Monetary and Fiscal Policy Interactions in the Euro Area

Michael Carlberg ()
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Michael Carlberg: Helmut Schmidt University, Hamburg, Postal: Department of Economics, Federal University, Holstenhofweg 85, D-22043 Hamburg, Germany, Phone +49 40 6541 2775, Fax +49 40 6541 2043

No 28/2004, Working Paper from Helmut Schmidt University, Hamburg

Abstract: This paper studies the interactions between monetary and fiscal policies in the euro area. The focus is on the union central bank, the German government, and the French government. The policy targets are price stability in the union, full employment in Germany, and full employment in France. The policy instruments are union money supply, German government purchases, and French government purchases. As a rule, the spillovers of fiscal policy are negative. The policy decisions are taken sequentially or simultaneously. This paper carefully discusses the case for central bank independence and fiscal cooperation between Germany and France.

Keywords: European Monetary Union; International Policy Coordination; Monetary Policy; Fiscal Policy (search for similar items in EconPapers)
JEL-codes: E12 E63 F33 F41 F42 (search for similar items in EconPapers)
Pages: 35 pages
Date: 2004-03
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Citations: View citations in EconPapers (4)

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Persistent link: https://EconPapers.repec.org/RePEc:ris:vhsuwp:2004_028

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