Fiskal- und Geldpolitik auf dem Weg zur Europäischen Währungsunion

SZENARIEN DER EUROPAISCHEN WAHRUNGSUNION UND DER BANKENREGULEIRUNG, SCHRIFTEN DES VEREINS FUR SOCIALPOLITIK, D. Duwendag, ed., Duncker & Humblot, Berlin, 1997

Posted: 17 May 2009 Last revised: 30 May 2010

See all articles by Jürgen von Hagen

Jürgen von Hagen

University of Bonn

Stefan Lutz

Lutz-Econ; HMKW University

Date Written: 1997

Abstract

We present the results of simulating fiscal adjustment to the Maastricht criteria in the European economies. Simulations are based on a rational-expectations model of the G7 economies. We find that an effort to achieve the fiscal criteria inflicts pronounced recessions on the European economies, is incompatible with a return to fixed exchange rates in Europe, and may run counter the inflation criteria for monetary union.

Keywords: European Union, Maastricht criteria, fiscal policy, monetary policy, exchange rates

JEL Classification: E, F

Suggested Citation

Hagen, Jürgen von and Lutz, Stefan, Fiskal- und Geldpolitik auf dem Weg zur Europäischen Währungsunion (1997). SZENARIEN DER EUROPAISCHEN WAHRUNGSUNION UND DER BANKENREGULEIRUNG, SCHRIFTEN DES VEREINS FUR SOCIALPOLITIK, D. Duwendag, ed., Duncker & Humblot, Berlin, 1997, Available at SSRN: https://ssrn.com/abstract=1405306

Jürgen von Hagen

University of Bonn ( email )

Regina-Pacis-Weg 3
Postfach 2220
Bonn, D-53012
Germany

Stefan Lutz (Contact Author)

Lutz-Econ ( email )

Ringstrasse 6
Gernsheim, Hessen 64579
Germany
+4915146672069 (Phone)

HOME PAGE: http://lutz-econ.de

HMKW University ( email )

Department of Economics
Solmsstrasse 6
Frankfurt, Hessen 60486
Germany
+4915146672069 (Phone)

HOME PAGE: http://https://www.hmkw.de/

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