Concept
Monetary system
Related publications (6)
On the Benefits of a Monetary Union: does it pay to be bigger?
A two area dynamic stochastic general equilibrium model is employed to investigate the welfare implications of losing monetary independence. Two policy regimes are compared: (i) in one area there is a common currency, while in the other area countries stil ...
Center for Fiscal Policy Working Paper Series2009Monetary-Fiscal Interactions with a Conservative Central Bank
Abstract We study macroeconomic stabilization when monetary and fiscal policies interact via their effects on output and inflation and the monetary authority is more conservative than the fiscal. We find that monetary- fiscal interactions result in poor ma ...
2006Monetary-Fiscal Policy Interactions and Commitment Versus Discretion in a Monetary Union
We consider monetary fiscal policy interactions in a monetary union. If monetary and fiscal authorities have different ideal output and inflation targets, the Nash equilibrium output or inflation or both are beyond the ideal points of all authorities. Lead ...
Elsevier2001