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Monetary and Fiscal Policy Interactions in the Euro Area

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  • Carlberg, Michael

Abstract

This paper studies the interactions between monetary and fiscal policies in the euro area. The focus is on the union central bank, the German government, and the French government. The policy targets are price stability in the union, full employment in Germany, and full employment in France. The policy instruments are union money supply, German government purchases, and French government purchases. As a rule, the spillovers of fiscal policy are negative. The policy decisions are taken sequentially or simultaneously. This paper carefully discusses the case for central bank independence and fiscal cooperation between Germany and France.

Suggested Citation

  • Carlberg, Michael, 2004. "Monetary and Fiscal Policy Interactions in the Euro Area," Center for European, Governance and Economic Development Research Discussion Papers 23, University of Goettingen, Department of Economics.
  • Handle: RePEc:zbw:cegedp:23
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    File URL: https://www.econstor.eu/bitstream/10419/22150/1/Carlberg_23.pdf
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    Cited by:

    1. repec:taf:oabmxx:v:3:y:2016:i:1:p:1154283 is not listed on IDEAS
    2. Treu, Johannes, 2011. "Politökonomische Modellierung eines Abstimmungsprozesses zwischen der Europäischen Zentralbank und den Mitgliedstaaten der Eurozone in Zeiten hoher Staatsverschuldung," Wirtschaftswissenschaftliche Diskussionspapiere 05/2011, University of Greifswald, Faculty of Law and Economics.
    3. Rosaria Rita Canale & Pasquale Foresti & Ugo Marani & Oreste Napolitano, 2008. "On keynesian effects of (apparent) non-keynesian fiscal policies," Politica economica, Società editrice il Mulino, issue 1, pages 5-46.

    More about this item

    Keywords

    European Monetary Union; International Policy Coordination; Monetary Policy; Fiscal Policy;

    JEL classification:

    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • F42 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - International Policy Coordination and Transmission
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
    • E63 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy
    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian

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