haku: @journal_id 1695 / yhteensä: 24
viite: 4 / 24
| Tekijä: | Beetsma, R. Debrun, X. Klaassen, F. |
| Otsikko: | Is fiscal policy coordination in EMU desirable? |
| Lehti: | Swedish Economic Policy Review
2001 : SPRING, VOL. 8:1, p. 57-106 |
| Asiasana: | FISCAL POLICY DEMAND MANAGEMENT EUROPE |
| Kieli: | eng |
| Tiivistelmä: | It is widely argued that Europe's unified monetary policy calls for international coordination of fiscal policy. This paper surveys the issues involved with the coordination of fiscal policies as a demand management tool. The authors discuss ex-ante and ex-post coordination. The former operates through binding agreements (pre- commitment), while the latter is ad-hoc, depending on the current state of affairs. The authors propose a simple model to investigate the circumstances under which coordination may or may not be desirable. The model focuses on the design of stabilization policies in the presence of demand and supply shocks. It assumes that fiscal policy is the exclusive responsibility of governments trading off the variability of deficits against output variability and, possibly, variability in inflation. |
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