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Fiscal Stabilisation and EMU

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  • Robert Woods
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    Abstract

    This paper builds on the discussion paper published by HM Treasury in 2003 alongside the UK Government’s assessment of the case for EMU entry. The paper considers the potential for fiscal policy to play a greater role in stabilisation policy if the UK were inside EMU. The paper considers: the scope for strengthening the automatic stabilisers and the possible trade-offs; how institutional changes could increase the effectiveness of discretionary fiscal policy; which fiscal instruments might be the most effective; and to what extent stabilisation might be promoted in other ways, such as through enhanced risk sharing by financial markets.

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    File URL: http://www.cesifo-group.de/portal/page/portal/DocBase_Content/WP/WP-CESifo_Working_Papers/wp-cesifo-2004/wp-cesifo-2004-11/cesifo1_wp1338.pdf
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    Bibliographic Info

    Paper provided by CESifo Group Munich in its series CESifo Working Paper Series with number 1338.

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    Date of creation: 2004
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    Handle: RePEc:ces:ceswps:_1338

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    1. Pierpaolo Benigno & Michael Woodford, 2004. "Optimal monetary and fiscal policy: a linear-quadratic approach," International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.) 806, Board of Governors of the Federal Reserve System (U.S.).
    2. Calvo, Guillermo A., 1983. "Staggered prices in a utility-maximizing framework," Journal of Monetary Economics, Elsevier, Elsevier, vol. 12(3), pages 383-398, September.
    3. Blundell-Wignall, Adrian & Browne, Frank & Tarditi, Alison, 1995. "Financial Liberalization and the Permanent Income Hypothesis," The Manchester School of Economic & Social Studies, University of Manchester, University of Manchester, vol. 63(2), pages 125-44, June.
    4. Bean, Charles, 1998. "The New UK Monetary Arrangements: A View from the Literature," Economic Journal, Royal Economic Society, Royal Economic Society, vol. 108(451), pages 1795-1809, November.
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