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Insulation Impossible

Fiscal Spillovers in a Monetary Union

Dados Bibliográficos

ID19081586
AutoresRussell Cooper (autor correspondente), Hubert Kempf (0000-0003-2707-9655), Dan Peled (0000-0002-9762-0040)
Ano2009
Data de publicação2009-07-01
Peer ReviewedSim
Open AccessNão
TipoARTICLE
PeriódicoNational Bureau of Economic Research (REPOSITORY)
EditoraNational Bureau of Economic Research (PUBLISHER)
DOI10.3386/w15176
OpenAlexW2142009973
IdiomaEN
Citações recebidas1
Referências citadas1

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

  • Avons-nous besoin d'une union budgétaire en Europe

    Hubert Kempf•Revue économique•2013

  • Endogenous Market Participation and the General Equilibrium Value of Money

    Satyajit Chatterjee, Dean Corbae et al.•Journal of Political Economy•1992

Obras citantes distintas1
Citações por ano0,08
Intervalo de citações2013 - 2013 (1)
Velocidade de citaçãohistorical
Altamente citadoNão
Tipos de citaçãoNeutras: 1
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