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Efectos de la coordinación de la política fiscal en una unión monetaria: Implicaciones para la Unión Monetaria Europea

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Abstract

En este trabajo se examina la manera en que los países miembros de una unión monetaria responden a las perturbaciones específicas y a las que proceden del resto del mundo, cuando el déficit público es el único instrumento de política. Desarrollamos un modelo de tres países que muestran preferencias distintas respecto a sus objetivos y sufren perturbaciones asimétricas. Dos de los países forman una unión monetaria, donde un banco central independiente controla la política monetaria y la política fiscal es determinada por las autoridades fiscales a nivel nacional. En este contexto, analizamos el modo en que las autoridades pueden hacer frente a perturbaciones reales, monetarias y de oferta agregada. Finalmente, discutimos los aspectos de bienestar de la solución óptima y en qué medida una política fiscal común puede ejercer influencia sobre la estructura y evolución de la unión monetaria.

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File URL: ftp://ftp.econ.unavarra.es/pub/DocumentosTrab/DT9816.PDF
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Bibliographic Info

Paper provided by Departamento de Economía - Universidad Pública de Navarra in its series Documentos de Trabajo - Lan Gaiak Departamento de Economía - Universidad Pública de Navarra with number 9816.

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Length: 56 pages
Date of creation: 1998
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Handle: RePEc:nav:ecupna:9816

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Keywords: Unión monetaria; política fiscal; coordinación de políticas;

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