Fiscal austerity and monetary easing: which one is to be praised for ending the euro area crisis?

IF 0.4 Q4 EDUCATION & EDUCATIONAL RESEARCH

European Journal of Comparative Economics Pub Date : 2018-01-01 DOI:10.25428/1824-2979/201801-165-189

P. Posta

引用次数: 3

Abstract

In this paper I have used a framework for the analysis of public debt stability that dates back to Domar, and I have extended it in order to consider, together with the role played by the interest rate, the rate of GDP growth and domestic fiscal policy, also monetary solidarity. A special role has been reserved in the analysis to the effects of agents’ heterogeneous expectations and uncertainty. I have also considered the effects of fiscal austerity and monetary solidarity on GDP growth and interest rates, and I have concluded that the euro area crisis came to an end thanks to the latter (the former having made things even worse, if anything). Within the same framework, I have been able to discuss also some of the other proposals, including federal solidarity, that have been advanced in the literature in order to avoid or to address future euro area crises.

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财政紧缩和货币宽松:结束欧元区危机哪一个值得称赞?

在本文中，我使用了一个可以追溯到Domar的框架来分析公共债务稳定性，我对其进行了扩展，以便考虑利率、GDP增长率和国内财政政策所起的作用，以及货币团结。在分析代理人异质期望和不确定性的影响时，保留了一个特殊的角色。我还考虑了财政紧缩和货币团结对GDP增长和利率的影响，我得出的结论是，欧元区危机的结束要归功于后者(如果有的话，前者使事情变得更糟)。在同样的框架内，我也能够讨论其他一些建议，包括联邦团结，这些建议已经在文献中提出，以避免或解决未来的欧元区危机。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

European Journal of Comparative Economics EDUCATION & EDUCATIONAL RESEARCH-

CiteScore

1.90

自引率

0.00%

发文量

审稿时长

52 weeks

期刊介绍： Several years have elapsed since the beginning of transition in Eastern Europe, and the profession has learnt a lot about the importance of institutions in the economy and our deep need for additional research on their influence on the interaction of the units that play the economic game. The study of economies that do not fit the paradigm of the competitive market, a field of enquiry that used to belong to the sideline of scientific enquiry, has been joined by leading scientists in the field, who were inspired by the new knowledge gained through the processes of transition and intrigued bthe policy problems posed by transformation of bureaucratically run socialist economies into capitalist market economies. The same institutional and social understanding is equally relevant to questions of conomic development, to the elimination of cleavages between North and South, and to the solution of problems of globalization.