| Titre | UEM et coordination des politiques budgétaires | |
|---|---|---|
| Auteur | Frédéric Gavrel, Jean Bensaïd | |
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Revue | Economie et prévision |
| Numéro | no 109, 1993/3 | |
| Rubrique / Thématique | Essais sur l'Union Économique et Monétaire |
|
| Page | 47-56 | |
| Résumé anglais |
EMU and the Coordination of Budgetary Policies,
by Jean Bensaid and Frédéric Gavrel.
Although the Maastricht Treaty provides for extremely close co-ordination between the monetary policies of the EMU Member States, it is restricted from a budgetary point of view to regulating the level of deficit and public debt. Yet budgetary policy is the only tool available for countering a macroeconomic shock. This article uses a two-country neo-Keynesian model to show that only supply shocks pose a real problem for the co-ordination of budgetary policies under monetary union. Whether symmetrical or asymmetrical, such shocks necessarily lead to excessive public deficits. This is because the autonomy of budgetary policies prevents the governments from seeing the true inflation/unemployment arbitrage that underlies their decisions. Source : Éditeur (via Persée) |
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| Article en ligne | http://www.persee.fr/web/revues/home/prescript/article/ecop_0249-4744_1993_num_109_3_5621 |
