Macroeconomic stabilization policies in the EMU : spillovers, asymmetries, and institutions

Arbeitspapier

This paper studies the institutional design of the coordination of macroeconomic stabilization policies within a monetary union in the framework of linear quadratic differential games. A central role in the analysis plays the partitioned game approach of the endogenous coalition formation literature. The specific policy recommendations in the EMU context depend on the particular characteristics of the shocks and the economic structure. In the case of a common shock, fiscal coordination or full policy coordination is desirable. When asymmetric shocks are considered, fiscal coordination improves the performance but full policy coordination doesn?t produce further gains in policymakers? welfare.

Angaben zum Objekt

• Sprache: Englisch

Verweise und Beziehungen

• Erschienen in: Series: CESifo Working Paper ; No. 1376

Klassifikation und Themen

• Klassifikation: Wirtschaft ; Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy ; Policy Objectives; Policy Designs and Consistency; Policy Coordination ; Central Banks and Their Policies ; General Aggregative Models: Forecasting and Simulation: Models and Applications ; Game Theory and Bargaining Theory: General
• Thema: macroeconomic stabilization ; EMU ; coalition formation ; linear quadratic differential games ; Konjunkturpolitik ; Europäische Wirtschafts- und Währungsunion ; Internationale wirtschaftspolitische Koordination ; Geldpolitik ; Finanzpolitik ; Koalition ; Nichtkooperatives Spiel ; Asymmetrische Information ; Schock ; Theorie

Beteiligte, Orts- und Zeitangaben

• Ereignis: Geistige Schöpfung
• (wer): Di Bartolomeo, Giovanni ; Engwerda, Jacob ; Plasmans, Joseph ; van Aarle, Bas ; Michalak, Tomasz
• Ereignis: Veröffentlichung
• (wer): Center for Economic Studies and ifo Institute (CESifo)
• (wo): Munich
• (wann): 2005

Weitere Informationen

• Handle: http://hdl.handle.net/10419/18740
• Letzte Aktualisierung: 10.03.2025, 11:42 MEZ