Chaptergreen2001

Monetary Union and Fiscal Federalism

57 citations0/0 files storedOxford University Press eBooks

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European Monetary and Fiscal Policies Monetary Policy and Economic Impact Global Financial Crisis and Policies

Abstract

This chapter asks whether fiscal transfers within the monetary union can be designed to stabilize employment or consumption following an asymmetric productivity shock. It considers how transfer schemes affect welfare under monetary union in a dynamic general equilibrium with optimizing households and firms and nominal wage rigidities. First, it presents a model of monetary union whose regions are affected by asymmetric shocks. It then analyses the properties of an interregional transfer system channeling demand from regions enjoying a positive shock to regions suffering from a negative shock.

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References

1992International Real Business Cycles 1995Fiscal flows in the United States and Canada: Lessons for monetary union in Europe 1996Federal Fiscal Constitutions: Risk Sharing and Moral Hazard 1996Federal Fiscal Constitutions: Risk Sharing and Redistribution 1998Regional non-adjustment and fiscal policy 1992Fiscal arrangements in a monetary union: evidence from the US 1993Labor markets and European monetary unification 1991Monetary Union and Fiscal Policy Discipline

Cited by

2003Intergovernmental transfers and fiscal behavior insurance versus aggregate discipline 2002Monetary union: European lessons, Latin American prospects 2016Fiscal transfers in a monetary union with sovereign risk 2011Federal fiscal transfer rules in monetary unions 2003Reforming EMU's fiscal policy rules; some suggestions for enhancing fiscal sustainability and macroeconomic stability in an enlarged European Union

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