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Persistent link: https://www.econbiz.de/10014235303
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 cincumstances under which...
Persistent link: https://www.econbiz.de/10013361016
This paper proposes a central fiscal capacity for the euro area that generates transfers in response to euro area, country, and region-specific shocks. The main novelty of this fiscal capacity is that it allows a joint response to these three types of shocks within a single scheme. Based on...
Persistent link: https://www.econbiz.de/10013252988
Persistent link: https://www.econbiz.de/10013424698