| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP11780 |
| DP11780 Fiscal policy coordination in currency unions at the effective lower bound | |
| Gernot Müller | |
| 发表日期 | 2017-01-14 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | According to the pre-crises consensus there are separate domains for monetary and fiscal stabilization in a currency union. While the common monetary policy takes care of union-wide fluctuations, fiscal policies should be tailored to meet country-specific conditions. This separation is no longer optimal, however, if monetary policy is constrained by an effective lower bound on interest rates. Specifically, we show that in this case there are benefits from coordinating fiscal policies across countries. By coordinating on a common fiscal stance, policy makers are able to stabilize union-wide activity and inflation while avoiding detrimental movements of a country's terms of trade. |
| 主题 | International Macroeconomics and Finance |
| 关键词 | Fiscal policy Effective lower bound Coordination Emu Terms-of-trade externality Optimal policy Currency union |
| URL | https://cepr.org/publications/dp11780 |
| 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/540594 |
| 推荐引用方式 GB/T 7714 | Gernot Müller. DP11780 Fiscal policy coordination in currency unions at the effective lower bound. 2017. |
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