全球智库信息集成服务系统(G2TT): DP1660 Globalisation and Migratory Pressures from Developing Countries: A Simulation Analysis

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP1660
	DP1660 Globalisation and Migratory Pressures from Developing Countries: A Simulation Analysis
	Riccardo Faini; Charles Ettinger; Jaime de Melo
发表日期	1997-06-27
出版年	1997
语种	英语
摘要	This paper analyses US?European policy interactions under different assumptions about the policy-making regime and the nature of the fiscal environment, contrasting the standard Keynesian case with an anti-Keynesian case in which government spending cuts are expansionary. When fiscal policy is anti-Keynesian, EMU may enhance monetary and fiscal discipline in Europe and stabilize employment in the face of supply shocks, in striking contrast to popular fears. The European Central Bank (ECB) and central banks outside Europe will have little incentive to coordinate their response to such shocks. Governments (the fiscal authorities) will wish central banks to coordinate, but the latter will not share their interest. We show that fiscal coordination can be counterproductive in this setting. Governments and central banks on both sides of the Atlantic are worse off when European governments cooperate. The results for the Keynesian case are different: EMU may reduce monetary discipline, the ECB and central banks outside Europe will wish to coordinate their response to supply shocks, and the ECB will want European governments to coordinate their policies.
主题	International Macroeconomics
关键词	European monetary unification Exchange-rate regimes Fiscal policy International cooperation
URL	https://cepr.org/publications/dp1660
来源智库	Centre for Economic Policy Research (United Kingdom)
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/530800
推荐引用方式 GB/T 7714	Riccardo Faini,Charles Ettinger,Jaime de Melo. DP1660 Globalisation and Migratory Pressures from Developing Countries: A Simulation Analysis. 1997.