- Tytuł:
- Fiscal Policies and Monetary Leadership in a Monetary Union with a Deficit-Concerned Central Bank
- Autorzy:
-
Chortareas, Georgios
Mavrodimitrakis, Christos - Powiązania:
- https://bibliotekanauki.pl/articles/483333.pdf
- Data publikacji:
- 2011
- Wydawca:
- Polska Akademia Nauk. Czytelnia Czasopism PAN
- Tematy:
-
strategic interactions
EMU
monetary leadership
fiscal cooperation
central bank's objectives - Opis:
- We consider fiscal and monetary policy interactions in a monetary union under monetary leadership, when the common central bank is concerned with the average fiscal stance of the union. We use a static two-country monetary union model to investigate the policy-mix problem under different regimes of noncooperation, cooperation, and enforced cooperation among fiscal authorities. We find that fiscal policy is unambiguously countercyclical, a feature that is more pronounced under fiscal policy cooperation. Monetary policy can be either countercyclical or procyclical. A central bank concerned about the aggregate fiscal stance is effective in stabilizing output and central budget, but at the expense of inflation stabilization.
- Źródło:
-
Central European Journal of Economic Modelling and Econometrics; 2011, 3, 1; 1-24
2080-0886
2080-119X - Pojawia się w:
- Central European Journal of Economic Modelling and Econometrics
- Dostawca treści:
- Biblioteka Nauki
Artykuł