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Fiscal policy when monetary policy is tied to the mast
Uppsala University, Humanistisk-samhällsvetenskapliga vetenskapsområdet, Faculty of Social Sciences, Department of Economics.
1996 (English)In: EUROPEAN ECONOMIC REVIEW, ISSN 0014-2921, Vol. 40, no 7, 1413-1440 p.Article in journal (Refereed) Published
Abstract [en]

This paper analyses the time inconsistency problem of both exchange rate and fiscal policy in a small open economy. The equilibrium under discretion is characterised by inflation and a deficit. Commitment of the exchange-rate instrument only, e.g. through

Place, publisher, year, edition, pages
ELSEVIER SCIENCE BV , 1996. Vol. 40, no 7, 1413-1440 p.
Keyword [en]
time inconsistency; discretion versus commitment; exchange rate policy; fiscal deficits; monetary union; DISCRETION; RULES; MODEL
URN: urn:nbn:se:uu:diva-42912OAI: oai:DiVA.org:uu-42912DiVA: diva2:70815
UNIV STOCKHOLM, INST INT ECON STUDIES, S-10691 STOCKHOLM, SWEDEN. UNIV UPPSALA, DEPT ECON, UPPSALA, SWEDEN.Available from: 2008-10-17 Created: 2008-10-17 Last updated: 2011-01-15

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