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Dynamische Effekte symmetrischer Nachfrage- und Angebotspolitiken in einer asymmetrischen Währungsunion

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Author Info

  • Hans-Werner Wohltmann

    ()
    (Universität Essen)

  • Volker Clausen

    ()
    (Universität Essen)

Abstract

The paper analyzes the dynamic effects of anticipated symmetric demand and supply side policies within the framework of a macroeconomic model of a small monetary union, which is characterized by asymmetric wage adjustment equations of Phillips' curve type. It is shown that an anticipated simultaneous increase in government expenditure in both member countries leads to a short-run fall in output and to temporary divergences in output developments. From the perspective of the country with the lower wage flexibility the output differential is positive in the short-run. In the course of the subsequent adjustment process the relative cyclical position is reversed. The difference between the two member country outputs changes its sign due to changes in the internal and external terms of trade. Similar results hold with a simultaneous reduction of labor extra-costs in both countries. Compared with a symmetric increase in government expenditure the development of the output differential is essentially opposite in sign.

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Bibliographic Info

Article provided by Justus-Liebig University Giessen, Department of Statistics and Economics in its journal Journal of Economics and Statistics.

Volume (Year): 222 (2002)
Issue (Month): 2 ()
Pages: 230-257

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Handle: RePEc:jns:jbstat:v:222:y:2002:i:2:p:230-257

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Related research

Keywords: Asymmetric monetary union; convoy policy; dynamic two-country-model; fiscal policy; supply side policy;

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Cited by:
  1. Clausen, Volker & Wohltmann, Hans-Werner, 2005. "Monetary and Fiscal Policy in a Large Asymmetric Monetary Union - A Dynamic Three-Country Analysis," Economics Working Papers 2005,18, Christian-Albrechts-University of Kiel, Department of Economics.
  2. Wohltmann, Hans-Werner, 2005. "Dynamische Effekte der Geld-und Fiskalpolitik in einem asymmetrischen Drei-Länder-Modell mit einer Währungsunion," Economics Working Papers 2005,19, Christian-Albrechts-University of Kiel, Department of Economics.
  3. Volker Clausen & Hans-Werner Wohltmann, 2013. "Oil Price Dynamics and Monetary Policy in a Heterogeneous Monetary Union," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), Justus-Liebig University Giessen, Department of Statistics and Economics, vol. 233(2), pages 159-187, March.
  4. Volker Clausen & Hans-Werner Wohltmann, 2011. "Oil Price Shocks and Cyclical Dynamics in an Asymmetric Monetary Union," Ruhr Economic Papers 0247, Rheinisch-Westfälisches Institut für Wirtschaftsforschung, Ruhr-Universität Bochum, Universität Dortmund, Universität Duisburg-Essen.

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