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The Policy Mix

In: Monetary Unions

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  • Hubert Kempf

    (École Normale Supérieure Paris-Saclay
    NRU Higher School of Economics)

Abstract

Chapter 7 studies the policy mix in a monetary union. The possibility to reach an optimal policy mix such that a monetary union functions smoothly and perfectly stabilizes cycles appears irrealistic. The very existence of a monetary union makes insulation impossible, contrarily to what happens in a flexible exchange rate world: No member country can be made fully independent from the fiscal impulses coming from the other member countries. Therefore the institutional design of a monetary union is of central importance. Addressing the issue of policy dominance, a variant of the model discussed in Chap. 3 including fiscal variables is analysed. It shows that no specific design can be thought of as superior in any circumstances.

Suggested Citation

  • Hubert Kempf, 2022. "The Policy Mix," Springer Texts in Business and Economics, in: Monetary Unions, chapter 7, pages 233-271, Springer.
    • Handle: RePEc:spr:sptchp:978-3-030-93232-9_7
    DOI: 10.1007/978-3-030-93232-9_7
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