How do monetary and fiscal policy interact in the European Monetary Union?:
"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 wh...
Gespeichert in:
| Hauptverfasser: | , , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Cambridge, Mass.
National Bureau of Economic Research
2005
|
| Schriftenreihe: | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series
11055 |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | "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)"--National Bureau of Economic Research web site. |
| Beschreibung: | 70 S. graph. Darst. |
Internformat
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| 490 | 1 | |a National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |v 11055 | |
| 520 | 3 | |a "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)"--National Bureau of Economic Research web site. | |
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Datensatz im Suchindex
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| geographic | Europäische Union. Mitgliedsstaaten European Union countries Economic conditions |
| geographic_facet | Europäische Union. Mitgliedsstaaten European Union countries Economic conditions |
| id | DE-604.BV019884998 |
| illustrated | Illustrated |
| indexdate | 2024-07-09T20:08:22Z |
| institution | BVB |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-013209085 |
| oclc_num | 57655410 |
| open_access_boolean | 1 |
| owner | DE-703 DE-521 DE-19 DE-BY-UBM |
| owner_facet | DE-703 DE-521 DE-19 DE-BY-UBM |
| physical | 70 S. graph. Darst. |
| publishDate | 2005 |
| publishDateSearch | 2005 |
| publishDateSort | 2005 |
| publisher | National Bureau of Economic Research |
| record_format | marc |
| series | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |
| series2 | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |
| spelling | Canzoneri, Matthew B. Verfasser (DE-588)129721662 aut How do monetary and fiscal policy interact in the European Monetary Union? Matthew B. Canzoneri ; Robert Cumby ; Behzad Diba Cambridge, Mass. National Bureau of Economic Research 2005 70 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series 11055 "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)"--National Bureau of Economic Research web site. Wirtschaft Fiscal policy European Union countries Monetary policy European Union countries Europäische Union. Mitgliedsstaaten European Union countries Economic conditions Cumby, Robert Verfasser (DE-588)129721689 aut Diba, Behzad Verfasser (DE-588)129721700 aut Erscheint auch als Online-Ausgabe National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series 11055 (DE-604)BV002801238 11055 http://papers.nber.org/papers/w11055.pdf kostenfrei Volltext |
| spellingShingle | Canzoneri, Matthew B. Cumby, Robert Diba, Behzad How do monetary and fiscal policy interact in the European Monetary Union? National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series Wirtschaft Fiscal policy European Union countries Monetary policy European Union countries |
| title | How do monetary and fiscal policy interact in the European Monetary Union? |
| title_auth | How do monetary and fiscal policy interact in the European Monetary Union? |
| title_exact_search | How do monetary and fiscal policy interact in the European Monetary Union? |
| title_full | How do monetary and fiscal policy interact in the European Monetary Union? Matthew B. Canzoneri ; Robert Cumby ; Behzad Diba |
| title_fullStr | How do monetary and fiscal policy interact in the European Monetary Union? Matthew B. Canzoneri ; Robert Cumby ; Behzad Diba |
| title_full_unstemmed | How do monetary and fiscal policy interact in the European Monetary Union? Matthew B. Canzoneri ; Robert Cumby ; Behzad Diba |
| title_short | How do monetary and fiscal policy interact in the European Monetary Union? |
| title_sort | how do monetary and fiscal policy interact in the european monetary union |
| topic | Wirtschaft Fiscal policy European Union countries Monetary policy European Union countries |
| topic_facet | Wirtschaft Fiscal policy European Union countries Monetary policy European Union countries Europäische Union. Mitgliedsstaaten European Union countries Economic conditions |
| url | http://papers.nber.org/papers/w11055.pdf |
| volume_link | (DE-604)BV002801238 |
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