摘要：This paper develops a monetary-…scal game which stresses the importance of
international spillovers and introduces a double (monetarya nd …scal) credibilitypr
oblem. Models that neglect the inabilityof …scal policymakers to
commit will tend to underestimate the welfare cost of structural distortions.
Due to international spillovers, stochastic shocks mayb e relatively costlyi n
welfare terms, despite the contribution of policys urprises to …nance such
shocks.
