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dc.contributor.authorMenguy, Séverineen_US
dc.description.abstractThe paper analyzes the usefulness of budgetary cooperation in a monetary union, even if it is limited to a subgroup of countries with close structural characteristics. The author finds that its advantages depend on the nature of the shocks and on the width of the heterogeneities within the monetary union. Budgetary cooperation between countries where the sensitivities of economic activity to public expenditures and to foreign economic activity are sufficiently high, is beneficial to stabilize symmetric demand shocks. It is beneficial to stabilize symmetric supply shocks if it concerns a sufficiently large number of countries. On the contrary, budgetary cooperation is generally detrimental to stabilize asymmetric demand or supply shocks.en_US
dc.publisherKiel Institute for the World Economy (IfW) Kielen_US
dc.relation.ispartofseriesEconomics Discussion Papers 2012-38en_US
dc.subject.keywordeconomic stabilizationen_US
dc.subject.keywordmonetary unionen_US
dc.subject.keywordbudgetary cooperationen_US
dc.subject.keyworddemand shocksen_US
dc.subject.keywordsupply shocksen_US
dc.subject.keywordstructural heterogeneityen_US
dc.titleStructural heterogeneity and partial budgetary cooperation in a monetary unionen_US
dc.typeWorking Paperen_US
Appears in Collections:Economics: The Open-Access, Open-Assessment E-Journal - Discussion Papers

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