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Budgetary spillovers and short-term interest rates

In: Economic Spillovers, Structural Reforms and Policy Coordination in the Euro Area

Author

Listed:
  • Bas Aarle

    (University of Maastricht)

Abstract

In Chapter 1, it was discussed in detail that there are various spillovers in a highly integrated economic space like the Euro Area. It was explained in which ways these spillovers manifest themselves in the Euro Area e.g. through trade flows, pass-through of inflation, adjustments caused by changes of the common short-term interest rate and the exchange rate of the euro. It was also noted that there exist several spillover effects from monetary and fiscal policies in a highly integrated monetary union like the Euro Area. Monetary and fiscal policies in the Euro Area are intrinsically linked through these spillovers. In the short run, spillovers arise from the effects that monetary policy may have on the macroeconomic conditions under which fiscal policies are undertaken, and vice versa. In the long run, these spillovers/interdependencies arise in particular from the accumulation of government debt.

Suggested Citation

  • Bas Aarle, 2008. "Budgetary spillovers and short-term interest rates," Contributions to Economics, in: Economic Spillovers, Structural Reforms and Policy Coordination in the Euro Area, chapter 2, pages 27-53, Springer.
    • Handle: RePEc:spr:conchp:978-3-7908-1970-0_2
    DOI: 10.1007/978-3-7908-1970-0_2
    as

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