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Fiscal Policy Rules in Monetary Unions

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  • Georgios Chortareas

Abstract

This paper reviews some aspects of the literature on the design of fiscal policy rules in monetary unions. We consider the theoretical rationale that motivates the need for imposing fiscal policy rules in the context of a monetary union. Then we analyze mechanisms (other than rules) that can potentially enhance fiscal discipline. We discuss the recent thinking and practice on numerical fiscal policy rules and on fiscal policy rules as they emerge from the optimizing behavior of fiscal and monetary authorities in a monetary union.

Suggested Citation

  • Georgios Chortareas, 2013. "Fiscal Policy Rules in Monetary Unions," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 36(1), pages 85-104.
    • Handle: RePEc:mes:postke:v:36:y:2013:i:1:p:85-104
    DOI: 10.2753/PKE0160-3477360105
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    Cited by:

    1. Yannis Dafermos, 2015. "Debt cycles, instability and fiscal rules: a Godley-Minsky model," Working Papers 20151509, Department of Accounting, Economics and Finance, Bristol Business School, University of the West of England, Bristol.
    2. Agnello Luca & Castro Vitor & Dufrénot Gilles & Jawadi Fredj & Sousa Ricardo M., 2020. "Unconventional monetary policy reaction functions: evidence from the US," Studies in Nonlinear Dynamics & Econometrics, De Gruyter, vol. 24(4), pages 1-18, September.
    3. Avdjiev, Stefan & Binder, Stephan & Sousa, Ricardo, 2021. "External debt composition and domestic credit cycles," Journal of International Money and Finance, Elsevier, vol. 115(C).

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