Fiscal Policy and EMU. by Allsopp, C, Vines, D

The Macroeconomic Role of Fiscal Policy. by Allsopp, C, Vines, D

“…This article examines the new consensus that fiscal policy should have no macroeconomic role in "flexible inflation targeting" regimes. …”

The Interactions between Fiscal Policy and Monetary Policy. by Kirsanova, T, Stehn, S, Vines, D

“…This paper studies the interactions of fiscal policy and monetary policy when they stabilize a single economy against shocks in a dynamic setting. …”

Optimal Fiscal Policy Rules in a Monetary Union. by Kirsanova, T, Satchi, M, Vines, D, Wren-Lewis, S

“…This paper investigates the importance of fiscal policy in providing macroeconomic stabilization in a monetary union. …”

Optimal Fiscal Policy Rules in a Monetary Union. by Kirsanova, T, Satchi, M, Vines, D, Wren-Lewis, S

“…This paper investigates the importance of fiscal policy in providing macroeconomic stabilisation in a monetary union. …”

Fiscal Policy and Macroeconomic Stability Within a Currency Union. by Kirsanova, T, Vines, D, Wren-Lewis, S

“…This cyclical instability can be mitigated if fiscal policy in each member country reacts to inflation differences, but it can be aggravated if fiscal feedback on debt is too strong.…”

Five-Equation Macroeconomics: A Simple View of the Interactions Between Fiscal Policy and Monetary Policy. by Kirsanova, T, Stehn, S, Vines, D

Monetary Policy and Fiscal Policy: Impact Effects with a New Keynesian 'Assignment' of Weapons to Targets. by Meade, J, Vines, D

“…There are two instruments, monetary policy (the short-term interest rate) and fiscal policy (the rate of income tax). The assignment problem considers whether fiscal policy should be used to control inflation, leaving monetary policy to affect the accumulation of wealth, or whether these roles should be reversed. …”

Monetary Union: Fiscal Stabilization In The Face of Asymmetric Shocks. by Kirsanova, T, Satchi, M, Vines, D

“…This Paper investigates the importance of fiscal policy in providing macroeconomic stabilisation in a monetary union. …”

Kohl, Reagan, and Open Economy Macroeconomics: Revisiting Rules for Fiscal and Monetary Policy. by Tirelli, P, Vines, D

“…The second regime adds to this fiscal policy assigned to controlling the external balance. …”

Wealth Targets, Exchange Rate Targets and Macroeconomic Policy. by Blake, A, Vines, D, Weale, M

“…Such a policy requires that fiscal policy be used to restrain inflation. This may be difficult if there is real wage resistance. …”

Debt Stabilization Bias and the Taylor Principle: Optimal Policy in a New Keynesian Model with Government Debt and Inflation Persistence. by Stehn, S, Vines, D

“…We analyse optimal monetary and fiscal policy in a New-Keynesian model with public debt and inflation persistence. …”

The Assessment: Macroeconomic Policy. by Allsop, C, Vines, D

“…The theoretical part of the paper presents the basic framework of the approach and explains a number of extensions, including: finding the optimal reaction function, avoiding the problem of inflation bias, the relevance of the Taylor rule, forward-looking expectations, extensions to the open economy, and the interconnections between monetary and fiscal policy. The later parts of the paper contain a detailed discussion of some of the practical and institutional issues involved in the implementation of this new framework.…”

Debt Stabilization Bias and the Taylor Principle: Optimal Policy in a New Keynesian Model with Government Debt and Inflation Persistence. by Stehn, S, Vines, D

“…This has two important implications for monetary and fiscal policy. First, in a high-debt economy, it may be optimal for discretionary monetary policy to cut the interest rate in response to a cost-push shock--thereby violating the Taylor principle--although this will not be true if inflation is significantly persistent. …”

North-South Interaction and Commod Control. by Kanbur, R, Vines, D

“…The paper also examines whether fiscal policy in the North, instead of commodity price stabilisation, could provide equally large improvements in Northern welfare.…”

Debt Stabilisation Bias and the Taylor Principle: Optimal Policy in a New Keynesian Model with Government Debt and Inflation Persistence. by Stehn, S, Vines, D

“…This has two important implications for monetary and fiscal policy. First, in a high-debt economy, it may be optimal for discretionary monetary policy to cut the interest rate in response to a cost-push shock--thereby violating the Taylor principle--although this will not be true if inflation is significantly persistent. …”

Debt Stabilisation Bias and the Taylor Principle: Optimal Policy in a New Keynesian Model with Government Debt and Inflation Persistence. by Stehn, S, Vines, D

“…This has two important implications for monetary and fiscal policy. First, in a high-debt economy, it may be optimal for discretionary monetary policy to cut the interest rate in response to a cost-push shock--thereby violating the Taylor principle--although this will not be true if inflation is significantly persistent. …”

On the Possible Costs of European Monetary Union. by Hallett, A, Vines, D

“…Price stability requires tougher monetary controls, while output stability is critically dependent on active (and coordinated) fiscal policies. Thus the key is to increas e the effectiveness of existing policies. …”