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1、JournalofInternationalEconomics67(2005)320352www.elsevier.com/locate/econbaseMonetaryandfiscalpolicyinteractionsinamicro-foundedmodelofamonetaryunionRoelM.W.J.Beetsmaa,*,HenrikJensenb,1aUniversityofAmsterdam,CEPRandCESifo,NetherlandsbUniversityofCopenhagen,CEPRandEPRU,DenmarkReceived3January2003;rec
2、eivedinrevisedform18February2004;accepted20March2005AbstractThispaperanalyzesindetailthemechanismsbehindfiscalstabilizationpolicyandtheroleofpolicycommitmentinamicro-foundedNew-Keynesianmodelofatwo-countrymonetaryunion,whichishitbysupplyshocks.Wealsoexplorethedeterminantsofthegainsfromfiscalstabiliz
3、ation.Whilemonetarypolicywithidenticalunionmembersisconcernedwithstabilizingtheunion-wideeconomy,fiscalpolicyaimsatstabilizinginflationdifferencesandthetermsoftrade.Besidesexploringoptimalpolicies,wealsoconsidermonetaryandfiscalrules.Westudytheserulesbothundercoordinationandnon-coordinationbythefisc
4、alauthorities.D2005ElsevierB.V.Allrightsreserved.Keywords:Optimalmonetaryandfiscalpolicies;Rules;Commitment;Discretion;MonetaryunionJELclassification:E52;E61;E62;E63;F33*Correspondingauthor.DepartmentofEconomics,UniversityofAmsterdam,Roetersstraat11,1018WBAmsterdam,TheNetherlands.Tel.:+31205255280;f
5、ax:+31205254254.E-mailaddresses:R.M.W.J.Beetsma@uva.nl(R.M.W.J.Beetsma),Henrik.Jensen@econ.ku.dk(H.Jensen).URLs:http://wwwl.fee.uva.nl/toe/content/people/beetsma.shtm(R.M.W.J.Beetsma),http://www.econ.ku.dk/personal/henrikj/(H.Jensen).1Mailingaddress:InstituteofEconomics,UniversityofCopenhagen,Studie
6、straede6,DK-1455CopenhagenK,Denmark.Tel.:+4535323043;fax:+4535323000.0022-1996/$-seefrontmatterD2005ElsevierB.V.Allrightsreserved.doi:10.1016/j.jinteco.2005.03.001R.M.W.J.Beetsma,H.Jensen/JournalofInternationalEconomics67(2005)320–3523211.IntroductionAnextensiveamountofworkhasnowbeendoneonmonetarypo
7、licyinmicro-founded2modelswithstickyprices.However,thisliteraturehassofarpaidlittleattentiontotheroleoffiscalpolicyinmulti-countryversionsofthesemodelsandhowmonetaryandfiscalpolicyinteractinthestabili
