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Is fiscal policy coordination in EMU desirable?
Beetsma, Roel; Debrun, Xavier; Klaassen, Franc - 2001
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
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Is Fiscal Policy Coordination in Emu Desirable?
Beetsma, Roel M. W. J.; Debrun, Xavier; Klaassen, Franc - 2021
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/10013320741
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The Macroeconomic Policy Mix in a Monetary Union with Flexible Inflation Targeting
Andersen, Torben M. - 2003
Policy mix problems may arise in a monetary union with centralized monetary policy and decentralized fiscal policy. A consequence of this may be an inappropriate stabilization of shocks. This paper addresses how policy coordination problems are affected by the objectives of the monetary...
Persistent link: https://www.econbiz.de/10014094279
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Modern Monetary Theory, fiscal dominance and the European Central Bank
Prinz, Aloys; Beck, Hanno - In: Credit and capital markets : Kredit und Kapital 55 (2022) 4, pp. 431-456
In this paper, Modern Monetary Theory (MMT) is confronted with the peculiarities of the institutional setting of the European Monetary Union (EMU) and the monetary policy of the European Central Bank (ECB). Since the financial and euro crises of 2008, monetary policy has changed drastically both...
Persistent link: https://www.econbiz.de/10014518596
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Fiscal expenditure spillovers in the euro area : an empirical and model-based assessment
Alloza, Mario; Ferdinandusse, Marien; Jacquinot, Pascal; … - 2020
The paper describes the main transmission channels of the spillovers of national fiscal policies to other countries within the euro area and investigates their magnitude using different models. In the context of Economic and Monetary Union (EMU), fiscal spillovers are relevant for the accurate...
Persistent link: https://www.econbiz.de/10012206331
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Estimating the effects of coordinated fiscal actions in the euro area
Hebous, Shafik; Zimmermann, Tom - 2012
We estimate spillover effects of a fiscal shock in one member country in the euro area on outputs of the rest of the … members, using a Global Vector Autoregression (GVAR) model. We compare the effects of a domestic fiscal shock with those of a … similar size area-wide shock expressed as a weighted average of the fiscal shocks across all member countries. According to …
Persistent link: https://www.econbiz.de/10009581972
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Monetary policy and wandering overinvestment cycles in East Asia and Europe
Schnabl, Gunther - 2017
The paper analyses the role of monetary policy for cyclical movements of investment and asset markets in East Asia and Europe based on a Mises-Hayek overinvestment framework. It is shown how the gradual global decline of interest rates has triggered wandering overinvestment cycles in Japan,...
Persistent link: https://www.econbiz.de/10011655779
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The failure of ECB monetary policy from a Mises-Hayek perspective
Schnabl, Gunther - 2017
The paper analyses the common European monetary policy based on a Mises-Hayek overinvestment framework, which is combined with the theory of optimum currency areas. It shows how since the turn of the millennium a too expansionary monetary policy contributed to unsustainable overinvestment booms...
Persistent link: https://www.econbiz.de/10011619626
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Monetary-fiscal policy interactions in the euro area
2021
The last review of the ECB’s monetary policy strategy in 2003 followed a period of predominantly upside risks to price stability. Experience following the 2008 financial crisis has focused renewed attention on the question of how monetary and fiscal policy should best interact, in particular...
Persistent link: https://www.econbiz.de/10012650770
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Chapter 17. The Interaction Between Monetary and Fiscal Policy
Canzoneri, Matthew; Cumby, Robert; Diba, Behzad - In: Handbook of monetary economics : volume 3, (pp. 935-999). 2010
Our chapter reviews positive and normative issues in the interaction between monetary and fiscal policy, with an emphasis on how views on policy coordination have changed over the last 25 five years. On the positive side, noncooperative games between a government and its central bank have given...
Persistent link: https://www.econbiz.de/10014025625