| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w15176 |
| 来源ID | Working Paper 15176 |
| Insulation Impossible: Fiscal Spillovers in a Monetary Union | |
| Russell Cooper; Hubert Kempf; Dan Peled | |
| 发表日期 | 2009-07-23 |
| 出版年 | 2009 |
| 语种 | 英语 |
| 摘要 | This paper studies fiscal spillovers in a monetary union. The focus of the analysis is on the interaction between the fiscal policy of member countries (regions) and the central monetary authority. When capital markets are integrated, the fiscal policy of one country will influence equilibrium wages and interest rates. Thus there are fiscal spillovers within a federation. The magnitude and direction of these spillovers, in particular the presence of a crowding out effect, can be influenced by the choice of monetary policy rules. We find that there does not exist a monetary policy rule which completely insulates agents in one region from fiscal policy in another. Some familiar policy rules, such as pegging an interest rate, can provide partial insulation. |
| 主题 | Macroeconomics ; Fiscal Policy ; International Economics ; Trade ; Subnational Fiscal Issues |
| URL | https://www.nber.org/papers/w15176 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/572852 |
| 推荐引用方式 GB/T 7714 | Russell Cooper,Hubert Kempf,Dan Peled. Insulation Impossible: Fiscal Spillovers in a Monetary Union. 2009. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w15176.pdf（306KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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