| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP1880 |
| DP1880 Schumpeterian Entrepreneurs Meet Engel's Law: The Impact of Inequality on Innovation-Driven Growth | |
| Josef Zweimüller | |
| 发表日期 | 1998-05-31 |
| 出版年 | 1998 |
| 语种 | 英语 |
| 摘要 | This paper explores the implications of a new theory of price determination (due to Leeper, Woodford and Sims) for the maintenance of various exchange rate systems ? crawling pegs, fixed pegs, and common currency areas. It shows that deeper monetary integration requires more fiscal discipline, especially if price stability is an objective; these monetary arrangements cannot be achieved by monetary policy alone, as conventional wisdom would seem to suggest. A particularly striking result is that a currency peg is simply not sustainable if fiscal surpluses are determined by an exogenous political process; maintenance of a fixed currency peg requires the government to guarantee fiscal solvency for any equilibrium sequence of prices (which Woodford calls a Ricardian Regime). Interestingly, the debt and deficit constraints that were written into the Maastricht Treaty, and will continue in the Stability Pact after EMU, are examples of the fiscal discipline that is required. |
| 主题 | International Macroeconomics |
| 关键词 | Exchange rate regimes Fiscal discipline Price determination |
| URL | https://cepr.org/publications/dp1880 |
| 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/531020 |
| 推荐引用方式 GB/T 7714 | Josef Zweimüller. DP1880 Schumpeterian Entrepreneurs Meet Engel's Law: The Impact of Inequality on Innovation-Driven Growth. 1998. |
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