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Monetary Discipline as a Substitute for Fiscal Reforms and Market Liberalisations

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  • Alberto Dalmazzo

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type="main" xml:lang="en"> In an economy with wage-setting unions where the government has gains from redistribution, we analyse the incentive of incumbent politicians to implement monetary discipline (e.g. by joining a monetary union) against the adoption of fiscal reforms, or deregulation in product markets. We show that monetary discipline can be a ‘substitute’ both for better (i.e. less distortionary) fiscal policies and for deregulation in product markets.

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  • Alberto Dalmazzo, 2014. "Monetary Discipline as a Substitute for Fiscal Reforms and Market Liberalisations," Economic Notes, Banca Monte dei Paschi di Siena SpA, vol. 43(3), pages 193-210, November.
    • Handle: RePEc:bla:ecnote:v:43:y:2014:i:3:p:193-210
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