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Hétérogénéité structurelle des pays membres et conflit d'objectifs entre les autorités économiques dans l'UEM

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  • Séverine Menguy

Abstract

Many studies have underlined the conflict of goals between European economic authorities after a negative supply shock: monetary policy is restrictive to preserve price stability, whereas fiscal policies are expansive to sustain economic activity. Our studyextendsthisresulttotheconsequencesofstructuralheterogeneitybetweenmembercountriesofamonetaryunion.Inaunion, monetary-policy tightnessdepends ontransmissionchannels, whichareclearly heterogeneous. Incertain short-termandstructural configurations ? in particular for countries of very different size ? structural heterogeneity can accentuate the conflict of goals between the central bank and the governments; it can also aggravate the escalation of interest-rate hikes and excessive public deficits.

Suggested Citation

  • Séverine Menguy, 2005. "Hétérogénéité structurelle des pays membres et conflit d'objectifs entre les autorités économiques dans l'UEM," Economie & Prévision, La Documentation Française, vol. 0(3), pages 41-58.
    • Handle: RePEc:cai:ecoldc:ecop_169_0041
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    Citations

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    Cited by:

    1. Oros, Cornel & Zimmer, Blandine, 2015. "Uncertainty and fiscal policy in a monetary union: Why does monetary policy transmission matter?," Economic Modelling, Elsevier, vol. 50(C), pages 85-93.
    2. Cornel Oros, 2009. "Economic Governance in an Asymmetric Monetary Union: A Fiscal Policy Game Analysis," European Research Studies Journal, European Research Studies Journal, vol. 0(3), pages 39-60.
    3. BIKAI, J. Landry & KENKOUO, Guy Albert, 2015. "Analysis and evaluation of the Monetary Policy Transmission Channels in the CEMAC: A SVAR and SPVAR Approaches," MPRA Paper 78227, University Library of Munich, Germany.
    4. Cornel Oros, 2008. "Macroeconomic stabilization in a heterogeneous monetary union: some insights into the effects of fiscal policy coordination," Economics Bulletin, AccessEcon, vol. 5(34), pages 1-12.

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