By P. Capros

The focal point of this quantity is at the eu context of public funds coverage and quite a few diverse ways are used - theoretical modelling, econometrics and utilized basic equilibrium modelling. Empirical proof and case reviews of ecu nations are contained in the entire papers. The papers conceal the 4 normal subject matters of public funds coverage: * fiscal stabilization, in view of the commercial and fiscal Union within the eu group * reinforcing structural switch, all in favour of industry liberalization and harmonization of monetary buildings * its distributional results and implications for social fairness * endogenous monetary development.

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In Y K that case, variations in τ , τ or τw=τH do not change the relative values of the marginal efficiencies of labour devoted to the production of consumption goods and to the Budgetary policy modelling 16 accumulation of technology. Take for instance an increase in τY; it has the same effect on and on and hence does not modify firms’ demand of production factors; and therefore the equilibrium quantity of labour allocated to the production of technology and the growth rate. ● If τw>τH, the equilibrium growth rate is increased; labour devoted to the production of consumption goods is more taxed than labour devoted to the production of technology; the price of technology therefore decreases relative to the real wage; labour demand by firms producing consumption goods is reduced, and, in equilibrium, more labour can be used to accumulate technology.

Since the equilibrium growth rate is smaller than the Public expenditures, taxes, debt and endogenous growth 25 equilibrium one, it is efficient to tax more the production factors used in producing goods; this will lead to a reduction in the relative price of technology, to an increased demand of technology and therefore to more growth. The authorities can also subsidize household savings, in order to reduce the equilibrium real interest rate, and therefore the user cost of technology. It proved very difficult to find a situation where financing public expenditures by issuing debt was possible or efficient.

A new instrument needs therefore to be devised. This chapter presents a concrete proposal for two variants of stabilization mechanisms based on year-on-year changes in countries’ unemployment rates relative to the Community average. It also offers a quantitative assessment of how these mechanisms would have performed over the past decade. 2 per cent of Community GDP. The proposed mechanism proves very efficient because it is specifically designed for the purpose of stabilization. As the mechanism operates on the basis of relative changes in unemployment, rather than levels, the risk of inducing moral hazard problems or a bias towards any particular group of countries is minimal.

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