Optimal Monetary and Fiscal Policy in a Currency Union
Optimal Monetary and Fiscal Policy in a Currency Union
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货币联盟中的最优货币和财政政策
DOI：
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发表时间：
2005
期刊：
影响因子：
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通讯作者：
Tommaso Monacelli
中科院分区：
文献类型：
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作者：
Jordi Galí;Tommaso Monacelli
我们提出了一个易于处理的模型来分析货币联盟中最优的货币和财政政策。货币当局为欧盟设定共同利率，而财政政策则通过选择政府支出在国家层面实施。在存在特定国家冲击和名义刚性的情况下，从整个联盟的角度来看，最优的政策组合要求共同中央银行在联盟层面稳定通胀，而财政政策则具有特定国家的稳定作用，这种作用超出了有效提供公共产品的范围。
We lay out a tractable model for the analysis of optimal monetary and fiscal policy in a currency union. The monetary authority sets a common interest rate for the union, whereas fiscal policy is implemented at the country level, through the choice of government spending. In the presence of country-specific shocks and nominal rigidities, the policy mix that is optimal from the viewpoint of the union as a whole requires that inflation be stabilized at the union level by the common central bank, whereas fiscal policy has a country-specific stabilization role, one beyond the efficient provision of public goods.