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Automatic Stabilizers in a European Perspective

Author

Listed:
  • Frédérique Bec

    (THEMA - Théorie économique, modélisation et applications - UCP - Université de Cergy Pontoise - Université Paris-Seine - CNRS - Centre National de la Recherche Scientifique)

  • Jean-Olivier Hairault

    (CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique)

Abstract

The aim of this paper is to compare the efficiency of automatic stabilizers and direct transfers mechanisms involved by a federal budget. The theoretical framework consists in a stochastic two-country two-good model, assuming that financial markets are incomplete, labour is immobile internationally and taxes are distorsive. The resulting finding is that direct transfers based on the net foreign account of each country may provide a perfect risk sharing for private agents, but only if these latter do not modify their individual savings decisions.

Suggested Citation

  • Frédérique Bec & Jean-Olivier Hairault, 1997. "Automatic Stabilizers in a European Perspective," Post-Print halshs-01314151, HAL.
    • Handle: RePEc:hal:journl:halshs-01314151
    DOI: 10.1007/978-1-4615-6173-6
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    Cited by:

    1. Gabriel Di Bella, 2002. "The Significance of Federal Taxes as Automatic Stabilizers," IMF Working Papers 2002/199, International Monetary Fund.

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