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Zoekopdracht: faculteit: "FEB" en publicatiejaar: "1999"

AuteursR.M.W.J. Beetsma, A.L. Bovenberg
TitelDoes monetary unification lead to excessive debt accumulation?
TijdschriftJournal of Public Economics
FaculteitFaculteit Economie en Bedrijfskunde
Instituut/afd.FEB: Amsterdam School of Economics Research Institute (ASE-RI)
TrefwoordenCommon central bank; Monetary union; Credibility effect; Government myopia; Price-stability weight
BasisclassificatieE52; E58; E61; E62
SamenvattingIf discretionary monetary policy gives rise to an inflation bias, monetary unification boosts the accumulation of public debt. The additional debt accumulation harms welfare if governments are sufficiently myopic. In the presence of myopic governments, debt ceilings play a useful role in avoiding excessive debt accumulation in a monetary union and allowing a conservative, independent central bank to focus on price stability. With supply shocks, monetary unification results in excessive variability of public debt. A debt target that constrains stabilization policy helps to prevent this.
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