Monetary union without fiscal coordination may discipline policymakers
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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The idea that a common monetary policy in a monetary union imposes costs when compared with independent policies at the country level is largely widespread in the literature. This result leads directly to a greater emphasis on national Þscal policies. We show in this paper that a common monetary policy has more power to asymmetrically affect countries than is usually stated in the literature. A...
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ژورنال
عنوان ژورنال: Journal of International Economics
سال: 1998
ISSN: 0022-1996
DOI: 10.1016/s0022-1996(98)00031-2