search query: @author Beetsma, R. / total: 7
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| Author: | Beetsma, R. Uhlig, H. |
| Title: | An analysis of the stability and growth pact |
| Journal: | Economic Journal
1999 : OCT, VOL. 109:458, p. 546-571 |
| Index terms: | ECONOMICS STABILIZATION GROWTH |
| Language: | eng |
| Abstract: | The authors use a stylized model to analyze the Stability and Growth Pact for countries that have formed the European Monetary Union (EMU). In their model, shortsighted governments fail to internalise the consequences of their debt policies for the common inflation rate fully. Therefore, while governments have no incentive to sign a stability pact in the absence of a monetary union, they do so with monetary union to restrain this externality. |
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