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Staying Together or Breaking Apart: Policy-makers’ Endogenous Coalitions Formation in the European Economic and Monetary Union

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  • Bas van Aarle
  • Giovanni Di Bartolomeo
  • Jacob Engwerda
  • Joseph Plasmans

Abstract

In this paper, we analyze coordination of macroeconomic stabilization policies within the EMU by focusing, in a dynamic set-up, on asymmetries, externalities, and the existence of a multi-country context. We study how coalitions among fiscal and monetary authorities are formed and what are their effects on the stabilization of output and price. In particular, our attention is directed to study the consequences on these issues of different institutional contexts in which policy-makers may act. Among other results, we found that, in the presence of externalities, the occurrence of asymmetries is a necessary but not a sufficient condition for cooperation.

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Bibliographic Info

Paper provided by CESifo Group Munich in its series CESifo Working Paper Series with number 748.

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Date of creation: 2002
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Handle: RePEc:ces:ceswps:_748

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Keywords: macroeconomic stabilization; EMU; coalition formation.;

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Cited by:
  1. Arghyrou, Michael G. & Gadea, Maria Dolores, 2012. "The single monetary policy and domestic macro-fundamentals: Evidence from Spain," Journal of Policy Modeling, Elsevier, Elsevier, vol. 34(1), pages 16-34.
  2. Lukach, R. & Plasmans, J.E.J., 2002. "Measuring Knowledge Spillovers using Patent Citations: Evidence from the Belgian Firm's Data," Open Access publications from Tilburg University urn:nbn:nl:ui:12-92281, Tilburg University.
  3. Joseph Plasmans & Jacob Engwerda & Bas van Aarle & Tomasz Michalak & Giovanni Di Bartolomeo, 2006. "Macroeconomic Stabilization Policies In The Emu: Spillovers, Asymmetries And Institutions," Scottish Journal of Political Economy, Scottish Economic Society, vol. 53(4), pages 461-484, 09.
  4. Bofinger, Peter & Mayer, Eric, 2003. "Monetary and fiscal policy interaction in the Euro area with different assumptions on the Phillips curve," W.E.P. - Würzburg Economic Papers 40, University of Würzburg, Chair for Monetary Policy and International Economics.
  5. Giovanni Di Bartolomeo & Jacob Engwerda & Joseph Plasmans & Bas van Aarle, 2005. "Monetary Unions: The Policy Coordination Issue," Macroeconomics, EconWPA 0504023, EconWPA.
  6. Joseph Plasmans & Jacob Engwerda & Bas Aarle & Tomasz Michalak, 2009. "Analysis of a monetary union enlargement in the framework of linear-quadratic differential games," International Economics and Economic Policy, Springer, vol. 6(2), pages 135-156, July.

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