The precarious fiscal foundations of EMU

C. A. Sims

doi:10.1023/A:1003819626903

The precarious fiscal foundations of EMU

C. A. Sims

Research output: Contribution to journal › Article › peer-review

32 Scopus citations

Abstract

After a brief overview of the fiscal theory of the price level, we consider the insights it provides into monetary policy formation under certain kinds of deflationary and inflationary stress. Then we consider how the institutions of the EMU are equipped - or unequipped - to deal with such stress. The conclusion is that fiscal institutions as yet unspecified will have to arise or be invented in order for EMU to be a long-term success.

Original language	English (US)
Pages (from-to)	415-436
Number of pages	22
Journal	Economist
Volume	147
Issue number	4
DOIs	https://doi.org/10.1023/A:1003819626903
State	Published - 1999

All Science Journal Classification (ASJC) codes

Economics and Econometrics

Keywords

European monetary union
Fiscal policy
Inflation
Liquidity trap
Monetary policy

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10.1023/A:1003819626903

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The precarious fiscal foundations of EMU

Abstract

All Science Journal Classification (ASJC) codes

Keywords

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