Schneider, Ondrej; Hedbavny, Petr; Zapal, Jan - In: Czech Economic Review 1 (2007) 1, pp. 32-53
In this paper, we set out to examine an efficient fiscal-policy framework for a monetary union. We illustrate that fiscal policy’s bias toward budget deficit only temporarily ceased at the end of the 20th century as European countries endeavored to qualify for euro-zone membership, which...
