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Monetary and Fiscal Policy in a Large Asymmetric Monetary Union - A Dynamic Three-Country Analysis

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Author Info
Clausen, Volker
Wohltmann, Hans-Werner

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Abstract

This paper analyzes the dynamic effects of anticipated monetary and fis- cal policies in a large monetary union, which is characterized by asym- metric interest rate transmission. We explicitly solve the asymmetric three-country model using the decomposition methods of Aoki (1981) and Fukuda (1993). Anticipated monetary and fiscal expansions lead to negative international spillovers and to intertemporal reversals in the re- lative effectiveness of policy on member country outputs. Intertemporal international coordination of monetary policies between Euroland and the US is able to stabilize the output adjustment processes induced by an anticipated unilateral fiscal expansion. --

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Paper provided by Christian-Albrechts-University of Kiel, Department of Economics in its series Economics Working Papers with number 2005,18.

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Date of creation: 2005
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Handle: RePEc:zbw:cauewp:3835

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Web page: http://www.wiso.uni-kiel.de/econ/

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Related research
Keywords: Monetary Union; Fiscal Policy; Monetary Policy; Policy Coordination;

Find related papers by JEL classification:
F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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  1. Buiter, Willem H. & Miller, Marcus, 1982. "Real exchange rate overshooting and the output cost of bringing down inflation," European Economic Review, Elsevier, vol. 18(1), pages 85-123. [Downloadable!] (restricted)
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  2. Turnovsky, Stephen J, 1986. "Monetary and Fiscal Policy under Perfect Foresight: A Symmetric Two-country Analysis," Economica, London School of Economics and Political Science, vol. 53(210), pages 139-57, May. [Downloadable!] (restricted)
    Other versions:
  3. Stephen G. Cecchetti, 1999. "Legal Structure, Financial Structure, and the Monetary Policy Transmission Mechanism," NBER Working Papers 7151, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  4. Stephen J. Turnovsky, 2000. "Methods of Macroeconomic Dynamics, 2nd Edition," MIT Press Books, The MIT Press, edition 2, volume 1, number 0262201232, December.
  5. Fukuda, Shin-ichi, 1993. "International transmission of monetary and fiscal policy : A symmetric N-country analysis with union," Journal of Economic Dynamics and Control, Elsevier, vol. 17(4), pages 589-620, July. [Downloadable!] (restricted)
  6. Volker Clausen & Hans-Werner Wohltmann, 2002. "Monetary and Fiscal Policy Dynamics in an Asymmetric Monetary Union," Macroeconomics 0201001, EconWPA. [Downloadable!]
    Other versions:
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