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discretionary fiscal policy and the european monetary union可自由支配的财政政策和欧洲货币联盟.pdf

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discretionary fiscal policy and the european monetary union可自由支配的财政政策和欧洲货币联盟

Modern Economy, 2012, 3, 742-751 /10.4236/me.2012.36095 Published Online October 2012 (http://www.SciRP.org/journal/me) Discretionary Fiscal Policy and the European Monetary Union Jason Jones Department of Economics, Furman University, Greenville, USA Email: jason.jones@ Received August 10, 2012; revised September 17, 2012; accepted September 26, 2012 ABSTRACT A model of circumstances that can lead to changes in the way a fiscal authority conducts policy after joining a monetary union is presented and empirically tested for the euro area. According to the model consolidation fatigue, shock asym- metry, or differences in the relative weight placed on output/price stabilization between the new and old monetary au- thority can lead to greater reliance on fiscal policy. Empirical evidence suggests that there has been a change in the conduct of fiscal policy in the euro area which is most likely due to consolidation fatigue and a stronger emphasis on price stabilization by the European Central Bank. Keywords: Fiscal Policy; Policy Interaction; EMU 1. Introduction tary authority are different than the former local mone- tary authority. The model also allows for an exogenous The sovereign debt crisis among members of the Euro- change in the preferences of fiscal authorities to account pean Monetary Union (EMU) underscores the need to for consolidation fatigue identified by Hughes-Hallett study fiscal policy in the currency union. In the years and Lewis [2]. immed