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Externalités budgétaires et choix du banquier central dans une union monétaire. La délégation comme solution coopérative de second rang

Listed author(s):
  • Pierre Faure

[fre] Même s'il n'existe aucun problème d'incohérence temporelle, les États membres d'une union monétaire ont intérêt à nommer un gouverneur qui ne partage pas leurs préférences, en raison des externalités des politiques budgétaires. La modification volontaire de l'arbitrage inflation-chômage est analysée comme un mécanisme de coordination de second rang. Le banquier central optimal peut être « progressiste » (moins soucieux de la stabilité des prix), et cette délégation plus efficace qu'une règle prohibant les déficits budgétaires. [eng] Fiscal spillovers and choice of central banker in a monetary union: delegation as a second-best form of fiscal coordination In a monetary union, the incentives of national authorities to misrepresent their true preferences still exist in the absence of time inconsistency issues. With fiscal spillovers among countries, delegating the control of monetary policy to a central banker with a different output-inflation trade-off is a second-best form of fiscal co­ordination and raises welfare. A populist governor (less inflation averse) may out­perform a ceiling on fiscal deficits.

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Article provided by Programme National Persée in its journal Revue économique.

Volume (Year): 52 (2001)
Issue (Month): 1 ()
Pages: 35-60

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Handle: RePEc:prs:reveco:reco_0035-2764_2001_num_52_1_410300
Note: DOI:10.3406/reco.2001.410300
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