NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Should Central Banks Care About Fiscal Rules?

Eric M. Leeper

NBER Working Paper No. 22800
Issued in November 2016
NBER Program(s):EFG

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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