La politique budgétaire inversée

Elena Stancanelli, Valerie Chauvin (), Guillaume Chevillon (), Odile Chagny (), Hélène Baudchon (), Gael Dupont (), Catherine Mathieu (), Christine Rifflart (), Danielle Schweisguth (), Hervé Péléraux (), Mathieu Plane, Xavier Timbeau, Eric Heyer, Matthieu Lemoine, Paola Veroni (), Amel Falah () and Sabine Le Bayon ()
Additional contact information
Valerie Chauvin: OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po
Guillaume Chevillon: OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po
Odile Chagny: Centre Etudes & Prospective - Groupe ALPHA
Hélène Baudchon: OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po
Gael Dupont: OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po
Catherine Mathieu: OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po
Christine Rifflart: OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po
Danielle Schweisguth: OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po
Hervé Péléraux: OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po
Paola Veroni: OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po
Sabine Le Bayon: OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po

PSE-Ecole d'économie de Paris (Postprint) from HAL

Abstract: In 2004 the positive growth differential between the United States and the euro zone is maintained through a more accommodating fiscal policy. Benefiting from a rate of growth above potential, the American fiscal authorities can afford carrying on a loose fiscal stance with a limited deterioration of the public deficit. In the euro zone, the weak increase in economic growth is accompanied by a slightly restrictive fiscal policy, which will not prevent the euro zone public deficit from breaching the 3% limit of the Stability and Growth Pact (SGP). An improvement in euro zone public finances will occur from 2005, sustained by faster growth, while the fiscal stance will remain slightly negative. An abrupt tightening of the fiscal stance carried out by the American authorities will reduce the growth differential with the euro zone in 2005.

Keywords: Politique budgétaire; Zone euro; Croissance (search for similar items in EconPapers)
Date: 2004-10
Note: View the original document on HAL open archive server: https://sciencespo.hal.science/hal-03471778v1
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Published in Revue de l'OFCE, 2004, 91, pp.147 - 161. ⟨10.3917/reof.091.0145⟩

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Related works:
Working Paper: La politique budgétaire inversée (2004)
Working Paper: La politique budgétaire inversée (2004)
Working Paper: La politique budgétaire inversée (2004)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:pseptp:hal-03471778

DOI: 10.3917/reof.091.0145

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