Fiscal Stabilisation and EMU
This paper builds on the discussion paper published by HM Treasury in 2003 alongside the UK Governmentâ€™s assessment of the case for EMU entry. The paper considers the potential for fiscal policy to play a greater role in stabilisation policy if the UK were inside EMU. The paper considers: the scope for strengthening the automatic stabilisers and the possible trade-offs; how institutional changes could increase the effectiveness of discretionary fiscal policy; which fiscal instruments might be the most effective; and to what extent stabilisation might be promoted in other ways, such as through enhanced risk sharing by financial markets.
|Date of creation:||2004|
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- Pierpaolo Benigno & Michael Woodford, 2004.
"Optimal Monetary and Fiscal Policy: A Linear-Quadratic Approach,"
NBER Chapters,in: NBER Macroeconomics Annual 2003, Volume 18, pages 271-364
National Bureau of Economic Research, Inc.
- Pierpaolo Benigno & Michael Woodford, 2003. "Optimal monetary and fiscal policy: a linear-quadratic approach," Proceedings, Board of Governors of the Federal Reserve System (U.S.).
- Pierpaolo Benigno & Michael Woodford, 2003. "Optimal Monetary and Fiscal Policy: A Linear Quadratic Approach," NBER Working Papers 9905, National Bureau of Economic Research, Inc.
- Benigno, Pierpaolo & Woodford, Michael, 2004. "Optimal monetary and fiscal policy: a linear-quadratic approach," Working Paper Series 345, European Central Bank.
- Pierpaolo Benigno & Michael Woodford, 2004. "Optimal monetary and fiscal policy: a linear-quadratic approach," International Finance Discussion Papers 806, Board of Governors of the Federal Reserve System (U.S.).
- Bean, Charles, 1998. "The New UK Monetary Arrangements: A View from the Literature," Economic Journal, Royal Economic Society, vol. 108(451), pages 1795-1809, November.
- Blundell-Wignall, Adrian & Browne, Frank & Tarditi, Alison, 1995. "Financial Liberalization and the Permanent Income Hypothesis," The Manchester School of Economic & Social Studies, University of Manchester, vol. 63(2), pages 125-144, June.
- Calvo, Guillermo A., 1983. "Staggered prices in a utility-maximizing framework," Journal of Monetary Economics, Elsevier, vol. 12(3), pages 383-398, September. Full references (including those not matched with items on IDEAS)
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