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Towards a Balanced Policy Mix under EMU: Co-ordination of Macroeconomic Policies and ‘Economic Government’?

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Author Info

  • Belke, Ansgar

    ()
    (University of Hohenheim)

Abstract

What kind of additional co-operation (-ordination) is necessary and feasible to cope with the new institutional set-up under EMU? Starting from the episode of the repo rate cut by the ECB in early 1999, it is asked what would have happened under a business as usual scenario. In this case, the pre-Maastricht pattern of fiscal policy would have quickly led to grave problems. A promising alternative monetary-fiscal policy mix in the first half of 1999 consisted of a restrictive fiscal policy and a monetary policy which had - within the bounds of price stability - some leeway to act counter-cyclically.

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Bibliographic Info

Article provided by Center for Economic Integration, Sejong University in its journal Journal of Economic Integration.

Volume (Year): 17 (2002)
Issue (Month): ()
Pages: 21-53

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Handle: RePEc:ris:integr:0183

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Web page: http://econo.sejong.ac.kr/
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Related research

Keywords: EMU; Fiscal and Monetary Policy; Policy Coordination; Policy Mix; Policy Rules;

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Cited by:
  1. Beckmann, Rainer & Eppendorfer, Carsten & Neimke, Markus, 2002. "Financial integration within the European Union: Towards a single market for insurance," MPRA Paper 5280, University Library of Munich, Germany.
  2. Ansgar Belke, 2010. "Financial Crisis, Global Liquidity and Monetary Exit Strategies," Discussion Papers of DIW Berlin 995, DIW Berlin, German Institute for Economic Research.
  3. Bruck, Tilman & Zwiener, Rudolf, 2006. "Fiscal policy rules for stabilisation and growth: A simulation analysis of deficit and expenditure targets in a monetary union," Journal of Policy Modeling, Elsevier, vol. 28(4), pages 357-369, May.
  4. Beckmann, Rainer & Eppendorfer, Carsten & Neimke, Markus, 2002. "Deepening European Financial Integration: Theoretical Considerations and Empirical Evaluation of Growth and Employment Benefits," MPRA Paper 5272, University Library of Munich, Germany.

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