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Autor:innen: 
Erscheinungsjahr: 
2016
Schriftenreihe/Nr.: 
SFB 649 Discussion Paper No. 2016-007
Verlag: 
Humboldt University of Berlin, Collaborative Research Center 649 - Economic Risk, Berlin
Zusammenfassung: 
In light of persistent in ation dispersion and rising debt levels in the EMU, this paper investigates the welfare implications of budget-neutral scal policies that counteract in ation di erentials. In a two-country DSGE model of a monetary union with traded and non-traded goods a national scal authority is able to reduce welfare losses arising from asymmetric shocks by following a Taylor-type rule for consumption taxes while using labour income taxes to balance its budget. Under technology and government spending shocks welfare losses can be reduced by up to 15%.
Schlagwörter: 
inflation differentials
monetary union
fiscal policy
budget-neutral policy
JEL: 
E62
E63
F41
F45
Dokumentart: 
Working Paper

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