The Welfare Effect of Fiscal Constraints in Monetary Union

Yang Pu (2012). The Welfare Effect of Fiscal Constraints in Monetary Union Master's Thesis, School of Economics, The University of Queensland.

       
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Author Yang Pu
Thesis Title The Welfare Effect of Fiscal Constraints in Monetary Union
School, Centre or Institute School of Economics
Institution The University of Queensland
Publication date 2012-06-12
Thesis type Master's Thesis
Supervisor Shino Takayama
Total pages 37
Language eng
Subjects 14 Economics
Formatted abstract

This paper adopts a general equilibrium model to figure out the welfare implications of fiscal constraints on national budgetary deficit and sovereign debt to member countries. The model demonstrates that even though the national governments and the central bank can keep the price level stable in both regional and union levels under fiscal restrictions, the social welfare loss is higher than the one in a non-constraints regime, compared with the bench mark steady state. 

Keyword Monetary Union
Fiscal Constraints
General Equilibrium Model

Document type: Thesis
Collection: UQ Theses (non-RHD) - UQ staff and students only
 
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