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Reconsidering The Pros and Cons of Fiscal Policy Coordination in a Monetary Union: Should We Set Public Expenditure Targets?

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Author Info

  • Marco Catenaro

    (University of Milan-Bicocca and University of Surrey (UniS))

  • Patrizio Tirelli

    ()
    (Department of Economics, University of Milan-Bicocca and University of Glasgow)

Abstract

We reconsider the issues of fiscal policy interdependence in a monetary union, challenging the view that non co-ordination is always preferable. Moreover, we show that an expenditure bias occurs irrespective of the fiscal regime in place. We argue that a contractualist approach à la Walsh should be extended to the conduct of fiscal policy, setting explicit public expenditure targets.

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File URL: http://dipeco.economia.unimib.it/repec/pdf/mibwpaper30.pdf
File Function: First version, 1999
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Bibliographic Info

Paper provided by University of Milano-Bicocca, Department of Economics in its series Working Papers with number 30.

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Length: 32 pages
Date of creation: Jul 1999
Date of revision: Sep 2000
Handle: RePEc:mib:wpaper:30

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Related research

Keywords: EMU; Fiscal Leadership; ECB; Fiscal Co-ordination; Inflation Targets;

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Cited by:
  1. Roel Beetsma & Xavier Debrun & Frank Klaassen, 2001. "Is Fiscal Policy Coordination in EMU Desirable?," CESifo Working Paper Series 599, CESifo Group Munich.
  2. Jean-Paul Fitoussi & Francesco Saraceno, 2007. "Fiscal discipline as a social norm : the European Stability Pact," Sciences Po publications n°2007-22, Sciences Po.
  3. Jean-Paul Fitoussi & Francesco Saraceno, 2002. "A Theory of Social Custom of Which Soft Growth May Be One Consequence. Tales of the European Stability Pact," Sciences Po publications n°2002-07, Sciences Po.
  4. Kilian Bizer & Zulia Gubaydullina & Hazim Rahahleh & Werner Sesselmeier, 2007. "FTPL-Perspective on Tradable Deficit Permits in the EMU," Atlantic Economic Journal, International Atlantic Economic Society, vol. 35(3), pages 259-267, September.
  5. Cornel Oros, 2008. "Macroeconomic stabilization in a heterogeneous monetary union: some insights into the effects of fiscal policy coordination," Economics Bulletin, AccessEcon, vol. 5(34), pages 1-12.
  6. Francesca Castellani & Xavier Debrun, 2001. "Central Bank Independence and the Design of Fiscal Institutions," IMF Working Papers 01/205, International Monetary Fund.
  7. Francesca Castellani, 2001. "Central Bank Independence and Accountability Under Complete Information," IHEID Working Papers 05-2001, Economics Section, The Graduate Institute of International Studies.
  8. Lossani, Marco & Natale, Piergiovanna & Tirelli, Patrizio, 2001. "A Reform Proposal for EMU Institutions," MPRA Paper 18694, University Library of Munich, Germany.

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