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Christian-Albrechts-Universität zu Kiel

Institut für Volkswirtschaftslehre - Department of Economics
Economics Working Papers

Economics Working Papers: Abstract 2005-19


Nummer

2005-19

Autoren

Hans-Werner Wohltmann

 

Titel

 

Dynamische Effekte der Geld-und Fiskalpolitik in einem asymmetrischen Drei-Länder-Modell mit einer Währungsunion
Abstract This paper analyzes the international transmission of anticipated monetary and fiscal policy in the framework of an asymmetric dynamic three-country model with monetary union. The monetary union consists of two large member countries with an asymmetric macroeconomic structure both on the demand and supply side. The paper explicitly solves the asymmetric macroeconomic model using a generalization of the well-known decomposition method of Aoki (1981) to the three-country case. It is shown that the international transmission both of an anticipated unilateral increase in the growth rate of the union money stock and in government expenditure is negative over a large period of time. Within the monetary union intertemporal reversals in the relative effectiveness of policy on member country outputs occur. It is further shown that an international coordination of monetary policy is able to stabilize the output development in the three countries induced by unilateral fiscal policy expansion.

Keywords: Monetary Union, Monetary Policy, Fiscal Policy, Policy Coordination

JEL classification: E58, F41

 

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