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Monetary and Fiscal Policy Rules in the EMU

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Author Info
Bas van Aarle
Harry Garretsen
Florence Huart

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Abstract

This paper studies the design and effects of monetary and fiscal policy in the euro area. To do so, a stylized two-region model of monetary and fiscal policy rules in the EMU is built. We analyse how monetary and fiscal rules affect the adjustment dynamics in the model. Both the effects on the individual countries and on the EMU aggregate economy are studied. Three aspects play an important role in the analysis: (i) the consequences of alternative monetary and fiscal policy rules, (ii) the consequences of asymmetries between EMU countries (asymmetries in macroeconomic shocks and macroeconomic structures), and (iii) the role of alternative degrees of backward- and forward-looking behaviour in consumer decisions and inflation expectations. Copyright Verein für Socialpolitik and Blackwell Publishing Ltd. 2004.

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Article provided by Blackwell Publishing in its journal German Economic Review.

Volume (Year): 5 (2004)
Issue (Month): 4 (November)
Pages: 407-434
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Handle: RePEc:bla:germec:v:5:y:2004:i:4:p:407-434

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  1. Bernhard Herz & Werner Roeger & Lukas Vogel, . "Optimal Simple Rules for Fiscal Policy in a Monetary Union," Macroeconomics, Department of Economics, Economics I, Bayreuth University. [Downloadable!]
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This page was last updated on 2009-10-25.

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