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Optimal Exchange Rate and Fiscal Policies for Slovenia on its Way into the Euro Area

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  • Reinhard Neck

    (Klagenfurt University, Austria)

  • Gottfried Haber

    (Klagenfurt University, Austria)

  • Klaus Weyerstrass

    (IHS Vienna, Austria)

Abstract

This paper analyzes the design of macroeconomic policies for Slovenia on its way into the Euro Area. We simulate different policy scenarios, distinguishing in particular between different exchange rate regimes. For this purpose, we use the model SLOPOL4, a macroeconometric model for Slovenia. We determine ‘optimal’ exchange rate and fiscal policies for Slovenia as solutions of optimum control problems with a quadratic objective function and the model slopol4 as a constraint. Several optimization experiments are carried out under different assumptions under a fixed exchange rate, a flexible exchange rate and a crawling peg regime approximating Slovenia’s entry into the Euro Area. The sensitivity of the results is examined with respect to several assumptions.

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Bibliographic Info

Article provided by University of Primorska, Faculty of Management Koper in its journal Managing Global Transitions.

Volume (Year): 10 (2012)
Issue (Month): 3 (Fall) ()
Pages: 231-243

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Handle: RePEc:mgt:youmgt:v:10:y:2012:i:3:p:231-243

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Related research

Keywords: optimal control; econometric model; macroeconomic policy; Slovenia; sensitivity analysis;

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References

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  1. Reinhard Neck & Gottfried Haber & Klaus Weyerstrass, 2010. "Optimal Deterministic and Stochastic Macroeconomic Policies for Slovenia: An Application of the OPTCON Algorithm," Computational Economics, Society for Computational Economics, vol. 36(1), pages 37-45, June.
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Cited by:
  1. Klaus Weyerstrass & Daniela Grozea-Helmenstein, 2013. "Euro Area Scenarios and their Economic Consequences for Slovenia and Serbia," Managing Global Transitions, University of Primorska, Faculty of Management Koper, vol. 11(4 (Winter), pages 323-351.

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