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The Advantages of Fiscal Leadership in an Economy with Independent Monetary Policies

In: Economic Models Methods, Theory and Applications


  • Andrew Hughes Hallet

    (James Mason University, USA)


AbstractThe following sections are included:IntroductionThe Fiscal Leadership HypothesisInstitutional Evidence: The Treasury's MandateHistoryCurrent PracticeEmpirical EvidenceMonetary ResponsesDifferent Types of LeadershipObserved BehaviorFiscal Reaction Functions in the UK and EurozoneTheoretical Evidence: A Model of Fiscal LeadershipThe Economic Model and Policy ConstraintsAn Alternative InterpretationGovernment and Central Bank ObjectivesInstitutional Design and Policy ChoicesStage 1Stage 2The Gains from Fiscal LeadershipThe Co-Ordination EffectEmpirical EvidenceConclusionsReferencesAppendix A: Data Sources for Table 3Appendix B: Derivation of the Change in Fiscal Stance Between Regimes

Suggested Citation

  • Andrew Hughes Hallet, 2009. "The Advantages of Fiscal Leadership in an Economy with Independent Monetary Policies," World Scientific Book Chapters,in: Economic Models Methods, Theory and Applications, chapter 4, pages 69-100 World Scientific Publishing Co. Pte. Ltd..
  • Handle: RePEc:wsi:wschap:9789812836465_0004

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    More about this item


    Modeling; Econometrics; Mathematical Programming; Time Varying System; Monetary-Fiscal; Inflation; Health Economics; Risk; Management;

    JEL classification:

    • B23 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Econometrics; Quantitative and Mathematical Studies
    • C1 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General
    • C44 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Operations Research; Statistical Decision Theory
    • C58 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Financial Econometrics
    • C63 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Computational Techniques
    • C87 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Econometric Software
    • R15 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Econometric and Input-Output Models; Other Methods


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