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Chocs et règles de politique économique en UEM

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  • Florence Huart
  • Bas Van Aarle
  • Harry Garretsen

Abstract

This paper analyzes how monetary and fiscal policy rules can achieve macroeconomic stabilization in a two-country model of an economic and monetary union. Three specific factors play a role in absorbing the effects of macroeconomic shocks: (i) the degree offlexibility ofeconomic-policy rules; (ii) structural asymmetriesbetweencountries; (iii) the nature of inflation expectations. Real and nominal adjustments of national economies are helped by a combination of (i) a Taylor rulewith moderateinterest-rate smoothing and (ii) national fiscal rules thatrely on moderate public-deficit smoothing and let automatic fiscal stabilizers work.

Suggested Citation

  • Florence Huart & Bas Van Aarle & Harry Garretsen, 2006. "Chocs et règles de politique économique en UEM," Economie & Prévision, La Documentation Française, vol. 0(2), pages 43-63.
    • Handle: RePEc:cai:ecoldc:ecop_173_0043
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