@ARTICLE{Chortareas_Georgios_Fiscal_2011,
 author={Chortareas, Georgios and Mavrodimitrakis, Christos},
 number={No 1},
 journal={Central European Journal of Economic Modelling and Econometrics},
 pages={1-24},
 howpublished={online},
 year={2011},
 publisher={Oddział PAN w Łodzi},
 abstract={We consider fiscal and monetary policy interactions in a monetary unionunder monetary leadership, when the common central bank is concerned with theaverage fiscal stance of the union. We use a static two-country monetary unionmodel to investigate the policy-mix problem under different regimes of non-cooperation, cooperation, and enforced cooperation among fiscal authorities.We find that fiscal policy is unambiguously countercyclical, a feature that ismore pronounced under fiscal policy cooperation. Monetary policy can be eithercountercyclical or procyclical. A central bank concerned about the aggregatefiscal stance is effective in stabilizing output and central budget, but at theexpense of inflation stabilization.},
 type={Artykuły / Articles},
 title={Fiscal Policies and Monetary Leadership in a Monetary Union with a Deficit-Concerned Central Bank},
 URL={http://journals.pan.pl/Content/103784/PDF-MASTER/mainFile.pdf},
 doi={10.24425/cejeme.2011.119300},
 keywords={strategic interactions, EMU, monetary leadership, fiscal cooperation, central bank's objectives},
}