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Potential Output and Fiscal Rules in a Monetary Union Under Asymmetric Information 信息不对称条件下货币联盟的潜在产出与财政规则
PSN: Monetary Union (Topic) Pub Date : 2015-07-16 DOI: 10.2139/SSRN.2632004
Luigi Marattin, Simone Meraglia
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引用次数: 0
The Effects of Government Spending in a Small Open Economy within a Monetary Union 货币联盟内小型开放经济体中政府支出的影响
PSN: Monetary Union (Topic) Pub Date : 2014-08-13 DOI: 10.2139/ssrn.2479951
Daragh Clancy, P. Jacquinot, Matija Lozej
{"title":"The Effects of Government Spending in a Small Open Economy within a Monetary Union","authors":"Daragh Clancy, P. Jacquinot, Matija Lozej","doi":"10.2139/ssrn.2479951","DOIUrl":"https://doi.org/10.2139/ssrn.2479951","url":null,"abstract":"Small open economies within a monetary union have a limited range of stabilisation tools, as area-wide nominal interest and exchange rates do not respond to country-specific shocks. Such limitations imply that imbalances can be difficult to resolve. We assess the role that government spending can play in mitigating this issue using a global DSGE model, with an extensive fiscal sector allowing for a rich set of transmission channels. We find that complementarities between government and private consumption can substantially increase spending multipliers. Government investment, by raising productive public capital, improves external competitiveness and counteracts external imbalances. An ex-ante budget-neutral switch of government expenditure towards investment has beneficial effects in the medium run, while short-run effects depend on the degree of co-movement between private and government consumption. Finally, spillovers from a fiscal stimulus in one region of a monetary union depend on trade linkages and can be sizeable.","PeriodicalId":146720,"journal":{"name":"PSN: Monetary Union (Topic)","volume":"84 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-08-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121067039","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 11
Economic Policies on Slovenia’s Road to the Euro Area 斯洛文尼亚通往欧元区之路的经济政策
PSN: Monetary Union (Topic) Pub Date : 2013-03-27 DOI: 10.2139/ssrn.2240165
K. Weyerstrass
{"title":"Economic Policies on Slovenia’s Road to the Euro Area","authors":"K. Weyerstrass","doi":"10.2139/ssrn.2240165","DOIUrl":"https://doi.org/10.2139/ssrn.2240165","url":null,"abstract":"Since May 2004, Slovenia has been a member state of the European Union. Although trade barriers had been removed to a large extent with the progressing accession negotiations, participation in the EU is further fostering the European economic integration of the new member states. One important integration aspect concerns the monetary policy framework. This paper analyses whether the choice of participating in the ERM II in an early stage after EU accession was the best strategy in terms of the macroeconomic performance. It is shown that the best overall economic performance is achieved under a crawling peg regime allowing a depreciation of the Slovenian tolar (SIT) against the euro with a decreasing rate of depreciation. The worst policy results are obtained when the exchange rate is totally fixed at an early stage of EMU integration. The labour market performance can be significantly improved by cutting income taxes and social security contribution rates.","PeriodicalId":146720,"journal":{"name":"PSN: Monetary Union (Topic)","volume":"57 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-03-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122413364","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
Wage Policy in Austria and the Netherlands under EMU: A Change in Performance or the Continuation of the Status-Quo? 欧洲货币联盟下奥地利和荷兰的工资政策:绩效的变化还是现状的延续?
PSN: Monetary Union (Topic) Pub Date : 2009-06-10 DOI: 10.2139/ssrn.2264186
Alison Johnston
{"title":"Wage Policy in Austria and the Netherlands under EMU: A Change in Performance or the Continuation of the Status-Quo?","authors":"Alison Johnston","doi":"10.2139/ssrn.2264186","DOIUrl":"https://doi.org/10.2139/ssrn.2264186","url":null,"abstract":"This paper analyses how wage policy in Austria and the Netherlands was affected by economic and monetary union (EMU). The paper concludes that EMU and the macroeconomic shifts resulting from it have had little influence on wage-setting in Austria and the Netherlands. While wage restraint outcomes did diverge for both countries after the start of EMU, this paper will argue that different wage institutions lead to this divergence. The EMU’s new macroeconomic order did not significantly change either countries microeconomic wage institutions.","PeriodicalId":146720,"journal":{"name":"PSN: Monetary Union (Topic)","volume":"57 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-06-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117169273","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 9
The Reasons of the Collapse of the Ruble Zone 卢布区崩溃的原因
PSN: Monetary Union (Topic) Pub Date : 1995-11-01 DOI: 10.2139/ssrn.1312324
Marek A. Dąbrowski
{"title":"The Reasons of the Collapse of the Ruble Zone","authors":"Marek A. Dąbrowski","doi":"10.2139/ssrn.1312324","DOIUrl":"https://doi.org/10.2139/ssrn.1312324","url":null,"abstract":"This paper has mainly a historical character and analyzes the causes of the monetary disintegration of the FSU, stages of this disintegration, and macroeconomic consequences of this process. The second section is devoted to a brief discussion of the economic and political condition of the successful existence of the common currency area. In section 3, I describe the process of monetary disintegration that already started at the end of 1990 when the Soviet Union still existed. Section 4 illustrates the process of monetary disintegration in 1992-1993, after the dissolution of USSR. Section 5 presents a picture about the most important initiative to rebuild the ruble area in 1992-1994. Finally, section 6 contains the discussion on macroeconomic and other consequences of continuing the common currency despite the political disintegration.","PeriodicalId":146720,"journal":{"name":"PSN: Monetary Union (Topic)","volume":"202 ","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1995-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132915153","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 26
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