Monetary Discipline as a Substitute for Fiscal Reforms and Market Liberalisations

Alberto Dalmazzo

Economic Notes, 2014, vol. 43, issue 3, 193-210

Abstract: type="main" xml:lang="en">

In an economy with wage-setting unions where the government has gains from redistribution, we analyse the incentive of incumbent politicians to implement monetary discipline (e.g. by joining a monetary union) against the adoption of fiscal reforms, or deregulation in product markets. We show that monetary discipline can be a ‘substitute’ both for better (i.e. less distortionary) fiscal policies and for deregulation in product markets.

Date: 2014
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