Monetary and fiscal policy dynamics in an asymmetric monetary union

被引：6

作者：

Clausen, V

Wohltmann, HW

机构：

[1] Univ Duisburg Essen, Dept Econ, D-45117 Essen, Germany

[2] Univ Kiel, Dept Econ, D-24098 Kiel, Germany

来源：

JOURNAL OF INTERNATIONAL MONEY AND FINANCE | 2005年 / 24卷 / 01期

关键词：

European monetary union; fiscal policy; monetary policy; policy coordination; spillover effects; time inconsistency;

D O I：

10.1016/j.jimonfin.2004.11.001

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper investigates the dynamic effects of monetary and fiscal policy in a monetary union, which is characterized by asymmetric interest rate transmission. This asymmetry gives rise to intertemporal reversals in the relative effectiveness of policy on member country outputs. The direction and the number of these reversals depend on whether policies are unanticipated or anticipated. We also study the coordination between monetary and fiscal policy in a monetary union. Monetary policy may completely stabilize European output after unanticipated fiscal policy shocks. With anticipated fiscal policy shocks, complete stabilization throughout the overall adjustment process requires monetary policy to be time-inconsistent. (C) 2004 Elsevier Ltd. All rights reserved.

引用

页码：139 / 167

页数：29

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