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Democratic Value and Money for Decentralized Digital Society

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Optimal Monetary and Fiscal Policy in the EMU: Does Fiscal Policy Coordination matter?

Chiara Forlati

I develop and analyze a DSGE model of a currency union to revise the question of how to conduct monetary and fiscal policy in countries that share the same currency. In contrast with the previous literature which assumes coordination, this paper analyzes t ...

Center for Fiscal Policy Working Paper Series2009

On the Benefits of a Monetary Union: does it pay to be bigger?

Chiara Forlati

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 Series2009

Macroeconomic interdependence under collective wage bargaining

Vincenzo Cuciniello

This paper uses a two-country, sticky-price model with non-atomistic wage setters to study the role of collective wage bargaining in the propagation of monetary shocks. I find that the welfare transmissions of a monetary expansion are reinforced by differe ...

Center for Fiscal Policy Working Paper Series2009

Monetary-Labor Interactions, International Monetary Regimes, and Central Bank Conservatism

Vincenzo Cuciniello

A two-country general equilibrium model with large wage setters and conservative monetary authorities is employed to investigate the welfare implications of three international monetary regimes: i) non-cooperative, ii) cooperative, and iii) monetary union. ...

Center for Fiscal Policy Working Paper Series2009

Monetary-Fiscal Interactions with a Conservative Central Bank

Luisa Lambertini

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 ...

2006

Double-dividend analysis with SCREEN : an empirical study for Switzerland

Pierre-André Haldi

This paper presents an empirical study that quantifies the effects of an ecological fiscal reform as recently rejected by the Swiss population. The measure aims to encourage employment and, at the same time, to dissuade from an excessive energy use and the ...

2005

Endogenous Debt Constraints in Lifecycle Economies

Luisa Lambertini

We characterize competitive equilibria with perfect foresight in a deterministic, three-period pure-exchange overlapping generations economy with perfect information and no commitment to loan contracts. Commitment is replaced by an enforcement mechanism th ...

Wiley-Blackwell2003

Monetary-Fiscal Policy Interactions and Commitment Versus Discretion in a Monetary Union

Luisa Lambertini

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