In Which Cases Can the Stability Pact be Useful?
AbstractWe build a simple theoretical model, representing two countries participating in a monetary union, to analysis the cases in which it is efficient to limit public sector deficits (to implement the Stability Pact). We introduce a link between the levels of public debt and the common interest rate, hence an external effect on deficits, from one country to the other. The divergences between the countries come either from asymmetrical shocks or from differences between the desired levels of public spending.
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Bibliographic InfoPaper provided by Caisse des Depots et Consignations - Cahiers de recherche in its series Papers with number 1998-24/ma.
Length: 25 pages
Date of creation: 1998
Date of revision:
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Postal: Caisse des depots et consignations, Services des etudes economiques et financieres, 195 Boulevard Saint Germain- 75007 Paris, France.
MONETARY AREAS ; DEBT ; INTEREST RATE;
Find related papers by JEL classification:
- E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
- E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy
- E63 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy
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