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Simple Rules, Fiscal Policy and Wealth Targets in a Monetary Union. An Alternative to the Maastricht Guidelines

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  • Lossani, M
  • Tirelli, P

Abstract

This paper is concerned with the macroeconomics of asymmetric shocks in a two-country monetary union. Three alternative fiscal rules are considered: (1) no fiscal response; (2) in each country the fiscal stance is expansionary if national wealth is above target and vice versa; and (3) national fiscal policies are centralized and target the union external wealth. The results are assessed from two different angles. The first is the point of view of a global controller that aims to stabilize the union as a whole and reduce national divergences. The second is the perspective of national governments. Copyright 1994 by Scottish Economic Society.

Suggested Citation

  • Lossani, M & Tirelli, P, 1994. "Simple Rules, Fiscal Policy and Wealth Targets in a Monetary Union. An Alternative to the Maastricht Guidelines," Scottish Journal of Political Economy, Scottish Economic Society, vol. 41(4), pages 372-393, November.
    • Handle: RePEc:bla:scotjp:v:41:y:1994:i:4:p:372-93
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    Cited by:

    1. Agnello, Luca & Castro, Vítor & Sousa, Ricardo M., 2012. "How does fiscal policy react to wealth composition and asset prices?," Journal of Macroeconomics, Elsevier, vol. 34(3), pages 874-890.
    2. Alexander Zimper, 2014. "The minimal confidence levels of Basel capital regulation," Journal of Banking Regulation, Palgrave Macmillan, vol. 15(2), pages 129-143, April.
    3. Agnello, Luca & Dufrénot, Gilles & Sousa, Ricardo M., 2015. "Nonlinear effects of asset prices on fiscal policy: Evidence from the UK, Italy and Spain," Economic Modelling, Elsevier, vol. 44(C), pages 358-362.
    4. Rangan Gupta & Charl Jooste & Kanyane Matlou, 2014. "A time-varying approach to analysing fiscal policy and asset prices in South Africa," Journal of Financial Economic Policy, Emerald Group Publishing Limited, vol. 6(1), pages 46-63, April.
    5. Luca Agnello & Gilles Dufrénot & Ricardo M. Sousa, 2012. "Adjusting the U.S. Fiscal Policy for Asset Prices: Evidence from a TVP-MS Framework," NIPE Working Papers 20/2012, NIPE - Universidade do Minho.
    6. Agnello, Luca & Dufrénot, Gilles & Sousa, Ricardo M., 2013. "Using time-varying transition probabilities in Markov switching processes to adjust US fiscal policy for asset prices," Economic Modelling, Elsevier, vol. 34(C), pages 25-36.

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