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Coordination des politiques budgétaires entre pays et variable de stratégie de la Banque centrale

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  • Daniel Laskar

Abstract

[eng] International coordination of fiscal policies and strategy variable of the central bank. . In a two-country model where the policy-mix in response to symmetric shocks is considered, we analyze the effect of the coordination of fiscal policies between countries in a monetary union and under a flexible exchange rate. It is shown that results can be very different depending on what is taken as the strategy variable of the central bank at the Nash equilibrium. When this variable is the nominal interest rate, international coordination of fiscal policies is beneficial only in a monetary union. But when the strategy variable of the central bank is the inflation rate, the gain of such a coordination is smaller in a monetary union than under a flexible exchange rate. [fre] Dans un modèle à deux pays où on considère le policy-mix en réponse à des chocs symétriques, on examine l'effet de la coordination des politiques budgétaires entre pays selon qu'on est en union monétaire ou en change flexible. On montre que les résultats obtenus sont très différents selon ce qu'on prend comme variable de stratégie de la Banque centrale à l'équilibre de Nash. Lorsque celle-ci est le taux d'intérêt nominal, coordonner les politiques budgétaires entre pays n'est bénéfique qu'en union monétaire. Mais quand la stratégie de la Banque centrale est le taux d'inflation, le gain d'une telle coordination est plus faible en union monétaire qu'en change flexible.

Suggested Citation

  • Daniel Laskar, 2001. "Coordination des politiques budgétaires entre pays et variable de stratégie de la Banque centrale," Revue Économique, Programme National Persée, vol. 52(3), pages 553-561.
  • Handle: RePEc:prs:reveco:reco_0035-2764_2001_num_52_3_410336
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    JEL classification:

    • F42 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - International Policy Coordination and Transmission
    • E63 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions

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