|
Title
|
|
|
|
Staying together or breaking apart: policy-makers' endogenous coalitions formation in the European Economic and Monetary Union
| |
|
Author
|
|
|
|
| |
|
Abstract
|
|
|
|
| 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 ¯scal and monetary authorities are formed and what are their e®ects on the stabilization of output and price. In particular, our attention is directed to study the consequences on these issues of di®erent 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 su±cient condition for cooperation. |
| |
|
Language
|
|
|
|
English
| |
|
Source (series)
|
|
|
|
Research paper / Faculty of Applied Economics UFSIA-RUCA ; 2002:013
| |
|
Publication
|
|
|
|
Antwerpen
:
UFSIA
,
2002
| |
|
Volume/pages
|
|
|
|
28 p.
| |
|
Full text (open access)
|
|
|
|
| |
|