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dc.contributor.authorKletzer, Kenneth M.en
dc.date.accessioned2010-09-01T09:46:42Z-
dc.date.available2010-09-01T09:46:42Z-
dc.date.issued1997-
dc.identifier.urihttp://hdl.handle.net/10419/39472-
dc.description.abstractThe implications of monetary unification for fiscal policies are discussed. The rolesof nominal exchange rate flexibility in the presence of asymmetric national shocks andnominal price rigidities as an automatic stabilizer and source of disturbances to real economicperformance are reviewed. Two main themes are considered. The first is whether a systemof fiscal insurance across member states qualitatively replicates the effects of autonomousmonetary policy instruments when exchange rates are permanently fixed. It is argued thatwhile fiscal insurance schemes increase the instruments available to fiscal authorities toinfluence resource allocation, they do not augment existing fiscal instruments in a manner thatreplicates monetary policy under long-run monetary neutrality in an overlapping generationseconomy. Restrictions imposed on national fiscal instruments as a condition of monetaryunification may give rise to a need for fiscal insurance to replace their role as stabilizers. Thesecond theme addresses whether political unification is a necessary logical conclusion of theusefulness of fiscal insurance scheme. The argument that sustainable insurance arrangementscan be devised without foregoing national sovereignty over fiscal policymaking is discussed.en
dc.language.isoengen
dc.publisher|aRheinische Friedrich-Wilhelms-Universität Bonn, Zentrum für Europäische Integrationsforschung (ZEI) |cBonnen
dc.relation.ispartofseries|aZEI Working Paper |xB 04-1997en
dc.subject.jelF41en
dc.subject.jelF42en
dc.subject.jelE6en
dc.subject.ddc330en
dc.subject.keywordmonetary unionen
dc.subject.keywordexchange rate regimesen
dc.subject.keywordfiscal insuranceen
dc.subject.keywordfiscal policy coordinationen
dc.subject.stwWährungsunionen
dc.subject.stwFinanzpolitiken
dc.subject.stwFinanzföderalismusen
dc.subject.stwEuropäische Wirtschafts- und Währungsunionen
dc.subject.stwSchocken
dc.subject.stwOven
dc.titleMacroeconomic stabilization with a common currency: Does European Monetary Unification create a need for fiscal insurance of federalism?-
dc.type|aWorking Paperen
dc.identifier.ppn824005449en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:zeiwps:B041997en

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