Fiscal Devaluation in a Monetary Union

Fiscal Devaluation in a Monetary Union
Using a DSGE model calibrated to the euro area, we analyze the international effects of afiscal devaluation (FD) implemented as a revenue-neutral shift from employer's socialcontributions to the Value Added Tax. We find that a FD in 'Southern European countries'has a strong positive effect on output, but mild effects on the trade balance and the... READ MORE...

Publication date: October 2014
ISBN 9781484312131
$18.00

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