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dc.contributor.authorHohberger, Stefanen
dc.contributor.authorHerz, Bernharden
dc.date.accessioned2012-11-07T14:06:14Z-
dc.date.available2012-11-07T14:06:14Z-
dc.date.issued2012-
dc.identifier.urihttp://hdl.handle.net/10419/66054-
dc.description.abstractThe paper examines the stabilizing properties of fiscal policy for current account imbalances under alternative exchange rate regimes. Using a small open economy DSGE model with fiscal feedback rules, we investigate the dynamic responses of different shocks to macroeconomic variables and their implication for the current account. Our results imply that a fiscal response to the current account improves the stabilizing effect of most macroeconomic variables compared to a countercyclical response to output. The loss of national monetary policy when entering into a monetary union leads to higher variability and more persistence of the real exchange rate and the current account. Despite the stabilizing properties, fiscal policy intervention induces higher variability of output in the short-run and therefore faces a trade-off between stabilizing the external position and outputen
dc.language.isoengen
dc.publisherZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften, Leibniz-Informationszentrum Wirtschaft |xKiel und Hamburgen
dc.relation.ispartofseries|aBeiträge zur Jahrestagung des Vereins für Socialpolitik 2012: Neue Wege und Herausforderungen für den Arbeitsmarkt des 21. Jahrhunderts - Session: Fiscal Policy I |xA11-V2en
dc.subject.jelE62en
dc.subject.jelF41en
dc.subject.jelE61en
dc.subject.ddc330en
dc.titleFiscal Policy, Monetary Regimes and Current Account Dynamics-
dc.typeConference Paperen
dc.identifier.ppn730578674en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:vfsc12:66054en

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