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The Advantages of Fiscal Leadership in an Economy with Independent Monetary Policies

In: Economic Models Methods, Theory and Applications

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  • Andrew Hughes Hallet

    (James Mason University, USA)

Abstract

The following sections are included:IntroductionThe Fiscal Leadership HypothesisInstitutional Evidence: The Treasury's MandateHistoryCurrent PracticeEmpirical EvidenceMonetary ResponsesDifferent Types of LeadershipObserved BehaviorFiscal Reaction Functions in the UK and EurozoneTheoretical Evidence: A Model of Fiscal LeadershipThe Economic Model and Policy ConstraintsAn Alternative InterpretationGovernment and Central Bank ObjectivesInstitutional Design and Policy ChoicesStage 1Stage 2The Gains from Fiscal LeadershipThe Co-Ordination EffectEmpirical EvidenceConclusionsReferencesAppendix A: Data Sources for Table 3Appendix B: Derivation of the Change in Fiscal Stance Between Regimes

Suggested Citation

  • Andrew Hughes Hallet, 2009. "The Advantages of Fiscal Leadership in an Economy with Independent Monetary Policies," World Scientific Book Chapters, in: Dipak Basu (ed.), Economic Models Methods, Theory and Applications, chapter 4, pages 69-100, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789812836465_0004
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