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- W3179415652 abstract "With a parsimonious model, we show that three factors, time inconsistency, overborrowing, and self-fulfilling high inflation, contribute to the long-term instability of a monetary union. First, we establish an impossible trinity theorem and show that optimal fiscal policy is time inconsistent. Second, we prove overborrowing by union members because of the externality due to the default institutional policy making arrangement of the union. Third, we demonstrate that overborrowing generates self-fulfilling high inflation. Finally, we provide discussions about our findings." @default.
- W3179415652 created "2021-07-19" @default.
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- W3179415652 date "2018-01-01" @default.
- W3179415652 modified "2023-09-22" @default.
- W3179415652 title "Long-Term Stability of the European Monetary Union: Theoretical Analysis and Policy Recommendations" @default.
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- W3179415652 doi "https://doi.org/10.2139/ssrn.3206304" @default.
- W3179415652 hasPublicationYear "2018" @default.
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