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Simple Rules, Fiscal Policy and Wealth Targets in a Monetary Union. An Alternative to the Maastricht Guidelines

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  • Lossani, M
  • Tirelli, P

Abstract

This paper is concerned with the macroeconomics of asymmetric shocks in a two-country monetary union. Three alternative fiscal rules are considered: (1) no fiscal response; (2) in each country the fiscal stance is expansionary if national wealth is above target and vice versa; and (3) national fiscal policies are centralized and target the union external wealth. The results are assessed from two different angles. The first is the point of view of a global controller that aims to stabilize the union as a whole and reduce national divergences. The second is the perspective of national governments. Copyright 1994 by Scottish Economic Society.

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Bibliographic Info

Article provided by Scottish Economic Society in its journal Scottish Journal of Political Economy.

Volume (Year): 41 (1994)
Issue (Month): 4 (November)
Pages: 372-93

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Handle: RePEc:bla:scotjp:v:41:y:1994:i:4:p:372-93

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Cited by:
  1. Luca Agnello & Vitor Castro & Ricardo M. Sousa, 2011. "How Does Fiscal Policy React to Wealth Composition and Asset Prices?," GEMF Working Papers 2011-18, GEMF - Faculdade de Economia, Universidade de Coimbra.
  2. Alexander Zimper, 2013. "The minimal confidence levels of Basel capital regulation," Working Papers 201305, University of Pretoria, Department of Economics.
  3. Luca Agnello & Gilles Dufrénot & Ricardo M. Sousa, 2012. "Adjusting the U.S. Fiscal Policy for Asset Prices: Evidence from a TVP-MS Framework," NIPE Working Papers 20/2012, NIPE - Universidade do Minho.
  4. Agnello, Luca & Dufrénot, Gilles & Sousa, Ricardo M., 2013. "Using time-varying transition probabilities in Markov switching processes to adjust US fiscal policy for asset prices," Economic Modelling, Elsevier, vol. 34(C), pages 25-36.
  5. Rangan Gupta & Charl Jooste & Kanyane Matlou, 2013. "A Time-Varying Approach to Analysing Fiscal Policy and Asset Prices in South Africa," Working Papers 201303, University of Pretoria, Department of Economics.

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