Creel, Jérôme - In: IFO-Studien : Zeitschrift für empirische … 48 (2002) 2, pp. 231-253
We extend the model of Leith and Wren-Lewis (2000) to the case of a two-country monetary union, incorporating adaptive expectations. An asymmetry between the stabilisation properties of the two fiscal policies is introduced: only one country is fiscally-constrained by the dispositions of the...