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

Andrew Hughes Hallet
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Andrew Hughes Hallet: James Mason University, USA
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Chapter 4 in Economic Models:Methods, Theory and Applications, 2009, pp 69-100 from World Scientific Publishing Co. Pte. Ltd.

Abstract: AbstractThe 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

Keywords: Modeling; Econometrics; Mathematical Programming; Time Varying System; Monetary-Fiscal; Inflation; Health Economics; Risk; Management (search for similar items in EconPapers)
Date: 2009
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