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X-WR-CALDESC:Events for CREST
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TZID:Europe/Helsinki
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DTSTART:20240331T010000
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DTSTART;TZID=Europe/Helsinki:20240311T121500
DTEND;TZID=Europe/Helsinki:20240311T133000
DTSTAMP:20260710T214516
CREATED:20240131T074344Z
LAST-MODIFIED:20240201T082338Z
UID:16563-1710159300-1710163800@crest.science
SUMMARY:Sebastian  SCHMIDT (European Central Bank) "Fiscal Backing for Price Stability in a Monetary Union"
DESCRIPTION:Macro seminar\nTime : 12h15 – 13h30 \nDate : 11 Mars 2024 \nSalle 3001 \nSebastian SCHMIDT (European Central Bank) “Fiscal Backing for Price Stability in a Monetary Union” \nAbstract: 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\nthe national policies and the common policy to provide fiscal backing reliably.\n \nOrganizer Olivier LOISEL (CREST)  \n
URL:https://crest.science/event/sebastian-schmidt-european-central-bank-t-b-a/
CATEGORIES:Macroeconomics,Seminars
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