期刊名称：Departmental Discussion Papers / University of Glasgow, Department of Economics
出版年度：2005
卷号：1
出版社：University of Glasgow, Department of Economics
摘要：We asses the extent to which fiscal policy, as automatic stabilisers, can stabilise
national economies within EMU. We use a two-country New Keynesian
DGE model with liquidity constrained consumers, sticky prices, and a home
bias in the composition of national consumption bundles. The model allows
a variety of channels for fiscal policy, and is estimated using Euro area data.
We analyse the the interaction of monetary and fiscal policies in EMU and
demonstrate that, perhaps surprisingly, macroeconomic adjustment is not always
facilitated by fiscal stabilisers in the case of certain types of shocks. The
stabilising effects of fiscal policy at the national level are strictly dependent
on the existence of home bias in consumption.
