Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/278357 
Erscheinungsjahr: 
2023
Schriftenreihe/Nr.: 
ECB Working Paper No. 2781
Verlag: 
European Central Bank (ECB), Frankfurt a. M.
Zusammenfassung: 
How is the price level determined in a monetary union when the common monetary policy pegs the nominal interest rate? How are the price levels in the member countries determined? We extend the fiscal theory of the price level to the case of a heterogenous monetary union. Price level determinacy follows if fiscal policy at the level of the union as a whole is active. Different combinations of national fiscal policies and a common fiscal policy with "Eurobonds" amount to active fiscal policy for the union, but can have very different implications for the effects of fiscal and monetary policy. We propose how to coordinate the national policies and the common policy for union-wide policy to be active.
Schlagwörter: 
fiscal theory of the price level
monetary union
fiscal rules
Eurobonds
JEL: 
E31
E63
F45
Persistent Identifier der Erstveröffentlichung: 
ISBN: 
978-92-899-5523-2
Dokumentart: 
Working Paper

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