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Endogenous Growth and European Fiscal Rules


Afonso, Oscar Joao; Alves, Rui Henrique


Bitte beziehen Sie sich beim Zitieren dieses Dokumentes immer auf folgenden Persistent Identifier (PID):http://nbn-resolving.de/urn:nbn:de:0168-ssoar-242091

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Abstract We develop a general equilibrium endogenous growth model of a monetary union between two countries that differ in economic dimension and level of development. By solving transitional dynamics towards the steady state, we examine the impact of fiscal shocks that may lead to excessive deficits. Results suggest that the individual and the whole impact of such deficits depend on which country they occur. In such context, we argue that the small and less developed country should be allowed to temporarily run an excessive deficit, in order to improve economic convergence within the union.
Klassifikation Volkswirtschaftstheorie; Wirtschaftspolitik; Öffentliche Finanzen und Finanzwissenschaft
Publikationsjahr 2009
Seitenangabe S. 849-858
Zeitschriftentitel Applied Economics, 41 (2009) 7
DOI http://dx.doi.org/10.1080/00036840701604503
ISSN 1466-4283
Status Postprint; begutachtet (peer reviewed)
Lizenz PEER Licence Agreement (applicable only to documents from PEER project)