Monetary-fiscal policies design and financial shocks in currency unions

IF 2.8 4区经济学 Q1 ECONOMICS Economia Politica Pub Date : 2024-07-18 DOI:10.1007/s40888-024-00337-y

Salvatore Capasso, Pasquale Foresti

引用次数: 0

Abstract

This paper analyzes the design of monetary and fiscal policies in a currency union by focusing on the capacity to react to symmetric and asymmetric financial shocks. The model is constructed in order to mimic the institutional design adopted for the policy making in the EMU. The paper shows how a currency union set-up like the one adopted by the EMU can easily cope with symmetric financial shocks. However, it shows how in the face of asymmetric shocks more space for fiscal interventions is crucial, especially in more peripheral member countries.

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货币联盟的货币-财政政策设计与金融冲击

本文分析了货币联盟中货币和财政政策的设计，重点关注对对称和非对称金融冲击的反应能力。该模型是模仿欧洲货币联盟（EMU）政策制定所采用的制度设计而构建的。本文展示了像欧洲货币联盟所采用的货币联盟结构如何能够轻松应对对称金融冲击。然而，它也说明了在非对称冲击面前，更多的财政干预空间是至关重要的，尤其是在较边缘的成员国。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Economia Politica ECONOMICS-

CiteScore

3.90

自引率

5.60%

发文量

期刊介绍： This journal publishes peer-reviewed articles that link theory and analysis in political economy, promoting a deeper understanding of economic realities and more effective courses of policy action. Established in 1984, the journal has kept pace with the times in disseminating high-quality and influential research aimed at establishing fruitful links between theories, approaches and institutions. With this relaunch (which combines Springer’s worldwide scientific scope with the Italian cultural roots of il Mulino and Fondazione Edison, whose research has been published by the two mentioned publishers for many years), the journal further reinforces its position in the European and international economic debate and scientific community. Furthermore, this move increases its pluralistic attention to the role that – at the micro, sectoral, and macro level – institutions and innovation play in the unfolding of economic change at different stages of development.