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| Author: | Dixit, A. |
| Title: | Games of monetary and fiscal interactions in the EMU |
| Journal: | European Economic Review
2001 : MAY, VOL. 45:4-6, p. 589-613 |
| Index terms: | EUROPEAN MONETARY SYSTEM FISCAL POLICY MONETARY POLICY |
| Language: | eng |
| Abstract: | This paper constructs various models of the EMU and ECB when member countries have different objectives. Voting in pursuit of national interest can yield moderate and stable inflation. The metaphor of Walsh-type contracts implements a monetary policy rule that averages the member countries' most preferred rules. |
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