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Fiscal policy coordination in the EMU: A problem with asymmetry and aggregation
Viren, Matti - 2011
-country estimates as point of reference. The empirical results clearly show that policy coordination within the EMU context is very …
Persistent link: https://www.econbiz.de/10012503024
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Problems of fiscal consolidation and policy coordination
Viren, Matti - 2012
show that policy coordination within the EMU context is difficult because of these large country differences and …
Persistent link: https://www.econbiz.de/10012503036
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Sensitivity of fiscal-policy effects to policy coordination and business cycle conditions
Virén, Matti - 2013
This paper deals with the problems of assessing the effects of fiscal policy in the European Monetary Union. Here, we face wide cross-country differences in key fiscal parameters, some of which may also be vary over time (business cycle). Moreover, these effects may also depend on trade...
Persistent link: https://www.econbiz.de/10012148182
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Strategic interactions between fiscal and monetary authorities in a multi-country new-Keynesian model of a monetary union
Michalak, Tomasz; Engwerda, Jacob; Plasmans, Joseph - 2009
In this paper we consider a number of key issues related to the policy coordination in a monetary union that has been recently discussed in the literature. To this end we propose a multi-country New-Keynesian model of a monetary union cast in the framework of linear quadratic differential games....
Persistent link: https://www.econbiz.de/10010264547
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Economic Policy Coordination in the EMU. How Much Scope will There be Within the Framework of the Stability and Growth Pact?
Breuss, Fritz; Weber, Andrea - 1999
for 10 EMU countries and for the ECB. The gains from cooperation are calculated by comparing two equilibria, a Nash and a … as a whole with the targets output gap and inflation. In the case of a "full" cooperation, where the 10 EMU countries … manoeuvre of fiscal policy of the EMU member states in stage III of EMU. Secondly, we find that not in all countries cooperation …
Persistent link: https://www.econbiz.de/10011435046
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Leitlinien für ein dauerhaftes Wachstum in der EU? Konzept und Wirkung der Grundzüge der Wirtschaftspolitik
Niechoj, Torsten; Hein, Eckhard - 2004
Die Grundzüge der Wirtschaftspolitik formulieren die Antwort der EU-Regierungen und der Kommission auf die Wachstums- und Beschäftigungsschwierigkeiten in Europa. Obwohl damit seit mehr als zehn Jahren ein wirtschaftspolitisches Konzept für die Europäische Union vorliegt, haben die dort...
Persistent link: https://www.econbiz.de/10010296100
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Monetary and Fiscal Policy in a Large Asymmetric Monetary Union - A Dynamic Three-Country Analysis
Clausen, Volker; Wohltmann, Hans-Werner - 2005
This paper analyzes the dynamic effects of anticipated monetary and fiscal policies in a large monetary union, which is characterized by asymmetric interest rate transmission. We explicitly solve the asymmetric three-country model using the decomposition methods of Aoki (1981) and Fukuda (1993)....
Persistent link: https://www.econbiz.de/10010296252
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Dynamische Effekte der Geld-und Fiskalpolitik in einem asymmetrischen Drei-Länder-Modell mit einer Währungsunion
Wohltmann, Hans-Werner - 2005
In diesem Beitrag werden die intertemporalen Wirkungen von antizipierten geld- und fiskalpolitischen Maßnahmen im Rahmen eines asymmetrischen Drei-Länder-Modells vom Mundell-Fleming-Phillips-Typ mit rationalen Preis- und Wechselkursänderungserwartungen charakterisiert. Zwei der drei großen...
Persistent link: https://www.econbiz.de/10010296253
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Monetary and Fiscal Policy Interaction in the Euro Area with different assumptions on the Phillips curve
Bofinger, Peter; Mayer, Eric - 2004
In this paper we carry over a static version of a New Keynesian Macro Model to a monetary union. For a similar approach see Uhlig (2002). We will show in particular that a harmonious functioning of a monetary union critically depends on the correlation structure of shocks that hit the currency...
Persistent link: https://www.econbiz.de/10010296376
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Public Debt and the Future of the EU's Stability and Growth Pact
Wenzel, Heinz-Dieter; Lackenbauer, Jörg; Brösamle, … - 2004
Monetary policy and fiscal policy are connected in various ways. This is why the adoption of the Euro as a common European currency has been accompanied by the setup of the European Union's Stability and Growth Pact, a framework for the coordination of the EU countries' fiscal policies. In this...
Persistent link: https://www.econbiz.de/10010296578