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Is a unified macroeconomic policy necessarily better for a common currency area?

  • Belke, Ansgar
  • Gros, Daniel

It is widely assumed that a common currency makes it desirable to have also a common fiscal policy. However, if fiscal policy is a source of shocks, independent national fiscal policies are generally preferable because they allow risk diversification.

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Article provided by Elsevier in its journal European Journal of Political Economy.

Volume (Year): 25 (2009)
Issue (Month): 1 (March)
Pages: 98-101

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Handle: RePEc:eee:poleco:v:25:y:2009:i:1:p:98-101
Contact details of provider: Web page: http://www.elsevier.com/locate/inca/505544

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  1. Frankel, Jeffrey A & Rockett, Katharine E, 1988. "International Macroeconomic Policy Coordination When Policymakers Do Not Agree on the True Model," American Economic Review, American Economic Association, vol. 78(3), pages 318-40, June.
  2. Sorensen, B-E & Yosha, O, 1996. "International Risk Sharing and European Monetary Unification," Papers 40-96, Tel Aviv.
  3. Gandolfo, Giancarlo & Goldberg, Michael D., 2005. "International Finance And Open-Economy Macroeconomics," Macroeconomic Dynamics, Cambridge University Press, vol. 9(02), pages 263-266, April.
  4. Ansgar Belke & Friedrich Schneider, 2004. "Privatization in Austria: Some Theoretical Reasons and First Results About the Privatization Proceeds," CESifo Working Paper Series 1123, CESifo Group Munich.
  5. Ansgar Belke & Nilgün Terzibas, 2003. "Die Integrationsbemühungen der Türkei aus ökonomischer Sicht," Diskussionspapiere aus dem Institut für Volkswirtschaftslehre der Universität Hohenheim 230/2003, Department of Economics, University of Hohenheim, Germany.
  6. Bent E. S�rensen & Oved Yosha, 1998. "International Risk Sharing and European Monetary Unification," Temi di discussione (Economic working papers) 327, Bank of Italy, Economic Research and International Relations Area.
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