L'Unione monetaria europea fra integralismo monetario e dipendenza della politica fiscale. Alcune considerazioni
[Monetary "integralism" and fiscal policy dependence in the European Monetary Union. Some reflections]
The aim of this note is to raise some doubts about the opportunity to abandon the economic policy strategies that support aggregate demand because it is a prerequisite to realize the credibility of the new currency- the Euro. Prevailing literature states that, in the choice between inflation and unemployment, is always the second one to deserve a more immediate cure. Such position is motivated by the idea that – even if the market is the best way to organize the economic systems - it must occasionally be helped, since there is not an automatic convergence towards the natural equilibrium of full employment.
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"Rules, Discretion and Reputation in a Model of Monetary Policy,"
NBER Working Papers
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