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N° 2001-20 |
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| December |
| The Fiscal Stabilization Policy under EMU
- An Empirical Assessment |
| Arjan Kadareja |
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| The focus of this paper is the empirical
address of some questions linked with the launch of the European Monetary Union
(EMU) and its macroeconomic stability implications for three members ( France,
Germany and Italy )and one possible future member (United Kingdom). First, it
is assessed the degree of symmetry of the shocks that characterized the above
European economies in the recent past. Second, for the above mentioned countries,
there are measured the likely macroeconomic stability effects, implied by the
shift from monetary and exchange rate national policies prior to EMU to the common
monetary policy conducted by ECB. Third, for France, Germany, Italy and UK it
is assessed the potential stabilization role of the fiscal national policies.
Finally, there are measured the effects of the Stability and Growth Pact (SGP)
criteria on the fiscal national policy stabilization role. |
Abstract |
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| EMU, SGP, fiscal policy, stochastic simulations |
Keywords |
| E63, C15, C51 |
JEL classification |
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