| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w11055 |
| 来源ID | Working Paper 11055 |
| How Do Monetary and Fiscal Policy Interact in the European Monetary Union? | |
| Matthew B. Canzoneri; Robert E. Cumby; Behzad T. Diba | |
| 发表日期 | 2005-01-17 |
| 出版年 | 2005 |
| 语种 | 英语 |
| 摘要 | Formation of the Euro area raises new questions about the coordination of monetary and fiscal policy. Using a New Neoclassical Synthesis (NNS) model, we show that a common monetary policy, responding to area-wide aggregates, has asymmetric effects on countries within the union, depending on whether they are large or small, or whether they have high or low debts. We analyze the implications of these asymmetries for the various countries welfare and for their fiscal policies. We also study rules for setting national tax and spending rates, rules that constrain movements in the deficit to GDP ratio. We ask whether these rules are necessary for the common monetary policy to be able to harmonize national inflation rates, and we analyze their effects on national welfare. We also discuss some potential failings of our model (and perhaps NNS models generally); in particular, our model's variance decompositions suggest that productivity shocks may play an inordinately large role, while fiscal shocks (or demand shocks generally) may play too small a role (even when 'rule of thumb' spenders are added). |
| 主题 | Macroeconomics ; Fiscal Policy ; International Economics ; International Finance |
| URL | https://www.nber.org/papers/w11055 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/568690 |
| 推荐引用方式 GB/T 7714 | Matthew B. Canzoneri,Robert E. Cumby,Behzad T. Diba. How Do Monetary and Fiscal Policy Interact in the European Monetary Union?. 2005. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w11055.pdf（414KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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