1,721,194 research outputs found
European Integration , Monetary Policy and Exchange Rate Behaviour
Full text linkItem does not contain fulltextUniversiteit van Amsterdam, 02 april 2003Promotor : Beetsma, R.M.W.J. Co-promotor : Jong, E. d
The interaction of fiscal and monetary policy in a monetary union: Balancing credibility and flexibility
Full text linkThis paper explores how decentralized, national fiscal policies interact with a common monetary policy in a monetary union. We show that fiscal policy plays a more important ro le in stabilizing country-specific shocks than with national monetary policies. Whereas monetary u nification with an optimally designed central bank reduces both expected inflation and the varia nce of inflation, it harms overall welfare by reducing output and public spending and increasing the variability of these variables. However, international transfers may avoid this decline in welf are.Central Banks;Monetary Policy;Stabilization;Monetary Integration;Credibility;Fiscal Policy;monetary economics
Monetary union without fiscal coordination may discipline policymakers
Full text linkWe show that, with benevolent policymakers and fiscal leadership, monetary unification reduces inflation, taxes and public spending. These disciplining effects of a monetary union, which rise with the number of fiscal players in the union, are likely to raise welfare. Joining an optimally designed monetary union is particularly attractive if fiscal authorities do not care about inflation. Fiscal coordination offsets the disciplining effects of monetary unification. Hence, subsidiarity in fiscal policymaking may enhance welfare.Taxation;Central Banks;Monetary Policy;Monetary Integration;Fiscal Policy;welfare economics
The optimality of a monetary union without a fiscal union
Full text linkEMS;fiscal policy;moral hazard
Intramarginal interventions, bands and the pattern of EMS exchange rate distributions
Full text linkExchange Rate;EMS;Interventions
Inflation versus taxation: Representative democracy and party nominations
Full text linkPublic Finance;Taxation;Inflation
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