Data and Code for: Fiscal Backing for Price Stability in a Monetary Union
Principal Investigator(s): View help for Principal Investigator(s) Bartosz Mackowiak, European Central Bank; Sebastian Schmidt, European Central Bank
Version: View help for Version V1
| Name | File Type | Size | Last Modified |
|---|---|---|---|
| Data_and_Figure_1 | 08/06/2024 10:10:AM | ||
| Model_Eurobonds | 04/23/2024 04:01:AM | ||
| Model_benchmark | 08/06/2024 10:14:AM | ||
| Model_other | 04/23/2024 04:02:AM | ||
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application/pdf | 165.6 KB | 08/06/2024 06:08:AM |
Project Citation:
Mackowiak, Bartosz, and Schmidt, Sebastian. Data and Code for: Fiscal Backing for Price Stability in a Monetary Union. Nashville, TN: American Economic Association [publisher], 2025. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2025-06-06. https://doi.org/10.3886/E201221V1
Project Description
Summary:
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Fiscal backing is the idea that for the price level to be uniquely determined, fiscal policy must
be active (as in Leeper, 1991) at least in some states of the world. We extend the fiscal theory of
the price level to the case of a heterogenous monetary union. Different combinations of national
fiscal policies and a common fiscal policy with “Eurobonds” amount to active fiscal policy for
the union. They all yield price level determinacy, but can have very different implications for
the effects of fiscal and monetary policy. We propose how to coordinate the national policies
and the common policy to provide fiscal backing reliably.
Scope of Project
JEL Classification:
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E31 Price Level; Inflation; Deflation
E63 Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy
F45 Macroeconomic Issues of Monetary Unions
E31 Price Level; Inflation; Deflation
E63 Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy
F45 Macroeconomic Issues of Monetary Unions
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