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L'Unione monetaria europea fra integralismo monetario e dipendenza della politica fiscale. Alcune considerazioni
[Monetary "integralism" and fiscal policy dependence in the European Monetary Union. Some reflections]

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  • Canale, Rosaria Rita

Abstract

The aim of this note is to raise some doubts about the opportunity to abandon the economic policy strategies that support aggregate demand because it is a prerequisite to realize the credibility of the new currency- the Euro. Prevailing literature states that, in the choice between inflation and unemployment, is always the second one to deserve a more immediate cure. Such position is motivated by the idea that – even if the market is the best way to organize the economic systems - it must occasionally be helped, since there is not an automatic convergence towards the natural equilibrium of full employment.

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File URL: http://mpra.ub.uni-muenchen.de/1429/
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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 1429.

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Date of creation: 1998
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Handle: RePEc:pra:mprapa:1429

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Keywords: Unione Monetaria Europea; politica fiscale e politica monetaria;

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  1. Kydland, Finn E & Prescott, Edward C, 1977. "Rules Rather Than Discretion: The Inconsistency of Optimal Plans," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 85(3), pages 473-91, June.
  2. Barro, Robert J. & Gordon, David B., 1983. "Rules, discretion and reputation in a model of monetary policy," Journal of Monetary Economics, Elsevier, Elsevier, vol. 12(1), pages 101-121.
  3. Eichner, Alfred S & Kregel, J A, 1975. "An Essay on Post-Keynesian Theory: A New Paradigm in Economics," Journal of Economic Literature, American Economic Association, vol. 13(4), pages 1293-1314, December.
  4. Thomas Willett & Edward Tower, 1970. "Currency areas and exchange-rate flexibility," Review of World Economics (Weltwirtschaftliches Archiv), Springer, Springer, vol. 105(1), pages 48-65, September.
  5. Arestis, Philip, 1996. "Post-Keynesian Economics: Towards Coherence," Cambridge Journal of Economics, Oxford University Press, Oxford University Press, vol. 20(1), pages 111-35, January.
  6. Paul Krugman & Julio Rotemberg, 1990. "Target Zones with Limited Reserves," NBER Working Papers 3418, National Bureau of Economic Research, Inc.
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