Should Central Banks Care About Fiscal Rules?
NBER Working Paper No. 22800
This essay aims to explain the nature of monetary and fiscal policy interactions and how those interactions could inform the fiscal rules that countries choose to follow. It makes two points: (1) monetary policy control of inflation requires appropriate fiscal backing; (2) European fiscal frameworks appear unlikely to provide the necessary fiscal backing.
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Document Object Identifier (DOI): 10.3386/w22800
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