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In Which Cases Can the Stability Pact be Useful?

Author

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  • Artus, P.

Abstract

We 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.

Suggested Citation

  • Artus, P., 1998. "In Which Cases Can the Stability Pact be Useful?," Papers 1998-24/ma, Caisse des Depots et Consignations - Cahiers de recherche.
    • Handle: RePEc:fth:cadeco:1998-24/ma
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    More about this item

    Keywords

    MONETARY AREAS ; DEBT ; INTEREST RATE;
    All these keywords.

    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; Modern Monetary Theory
    • 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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