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van Aarle, Bas
Di Bartolomeo, Giovanni
Engwerda, Jacob
Plasmans, Joseph
Year of Publication: 
Series/Report no.: 
CESifo Working Paper No. 748
In this paper, we analyze coordination of macroeconomic stabilization policies within the EMU by focusing, in a dynamic set-up, on asymmetries, externalities, and the existence of a multi-country context. We study how coalitions among fiscal and monetary authorities are formed and what are their effects on the stabilization of output and price. In particular, our attention is directed to study the consequences on these issues of different institutional contexts in which policy-makers may act. Among other results, we found that, in the presence of externalities, the occurrence of asymmetries is a necessary but not a sufficient condition for cooperation.
macroeconomic stabilization
coalition formation.
Document Type: 
Working Paper

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