A Role of Optimal Fiscal Policy and Its Rule under Optimal Monetary Policy in Euro Zone

本文通过建立动态随机一般均衡下的欧洲货币区现状模型，从理论上验证了财政政策最小化福利成本的效果和财政政策的实施规则。我们发现，从福利成本最小化的角度来看，非贸易品的份额越高，财政政策的作用就越重要，尽管从这一角度来看，合作财政政策是多余的。

This research agenda verifies effects of fiscal policy minimizing welfare costs and implementation rules of that fiscal policy theoretically by developing the model regarding current situation in European Monetary Zone following Dynamic Stochastic General Equilibrium. We found that the higher the share of non-tradable goods the higher the importance of the role of fiscal policy from the view point of minimizing welfare costs, although cooperative fiscal policy is redundant from that view point.