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- W4309047225 abstract "We study the stabilization properties and welfare implications of a fiscal capacity in a New Keynesian model for a monetary union. A novel feature of the model is that access to the fiscal capacity is conditional on a country’s public debt accumulation being sufficiently low. Likewise, the national fiscal effort to stabilize debt is more ambitious at higher debt levels. We show that the fiscal capacity reduces union-wide macroeconomic variability and raises union-wide welfare by reducing the incidence of regimes with large (pro-cyclical) fiscal consolidations. Welfare gains are higher under greater trade openness and price stickiness." @default.
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- W4309047225 date "2022-12-01" @default.
- W4309047225 modified "2023-09-26" @default.
- W4309047225 title "A fiscal capacity with endogenous access in a monetary union" @default.
- W4309047225 cites W4249664998 @default.
- W4309047225 doi "https://doi.org/10.1016/j.econlet.2022.110916" @default.
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