Working paper
Monetary Union: Fiscal Stabilization In The Face of Asymmetric Shocks.
- Abstract:
-
This Paper investigates the importance of fiscal policy in providing macroeconomic stabilisation in a monetary union. We use a microfounded New Keynesian model of a monetary union that incorporates persistence in inflation, and examine non-cooperative interactions of fiscal and monetary authorities. We find that particularly when inflation is persistent, the use of fiscal policy for stabilisation can significantly improve welfare over and above that which arises through the working of automat...
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Bibliographic Details
- Publisher:
- CEPR
- Volume:
- 4433
- Series:
- C.E.P.R. Discussion Papers
- Host title:
- C.E.P.R. Discussion Papers
- Publication date:
- 2004-01-01
- Paper number:
- 4433
Item Description
- Language:
- English
- UUID:
-
uuid:23a8cdb7-fcec-4f66-a77b-962465607c8f
- Local pid:
- oai:economics.ouls.ox.ac.uk:11608
- Deposit date:
- 2011-08-16
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- Copyright date:
- 2004
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