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• W2174372234 abstract "We analyze fiscal rules within a Monetary Union in the presence of (i) asymmetric information aboutmember states’ potential output and, therefore, output gap and (ii) bail-out among member states. Inour framework, bail-out lowers the scope for signalling (discrimination) by member states (lenders). Inthe presence of asymmetric information, bail-out and national governments’ shortsightedness make thefirst-best fiscal rule non-implementable as member states are tempted to run excessively high deficits.The Monetary Union designs a mechanism such that member states with high output gap (i.e., in arecession) run higher budget deficits by making an ex-post transfer to the Union. We find that thefirst-best deficit is contingent on the cycle – i.e., on the member state’s output gap – and, all else equal,can be implemented provided the member states’ ability to repay its own debt upon the realization ofa bad shock is sufficiently high. A downward distortion in the deficit run by a member state duringan expansion is otherwise introduced. Finally, the Monetary Union cannot discriminate among types ofborrowers when national governments are excessively shortsighted." @default.
• W2174372234 created "2016-06-24" @default.
• W2174372234 creator A5030960323 @default.
• W2174372234 creator A5057514247 @default.
• W2174372234 date "2015-07-16" @default.
• W2174372234 modified "2023-09-24" @default.
• W2174372234 title "Potential Output and Fiscal Rules in a Monetary Union under Asymmetric Information" @default.
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• W2174372234 doi "https://doi.org/10.6092/unibo/amsacta/4312" @default.
• W2174372234 hasPublicationYear "2015" @default.
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