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Persistent link: https://www.econbiz.de/10001452832
The extent of government deficits and debt has been one of the most debated issues in recent years. However, very little has been contributed about their dynamics. Yet, the issue of entering into and exiting from excessive deficits will be critical in the European monetary union since the...
Persistent link: https://www.econbiz.de/10001440845
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This paper analyses the problem of designing macroeconomic stabilization policies within the European Monetary Union (EMU) as a dynamic game between a centralized monetary authority, the European Central Bank (ECB), and national fiscal policy makers. Non-cooperative feedback Nash equilibrium and...
Persistent link: https://www.econbiz.de/10001473958
The paper addresses the question what effects the enlargement of a monetary union will have on necessary structural reforms in the (low distortion) member countries and the (high distortion) candidate country. While monetary union lowers reforms in the candidate country, members of the monetary...
Persistent link: https://www.econbiz.de/10001474373
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unemployment of high- and low-skilled labour. Simulating the effects of Eastern EU enlargement, we find quantitatively small …
Persistent link: https://www.econbiz.de/10001546276
This paper studies the experiences with fiscal adjustments in the European Union (EU) countries during the transition …
Persistent link: https://www.econbiz.de/10001623586
Most macroeconomic models treat the central bank and the treasury as a unified entity. The balance sheet of the central bank is therefore implicitly treated as an accounting fiction. While this is often realistic, the central bank balance sheet today, with the US and ESCB balance sheets nearly...
Persistent link: https://www.econbiz.de/10001623720
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/10001807127