jean-Oliver Hairault

  • MAD-Université de Paris I, France

    Jean-Oliver Hairault, Pierre-Yves Hénin, Franck Portier

  • CEPREMAP, France

    Pierre-Yves Hénin

  • Université de Rouen, CEPREMAP, France

    Franck Portier

Bibliographic Information

  • Book Title: Business Cycles and Macroeconomic Stability

  • Book Subtitle: Should We Rebuild Built-in Stabilizers?

  • Editors: Jean-Oliver Hairault, Pierre-Yves Hénin, Franck Portier

  • DOI: https://doi.org/10.1007/978-1-4615-6173-6

  • Publisher: Springer New York, NY

  • eBook Packages: Springer Book Archive

  • Copyright Information: Springer Science+Business Media Dordrecht 1997

  • Hardcover ISBN: 978-0-7923-9907-0Published: 30 April 1997

  • Softcover ISBN: 978-1-4613-7830-3Published: 04 October 2012

  • eBook ISBN: 978-1-4615-6173-6Published: 06 December 2012

  • Edition Number: 1

  • Number of Pages: XXV, 341

  • Topics: Macroeconomics/Monetary Economics//Financial Economics, Economic Growth, Public Economics

Publish with us

Policies and ethics

Back to top

Search

Navigation