Essays on monetary and fiscal policy interaction

Applications to EMU and Eastern Europe

B. van Aarle

Research output: ThesisDoctoral ThesisScientific

278 Downloads (Pure)

Abstract

The interaction of monetary and fiscal policies encompasses much research material and covers a respectable area in theoretical macroeconomics. In this broad research field, three different focuses are discernible. A first line of research studies the dynamic interdependence of monetary and fiscal policy due to the dynamic government budget constraint. The second approach concentrates on the interaction of fiscal and monetary policy regarding the stabilisation of output fluctuations. Finally, a large amount of literature exists on the "public finance view of inflation" which treats monetary policy as part of the tax system which the authorities operate. This Ph.D. thesis develops a number of applications of the theory of monetary and fiscal policy interaction in the context of EMU and transition in Eastern Europe. The first three chapters model the problem of government debt stabilisation in EMU as a dynamic conflict between the fiscal and monetary authorities. A fourth chapter studies output stabilisation in EMU and develops a transfer system to stabilise the effects of asymmetric shocks. The remaining chapters study the "public finance view of inflation" and develop applications with respect to the design of monetary policy in the economies in transition and developing countries.
Original languageEnglish
QualificationDoctor of Philosophy
Awarding Institution
  • Tilburg University
Supervisors/Advisors
  • Huizinga, Harry, Promotor
Award date17 Dec 1996
Place of PublicationTilburg
Publisher
Print ISBNs9056680234
Publication statusPublished - 1996

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Monetary and fiscal policy
Stabilization
Eastern Europe
Interaction
Authority
Public finance
Inflation
Monetary policy
Tax system
Interdependence
Transition countries
Developing countries
Fiscal
Macroeconomics
Field research
Asymmetric shocks
Government budget
Output fluctuations
Budget constraint
Government debt

Cite this

van Aarle, B. (1996). Essays on monetary and fiscal policy interaction: Applications to EMU and Eastern Europe. Tilburg: CentER, Center for Economic Research.
van Aarle, B.. / Essays on monetary and fiscal policy interaction : Applications to EMU and Eastern Europe. Tilburg : CentER, Center for Economic Research, 1996. 271 p.
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van Aarle, B 1996, 'Essays on monetary and fiscal policy interaction: Applications to EMU and Eastern Europe', Doctor of Philosophy, Tilburg University, Tilburg.

Essays on monetary and fiscal policy interaction : Applications to EMU and Eastern Europe. / van Aarle, B.

Tilburg : CentER, Center for Economic Research, 1996. 271 p.

Research output: ThesisDoctoral ThesisScientific

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T2 - Applications to EMU and Eastern Europe

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AB - The interaction of monetary and fiscal policies encompasses much research material and covers a respectable area in theoretical macroeconomics. In this broad research field, three different focuses are discernible. A first line of research studies the dynamic interdependence of monetary and fiscal policy due to the dynamic government budget constraint. The second approach concentrates on the interaction of fiscal and monetary policy regarding the stabilisation of output fluctuations. Finally, a large amount of literature exists on the "public finance view of inflation" which treats monetary policy as part of the tax system which the authorities operate. This Ph.D. thesis develops a number of applications of the theory of monetary and fiscal policy interaction in the context of EMU and transition in Eastern Europe. The first three chapters model the problem of government debt stabilisation in EMU as a dynamic conflict between the fiscal and monetary authorities. A fourth chapter studies output stabilisation in EMU and develops a transfer system to stabilise the effects of asymmetric shocks. The remaining chapters study the "public finance view of inflation" and develop applications with respect to the design of monetary policy in the economies in transition and developing countries.

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SN - 9056680234

T3 - CentER Dissertation Series

PB - CentER, Center for Economic Research

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van Aarle B. Essays on monetary and fiscal policy interaction: Applications to EMU and Eastern Europe. Tilburg: CentER, Center for Economic Research, 1996. 271 p. (CentER Dissertation Series).