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The European Stability Pact and Feedback Policy Effects
Creel, Je'ro^me 세종대학교 국제경제연구소 2002 Journal of Economic Integration Vol.17 No.3
With a two-country dynamic model in a monetary union with wealth private behaviors, we study the implications of public debt on monetary and fiscal policies. The model used has Keynesian features in the short run and Wicksellian ones in the long run. We analyse the effects of asymmetric fiscal policies in Euroland and show that such a situation creates two feedback effects which reduce the efficiency of economic policues. First, because of the inability of one government to implement an expansionary fiscal policy, the other government has to substitute for it to reach economic targets. Second, the ECB's involvement in macroeconomic stabilisation will be exacerbated. the more substantial these effects, the more coordination is needed between European governments and the ECB.
The European Stability Pact and Feedback Policy Effects
( Jerome Creel ) 세종대학교 경제통합연구소 (구 세종대학교 국제경제연구소) 2002 Journal of Economic Integration Vol.17 No.3
With a two-country dynamic model in a monetary union with wealth private behaviors, we study the implications of public debt on monetary and fiscal policies. The model used has Keynesian features in the short run and Wicksellian ones in the long run. We analyse the effects of asymmetric fiscal policies in Euroland and show that such a situation creates two feedback effects which reduce the efficiency of economic policies. First, because of the inability of one government to implement an expansionary fiscal policy, the other government has to substitute for it to reach economic targets. Second, the ECB`s involvement in macroeconomic stabilisation will be exacerbated. The more substantial these effects, the more coordination is needed between European governments and the ECB.
The European Fiscal Compact: A Counterfactual Assessment
( Jerome Creel ),( Paul Hubert ),( Francesco Saracen ) 세종대학교 경제통합연구소(구 세종대학교 국제경제연구소) 2012 Journal of Economic Integration Vol.27 No.4
Faced with the global financial crisis and an increasingly worrisome sovereign-debt crisis, the Eurozone countries are rethinking their fiscal governance. This paper discusses the different reforms and subsequent fiscal rules which have emerged since 2011. It assesses the impact of fiscal rules on the output gap and inflation rate of three representative countries of the Eurozone. By means of a counterfactual, the rules based upon their macroeconomic outcomes are ranked. The new debt reduction rule would certainly lead to lower debt levels, hence to larger fiscal margins for maneuver in the future but, in steep contrast with the golden rule of public finance, it would be very costly to implement as the requirement to enforce a substantial consolidation in the short run would be considerably higher than that of a golden rule and would worsen the output gap and inflation rate. The cap on the cyclically adjusted deficit also leads to unfavorable outcomes whereas the Maastricht status quo, limiting overall public deficit, would be a "second best" behind the golden rule of public finance.
골프코스에서의 월동 전 크리핑 벤트그래스, 켄터키 블루그래스 및 한국잔디의 부위별 양분 함량
김영선,김택수,함선규,코스관리부,Kim, Young-Sun,Kim, Tack-Soo,Ham, Suon-Kyu,Course Service Team of Bear Creel G.C, Course Service Team of Bear Creel G.C 한국잔디학회 2008 한국잔디학회지 Vol.22 No.2
본 연구는 과학적인 잔디관리의 기초자료를 얻고자 월동 전 잔디의 양분함량을 분석하였다. 월동 전 크리핑 벤트그래스, 켄터키 블루 그래스 및 한국잔디의 단위면적당 건물 중은 지상부 비율은 각각 12%, 27%, 25% 이고, 지하부 비율은 각각 88%, 73%, 75% 이었다. 잔디 조직 중 함유된 다량원소의 순서는 N > K > Ca > P > Mg > Na 이며, 질소, 칼륨, 칼슘, 인의 함량이 90%를 차지하였다. 잔디 식물체의 조직 부위별 함유된 양분 비율은 켄터키 블루그래스, 벤트그래스 및 한국잔디의 지상부에는 각각 28%, 17%, 34%, 지하부에는 각각 72%, 83%, 66%를 함유하고 있었다. 이러한 결과들을 통해 월동 전 잔디는 조직중 전체 함유 양분의 70% 정도를 지하부에 저장하고 있음을 알 수 있었고, 월동 준비 전 크리핑 벤트그래스, 켄터키 블루그래스 및 한국잔디를 관리함에 있어 질소, 인산, 가리 뿐 아니라 칼슘비료의 시비도 필요함을 알 수 있었다. This study was conducted to investigate nutrient content at shoot and root(contained runner in zoysiagrass) in creeping bentgrass, kentucky bluegrass and zoysiagrass before turfgrass dormancy. The shoot ratio of dry weight in creeping bentgrass, kentucky bluegrass and zoysiagrass was 12%, 27% and 25% and root ratio was 88%, 73% and 75%, respectively. The orders of nutrients contained in turf-grass were N>K>Ca>P>Mg>Na in plant tissues. The proportion of nutrients in tissue of creeping bentgrass, kentucky bluegrass and zoysiagrass was 17%, 28% and 34% in shoot and 83%, 72% and 66% in root, respectively. These results showed that nutrients in turf-grass tissue was contained more than 70% in root before grasses dormancy. In turf grass management, all grasses were required to fertilize sufficiently N, $K_2O$, CaO and $P_2O_5$ before winter.