Fiscal solvency and price level determination in a monetary union
نویسندگان
چکیده
منابع مشابه
Monetary Union and Fiscal Federalism
Does a monetary union need fiscal shock absorbers helping the participating countries to cope with asymmetric shocks? The consensus in the debate over EMU argues that the answer is yes. In this paper, we revisit the issue, building on a dynamic, general equilibrium framework of regions in a monetary union exposed to asymmetric shocks. We show that inter-regional taxes and transfers can stabiliz...
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ژورنال
عنوان ژورنال: Journal of Monetary Economics
سال: 2000
ISSN: 0304-3932
DOI: 10.1016/s0304-3932(99)00041-0