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  1. When the Taylor principle is insufficient
    a benchmark for the fiscal theory of the price level in a monetary union
    Author: Brede, Maren
    Published: 2014
    Publisher:  SFB 649, Economic Risk, Berlin

    This paper derives restrictions on monetary and fiscal policies for determinate equilibria in a two-country monetary union with autarkic members. It finds that a central bank following the Taylor principle may not be sufficient for determinacy unless... more

    Location:
    Staats- und Universitätsbibliothek Bremen
    Inter-library loan:
    No inter-library loan

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 86 (2014,69)
    Inter-library loan:
    No inter-library loan

     

    This paper derives restrictions on monetary and fiscal policies for determinate equilibria in a two-country monetary union with autarkic members. It finds that a central bank following the Taylor principle may not be sufficient for determinacy unless accompanied by one 'active' fiscal authority in the sense of Leeper (1991). Alternatively, both fiscal authorities can be 'active' while the central bank abandons the Taylor principle. The two determinate equilibria have significantly different implications for the transmission of fiscal and monetary shocks and for the fiscal theory of the price level in a monetary union.

     
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    Content information
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/107923
    Series: SFB 649 discussion paper ; 2014-069
    Subjects: Fiscal theory; monetary union; policy coordination; indeterminacy
    Scope: Online-Ressource (8 S.), graph. Darst.
  2. Openness and the (inverted) aggregate demand logic
    Author: Boerma, Job
    Published: 2014
    Publisher:  DNB, Amsterdam

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    W 1612 (436)
    Inter-library loan:
    Unlimited inter-library loan, copies and loan
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Print
    Series: DNB working paper ; 436
    Subjects: Taylor Principle; openness; indeterminacy; limited asset market participation
    Scope: 65 S., graph. Darst.