Insulation Impossible
Fiscal Spillovers in a Monetary Union
Dados Bibliográficos
| ID | 19081586 |
|---|---|
| Autores | Russell Cooper (autor correspondente), Hubert Kempf (0000-0003-2707-9655), Dan Peled (0000-0002-9762-0040) |
| Ano | 2009 |
| Data de publicação | 2009-07-01 |
| Peer Reviewed | Sim |
| Open Access | Não |
| Tipo | ARTICLE |
| Periódico | National Bureau of Economic Research (REPOSITORY) |
| Editora | National Bureau of Economic Research (PUBLISHER) |
| DOI | 10.3386/w15176 |
| OpenAlex | W2142009973 |
| Idioma | EN |
| Citações recebidas | 1 |
| Referências citadas | 1 |
This paper studies fiscal spillovers in a monetary union. The focus of the analysis is on the interaction between the fiscal policy of member countries (regions) and the central monetary authority. When capital markets are integrated, the fiscal policy of one country will influence equilibrium wages and interest rates. Thus there are fiscal spillovers within a federation. The magnitude and direction of these spillovers, in particular the presence of a crowding out effect, can be influenced by the choice of monetary policy rules. We find that there does not exist a monetary policy rule which completely insulates agents in one region from fiscal policy in another. Some familiar policy rules, such as pegging an interest rate, can provide partial insulation
Economics · Fiscal policy · Fiscal union · Interest rate · Macroeconomics · Monetary economics · Monetary policy · Economic theories and models · Fiscal Policies and Political Economy · Monetary Policy and Economic Impact
| Obras citantes distintas | 1 |
|---|---|
| Citações por ano | 0,08 |
| Intervalo de citações | 2013 - 2013 (1) |
| Velocidade de citação | historical |
| Altamente citado | Não |
| Tipos de citação | Neutras: 1 |