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Non-Ricardian fiscal policies in an open monetary union

Author

Listed:
  • Javier Andrés
  • Fernando Ballabriga
  • Javier Vallés

Abstract

The fiscal theory of the price level has challenged the conventional view of that monetary factors drive prices and exchange rates and has also provided a rationale for fiscal restrictions in a monetary union. This paper extends the main results of this theory in the context of an open monetary union model. First, it analyzes solutions to the indeterminacy of the exchange rate, some of which have non-standard macroeconomic implications Second, it shows in a calibrated model the consequences for the monetary union of fiscal misdirection in one of its members.

Suggested Citation

  • Javier Andrés & Fernando Ballabriga & Javier Vallés, 2002. "Non-Ricardian fiscal policies in an open monetary union," European Economy - Economic Papers 2008 - 2015 169, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
    • Handle: RePEc:euf:ecopap:0169
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    File URL: https://ec.europa.eu/economy_finance/publications/pages/publication1894_en.pdf
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    Cited by:

    1. Jukka Railavo, 2004. "Effects of the supply-side channel on stabilisation properties of policy rules," Macroeconomics 0404028, University Library of Munich, Germany.

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