419 research outputs found
Stayng together of breaking apart: Policy-makers' endogenous coalition in the European Monetary Union
No full textS.L.I.M., a small linear interdependent model of eight EU-member states, the USA and Japan
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Monetary policy regimes with hybrid output gaps and inflation rates with application to EU-accession countries
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Dynamic modeling of macroeconomic stabilization policies in the EMU: Splillovers asymmetries and institutions
No full textMacroeconomics stabilization policies in the EMU: Spillovers, asymmetries and institutions
No full textThis paper studies the institutional design of the coordination of macroeconomic stabilization policies within a monetary union in the framework of linear quadratic differential games. A central role in the analysis plays the partitioned game approach of the endogenous coalition formation literature. The specific policy recommendations in the European Economic and Monetary Union (EMU) context depend on the particular characteristics of the shocks and the economic structure. In the case of a common shock, fiscal coordination or full policy coordination is desirable. When anti-symmetric shocks are considered, fiscal coordination improves the performance but full policy coordination does not produce further gains in policymakers' welfare. © Scottish Economic Society 2006
The Effects of Fiscal and Monetary Policy in an Open Economy: A Case of EU, the USA and Japan.
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Models of endogenous coalition formation between fiscal and monetary authorities in the presence of a monetary union
No full textMonetary and Fiscal Policy Design in the EMU: An Overview
Get PDFThe interaction of monetary and fiscal policies is a crucial issue in a highly integrated economic area such as the European Union. This paper analyzes the design of monetary and fiscal policies in the EMU. To do so, the paper starts with an overview of the most important aspects. Next, it analyzes monetary and fiscal policy interaction in a stylized model of a monetary union, in which monetary and fiscal policy design is modeled as a dynamic stabilization game. Macroeconomic policy making and adjustment are studied under alternative forms of cooperation and in both symmetric and asymmetric settings. Copyright Kluwer Academic Publishers 2002macroeconomic stabilization, EMU, linear quadratic differential games,
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