Monetary and Fiscal Policy Design in the EMU: An Overview
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Number of pages
SourceOpen Economies Review, 13, 4, (2002), pp. 321-340
Article / Letter to editor
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Economische theorie en economisch beleid
Open Economies Review
SubjectInstitutional Shifts in Government and Governance in a Comparative and International Context
The interaction of monetary and fiscal policies is a crucial issue in a highly integrated economic area such as the European Union. This paper analyzes the design of monetary and fiscal policies in the EMU. To do so, the paper starts with an overview of the most important aspects. Next, it analyzes monetary and fiscal policy interaction in a stylized model of a monetary union, in which monetary and fiscal policy design is modeled as a dynamic stabilization game. Macroeconomic policy making and adjustment are studied under alternative forms of cooperation and in both symmetric and asymmetric settings.
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