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| Tekijä: | Gatti, D. Wijnbergen, C. van |
| Otsikko: | Co-ordinating fiscal authorities in the eurozone: a key role for the ECB |
| Lehti: | Oxford Economic Papers
2002 : JAN, VOL. 54:1, p. 56-71 |
| Asiasana: | Monetary integration European monetary system Fiscal policy Authority European Union |
| Kieli: | eng |
| Tiivistelmä: | This paper examines the conditions for fiscal restraint to emerge as Nash equilibrium in the game between fiscal authorities in a monetary union and discusses the implications for the ECB's monetary strategy. The authors show that fiscal authorities fail to internalize the adverse area-wide effects of their policies when the ECB targets unionwide aggregates. |
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