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Does the fight against corruption require international cooperation?
Faure, Pierre-Henri - HAL - 2011
This paper explores the role of corruption in a two-country model with fiscal spillovers. In the absence of cooperation … on governance issues, countries always have a strategic incentive to appoint policymakers whose aversion to corruption is … lower than average. An international agreement is a precondition for placing corruption fighters at the head of governments. …
Persistent link: https://www.econbiz.de/10009277879
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The fiscal theory of the price level puzzle: A non Ricardian view
Bénassy, Jean-Pascal - HAL - 2005
The fiscal theory of the price level says that the price level can be made determinate if the government uses fiscal policies such that government liabilities explode unless the price in the first period is at the "right" level. The policy implications are disturbing, as they call for rather...
Persistent link: https://www.econbiz.de/10010929080
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On policy interactions among nations : when do cooperation and commitment matter ?
Kempf, Hubert; Thadden, Leopold Von - HAL - 2008
This paper offers a framework to study commitment and cooperation issues in games with multiple policymakers. To reconcile some puzzles in the recent literature on the nature of policy interactions among nations, we prove that games characterized by different commitment and cooperation schemes...
Persistent link: https://www.econbiz.de/10010738606
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New-Consensus Macroeconomic Governance in a Keynesian world, and the Keynesian alternative
Asensio, Angel - HAL - 2006
The paper presents both the New Consensus and Keynesian equilibrium within the usual fourcompetitive macro-markets structure. It gives theoretical explanations of the perniciouseffects that the NCM governance, which has been designed for ergodic stationary regimes,brings about in Keynesian...
Persistent link: https://www.econbiz.de/10008789572
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Monetary and budgetary-fiscal policy interactions in a Keynesian heterogeneous monetary union
Asensio, Angel - HAL - 2006
The paper studies the effects of heterogeneity upon the monetary and fiscal-budgetary policy interactions in a Keynesian monetary union. As a result of interactions, some of our results contrast sharply with the ones in studies that consider separately monetary, fiscal and budgetary policies....
Persistent link: https://www.econbiz.de/10008792215
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Monetary and budgetary-fiscal policy interactions in a Keynesian context: revisiting macroeconomic governance
Asensio, Angel - HAL - 2005
Because it was designed for efficient stationary regimes, the New-Consensus Macroeconomic governance carries several drawbacks when implemented in Keynesian non-ergodic regimes. As long as Keynesian unemployment is interpreted in terms of 'natural' rate, it serves as a macroeconomic policy...
Persistent link: https://www.econbiz.de/10008792469
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The macroeconomic governance of the European Monetary Union: A Keynesian perspective
Asensio, Angel - HAL - 2005
Extending Asensio's closed-economy framework (2005a,b) to a monetary union, we show that theprinciples of governance which emanate from the so called "New Consensus in Macroeconomics"(NCM), and therefore have been designed for presumed stationary regimes, may cause severedysfunctions, such as...
Persistent link: https://www.econbiz.de/10008792744
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Financial Repression, Tax Evasion and Long-Run Monetary and Fiscal Policy Trade-Off in an Endogenous Growth Model with Transaction Costs
Villieu, Patrick; Minea, Alexandru - HAL - 2006
expenditures, maximizing-growth government must choose relatively high seigniorage (respectively income taxation), if "tax evasion … resort to seigniorage and inflationary finance, and others rather resort to high tax-rate, as result of maximizing …
Persistent link: https://www.econbiz.de/10008793684
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Macroeconomic trouble and policy challenges in the wake of the financial bust
Asensio, Angel - HAL - 2010
Contrasting with the 1929 great crisis, authorities intervened forcefully in 2008 to stop the disintegration of the financial system. Governments and central banks then sought to revise the prudential regulation in depth. It would be optimistic, however, to believe that prudential measures,...
Persistent link: https://www.econbiz.de/10008794219
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Does Inflation Targeting Improve Fiscal Discipline? An Empirical Investigation
Tapsoba, Rene - HAL - 2011
Based on panel data of 58 countries, of which 22 Inflation Targeters and 36 non Inflation Targeters, over the period 1980-2003, this paper highlights the effect of Inflation Targeting – IT- on Fiscal Discipline –FD-. We make four contributions to the literature. Firstly, by applying the 2SLS...
Persistent link: https://www.econbiz.de/10008794278