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Dynamische Effekte der Geld-und Fiskalpolitik in einem asymmetrischen Drei-Länder-Modell mit einer Währungsunion

  • Wohltmann, Hans-Werner

In diesem Beitrag werden die intertemporalen Wirkungen von antizipierten geld- und fiskalpolitischen Maßnahmen im Rahmen eines asymmetrischen Drei-Länder-Modells vom Mundell-Fleming-Phillips-Typ mit rationalen Preis- und Wechselkursänderungserwartungen charakterisiert. Zwei der drei großen offenen Volkswirtschaften bilden dabei eine Währungsunion, die durch eine gemeinsame Zentralbank, eine Einheitswährung und einen gemeinsamen flexiblen Wechselkurs gegenüber dem Drittland gekennzeichnet ist. Im Unterschied zur bestehenden Literatur zur Theorie einer Währungsunion und zur Theorie der internationalen Politiktransmission sind die beiden Mitgliedsländer der Union nicht vollkommen symmetrisch, sondern weisen sowohl auf der Nachfrageseite als auch auf der Angebotsseite jeweils eine Asymmetrie auf. Dennoch ist es möglich, das dynamische asymmetrische Drei-Länder-Modell mit Hilfe der für vollkommen symmetrische Länder entwickelten Dekompositionsmethode von Fukuda (1993) analytisch zu lösen.

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Paper provided by Christian-Albrechts-University of Kiel, Department of Economics in its series Economics Working Papers with number 2005,19.

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Date of creation: 2005
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Handle: RePEc:zbw:cauewp:3836
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  1. Buiter, Willem H & Miller, Marcus, 1981. "Real Exchange Rate Overshooting and the Output Cost of Bringing Down Inflation," The Warwick Economics Research Paper Series (TWERPS) 204, University of Warwick, Department of Economics.
  2. Fukuda, Shin-ichi, 1993. "International transmission of monetary and fiscal policy : A symmetric N-country analysis with union," Journal of Economic Dynamics and Control, Elsevier, vol. 17(4), pages 589-620, July.
  3. Fukuda, Shin-ichi & Hoshi, Takeo & Ito, Takatoshi & Rose, Andrew, 2006. "International Finance," Journal of the Japanese and International Economies, Elsevier, vol. 20(4), pages 455-458, December.
  4. Clausen, Volker & Wohltmann, Hans-Werner, 2005. "Monetary and fiscal policy dynamics in an asymmetric monetary union," Journal of International Money and Finance, Elsevier, vol. 24(1), pages 139-167, February.
  5. Stephen J. Turnovsky, 2000. "Methods of Macroeconomic Dynamics, 2nd Edition," MIT Press Books, The MIT Press, edition 2, volume 1, number 0262201232, June.
  6. Hans-Werner Wohltmann & Volker Clausen, 2002. "Dynamische Effekte symmetrischer Nachfrage- und Angebotspolitiken in einer asymmetrischen Währungsunion," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), Justus-Liebig University Giessen, Department of Statistics and Economics, vol. 222(2), pages 230-257.
  7. Stephen J. Turnovsky, 1985. "Monetary and Fiscal Policy Under Perfect Foresight: A Symmetric Two Country Analysis," NBER Working Papers 1699, National Bureau of Economic Research, Inc.
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