Aarle, Bas van; Garretsen, Harry; Huart, Florence - In: German Economic Review 5 (2004) 4, pp. 407-434
This paper studies the design and effects of monetary and fiscal policy in the euro area. To do so, a stylized two …-region model of monetary and fiscal policy rules in the EMU is built. We analyse how monetary and fiscal rules affect the …. Three aspects play an important role in the analysis: (i) the consequences of alternative monetary and fiscal policy rules …