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Fédéralisme budgétaire et stabilisation macroéconomique en Europe

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  • Frédérique Bec
  • Jean-Olivier Hairault

Abstract

[eng] Fiscal federalism and european stabilization. . The future European Union shed light on fiscal policies. We study in this article the ability of fiscal federalism to stabilize macroeconomic fluctuations. More particularly, we evaluate the stabilizing effects of automatic stabilizers and direct transfers at the federal budget level. This evaluation takes place in an intertemporal stochastic two-country model with incomplete markets. It appears that there exists a direct transfers rule between national and federal governments which allows households to share the risk implied by relative demand shocks. This result lies on the fact that households do not take into account this rule in their private decisions. [fre] Fédéralisme budgétaire et stabilisation macroéconomique en Europe. . Le projet d'Union monétaire ravive les débats sur le degré de coordination des politiques macroéconomiques en Europe. Le fédéralisme budgétaire apparaît ainsi comme un mode de stabilisation. Notre ambition est d'évaluer les mérites respectifs des mécanismes de stabilisation automatique et de transferts directs qu'il peut impliquer. Notre démarche est théorique et s'inscrit dans le cadre d'un modèle stochastique, dynamique à deux pays et deux biens, à facteur travail immobile, avec incomplétude des marchés et une structure fiscale distorsive. Un système de transferts directs basé sur la position extérieure nette des pays apparaît seul susceptible d'assurer une mutualisation des risques. Cependant, ce résultat ne tient que dans la mesure où les ménages ne modifient pas leur comportement individuel d'accumulation de titres internationaux.

Suggested Citation

  • Frédérique Bec & Jean-Olivier Hairault, 1997. "Fédéralisme budgétaire et stabilisation macroéconomique en Europe," Revue Économique, Programme National Persée, vol. 48(3), pages 505-517.
    • Handle: RePEc:prs:reveco:reco_0035-2764_1997_num_48_3_409891
    DOI: 10.3406/reco.1997.409891
    Note: DOI:10.3406/reco.1997.409891
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    References listed on IDEAS

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    1. Jean-Olivier Hairault, 1992. "Présentation et évaluation du courant des cycles réels," Économie et Prévision, Programme National Persée, vol. 106(5), pages 1-22.
    2. Enrique G. Mendoza & Linda L. Tesar, 1995. "Supply-Side Economics in a Global Economy," NBER Working Papers 5086, National Bureau of Economic Research, Inc.
    3. Blanchard, Olivier Jean & Kahn, Charles M, 1980. "The Solution of Linear Difference Models under Rational Expectations," Econometrica, Econometric Society, vol. 48(5), pages 1305-1311, July.
    4. Mendoza, Enrique G & Tesar, Linda L, 1998. "The International Ramifications of Tax Reforms: Supply-Side Economics in a Global Economy," American Economic Review, American Economic Association, vol. 88(1), pages 226-245, March.
    5. Pierre-Alain Muet, 1995. "Union monétaire et fédéralisme," Revue de l'OFCE, Programme National Persée, vol. 55(1), pages 151-170.
    6. Dominique Bureau & Paul Champsaur, 1992. "Fédéralisme budgétaire et unification économique européenne," Revue de l'OFCE, Programme National Persée, vol. 40(1), pages 87-99.
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