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Staying Together or Breaking Apart: Policy-Makers’ Endogenous Coalitions Formation in the European Economic and Monetary Union

  • Giovanni Di Bartolomeo

    (Univesity of Rome La Sapienza)

  • Jacob Engwerda

    (Tilburg University)

  • Joseph Plasmans

    (University of Antwerp and Tilburg University)

  • Bas van Aarle

    (University of Leuven and University of Nijmegen)

In this paper, we analyze coordination of macroeconomic stabilization policies within the EMU by focusing, in a dynamic set-up, on asymmetries, externalities, and the existence of a multi-country context. We study how coalitions among fiscal and monetary authorities are formed and what are their effects on the stabilization of output and price. In particular, our attention is directed to study the consequences on these issues of different institutional contexts in which policy-makers may act. Among other results, we found that, in the presence of externalities, the occurrence of asymmetries is a necessary but not a sufficient condition for cooperation.

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Paper provided by EconWPA in its series Macroeconomics with number 0301002.

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Length: 37 pages
Date of creation: 10 Jan 2003
Date of revision:
Handle: RePEc:wpa:wuwpma:0301002
Note: Type of Document - pdf; prepared on IBM PC ; pages: 37
Contact details of provider: Web page: http://econwpa.repec.org

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