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This paper studies the design, effects and interactions of monetary and fiscal policies in the euro-area and between the euro-area and the non euro-area. To do so, a stylized three-country model of monetary and fiscal policy rules is constructed. It is analyzed how monetary and fiscal rules...
Persistent link: https://www.econbiz.de/10011509484
In this paper, we analyze coordination of macroeconomic stabilization policies within the EMU by focusing, in a dynamic …
Persistent link: https://www.econbiz.de/10011410410
period to the Economic andMonetary Union (EMU). Using several approaches suggested in the literatureon fiscal adjustments and … their macroeconomic effects and in the literatureon EMU, we analyze the effects of the fiscal adjustments during this … periodon private consumption. Thereby, we also take the specific context of thetransition towards EMU explicitly into …
Persistent link: https://www.econbiz.de/10011400376
It is widely argued that Europe's unified monetary policy calls for the international coordination at the fiscal level. We survey the issues involved with such coordination of fiscal policy as a demand management tool and we use a simple model to investigate the circumstances under which...
Persistent link: https://www.econbiz.de/10011400878
intensified, among others putting forward a fiscal stabilization capacity for EMU members. Contributions made so far to further …
Persistent link: https://www.econbiz.de/10011436156
This paper examines how the pass-through of monetary policy measures in 6 EMU countries has evolved over time and …
Persistent link: https://www.econbiz.de/10011398432
Soon, euro area membership could more than double, with the vast majority of accession countries being quite different in economic terms compared with current members. Under the current decision-making system, this can lead to high decisionmaking costs and there is a risk that monetary policy...
Persistent link: https://www.econbiz.de/10011511101
Persistent link: https://www.econbiz.de/10003641707
Union. We argue that EMU, which introduced a common monetary policy and restrictions on fiscal policy at the national level …
Persistent link: https://www.econbiz.de/10011398097
This paper quantifies the welfare differences among a monetary union, flexible exchange rates (economic disintegration) and a monetary plus fiscal transfer union (higher economic integration). The vehicle of analysis is a medium-scale New Keynesian DSGE model consisting of two heterogeneous...
Persistent link: https://www.econbiz.de/10011430977