TY  - JOUR
TI  - Fiscal Stabilization Policy in a Monetary Union with Inflation 
Targeting 
T2  - Journal of Macroeconomics
IS  - 1
KW  - EMU
KW  - fiscal policy stabilisation
KW  - monetary and fiscal policy
KW  - взаимодействие фискальной и монетарной политики
AB  - Policy mix problems may arise in a currency union like the EMU since 
monetary policy (targeting inflation) is centralized and fiscal 
policy (targeting output) is decentralized. This issue is considered 
in a setting allowing for various cross-country interdependencies and 
types of shocks (demand/supply; aggregate/idiosyncratic). An 
inappropriate stabilization of shocks arises, and fiscal policy is 
too counter-cyclical when shocks are aggregate, but insufficiently 
counter-cyclical for idiosyncratic shocks. The stabilization bias is 
increasing in the number of fiscal decision makers when shocks are 
aggregate, but decreasing for idiosyncratic shocks. Numerical 
illustrations show that the cost of non-cooperative fiscal policies 
is higher for aggregate than for idiosyncratic shocks. 
AU  - Andersen, Torben
UR  - http://ecsocman.hse.ru/text/19080493/
PY  - 2005
SP  - 1-29
M2  - 1
VL  - 27
SN  - 
N1  - 
LA  - EN
CY  - 
PB  - 
M3  - 
LB  - 
VL  - 
ER  -