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Monetary and Fiscal Policy in the EMU : Conflict or Coordination?

Author

Listed:
  • Menguy, Séverine

    (Universite de Paris-Ouesté-Nanterre -La Defense)

Abstract

The common central bank of a monetary union tends to lead a more accommodative monetary policy in order to avoid the default of the moderately indebted member countries whereas the most hardly indebted countries have to default. The optimal inflation rate increases the more numerous are the highly indebted countries in the union, the higher are the interest rates on the risk free capital and the smaller are the interest rates on nominal bonds in the fiscally weak countries. This study considers conflict and coordination between integrated public.

Suggested Citation

  • Menguy, Séverine, 2011. "Monetary and Fiscal Policy in the EMU : Conflict or Coordination?," Journal of Economic Integration, Center for Economic Integration, Sejong University, vol. 26, pages 361-385.
    • Handle: RePEc:ris:integr:0541
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    Citations

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    Cited by:

    1. Sergey Merzlyakov, 2012. "Strategic Interaction Between Fiscal and Monetary Policies in an Export-Oriented Economy," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 59(2), pages 201-216, May.

    More about this item

    Keywords

    Monetary Policy; Monetary Union; Public Debt; Inflation Rate;
    All these keywords.

    JEL classification:

    • 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
    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt
    • H77 - Public Economics - - State and Local Government; Intergovernmental Relations - - - Intergovernmental Relations; Federalism
    • H87 - Public Economics - - Miscellaneous Issues - - - International Fiscal Issues; International Public Goods

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