Nominal Stability, Real Convergence, and Fiscal Transfers in a Monetary Union

Svend E. Hougaard Jensen

No 98-15, EPRU Working Paper Series from Economic Policy Research Unit (EPRU), University of Copenhagen. Department of Economics

Abstract: This paper studies some macroeconomic policy interactions that may arise in a monetary union where monetary policy - in the hands of a common central bank - is designed so as to stabilize the aggregate price level, while fiscal policy - also operated by a supra-national authority in the form of an inter-member fiscal transfer scheme - is designed so as to limit the divergence between member states’ real output in the face of asymmetric shocks.

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Persistent link: https://EconPapers.repec.org/RePEc:kud:epruwp:98-15

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