| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP17034 |
| DP17034 Passive Monetary Policy and Active Fiscal Policy in a Monetary Union | |
| Bartosz Mackowiak; Sebastian Schmidt | |
| 发表日期 | 2022-07-06 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | How is the price level determined in a monetary union when the common monetary policy pegs the nominal interest rate? How are the price levels in the member countries determined? We extend the fiscal theory of the price level to the case of a heterogenous monetary union. Price level determinacy follows if fiscal policy at the level of the union as a whole is active. Different combinations of national fiscal policies and a common fiscal policy with "Eurobonds" amount to active fiscal policy for the union, but can have very different implications for the effects of fiscal policy. We show how to coordinate the national policies and the common policy for union-wide policy to be active. |
| 主题 | Monetary Economics and Fluctuations |
| 关键词 | Fiscal theory of the price level Monetary union Fiscal rules Eurobonds |
| URL | https://cepr.org/publications/dp17034-0 |
| 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/546528 |
| 推荐引用方式 GB/T 7714 | Bartosz Mackowiak,Sebastian Schmidt. DP17034 Passive Monetary Policy and Active Fiscal Policy in a Monetary Union. 2022. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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