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- W2742357854 abstract "The classic argument for a euro area (EA) fiscal capacity revolves around the need to “dampen theeffects of asymmetric shocks”. According to authors who expound this conventional wisdom, the euroarea (EA) needs a common fiscal capacity along the lines of the ‘US federal fiscal system’ because it lacksautomatic stabilisers to deal with asynchronous output fluctuations. This paper provides empiricalevidence to indicate that the abovementioned view largely overstates the stabilising role of US federaltransfers to states. Despite the absence of a centralised EA stabiliser, the automatic stabilisers in the EAbring about a larger degree of insurance against asymmetric shocks (about 20%) than that provided bythe US federal budget (11%). To some extent, this is attributable to the higher degree of market-basedrisk sharing in the US and to the existence of other public institutions enhancing financial stability andprivate risk sharing in the US. Yet we show that US federal fiscal policy appears to be primarily a stabiliserof US-wide shocks, rather than idiosyncratic shocks." @default.
- W2742357854 created "2017-08-17" @default.
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- W2742357854 date "2017-05-01" @default.
- W2742357854 modified "2023-09-27" @default.
- W2742357854 title "Fiscal Risk Sharing and Resilience to Shocks: Lessons for the euro area from the US. CEPS Working Document No 2017/07, May 2017" @default.
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