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Fiscal Devaluation in a Monetary Union

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by Philipp Engler & Giovanni Ganelli
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Fiscal Devaluation in a Monetary Union by Philipp Engler & Giovanni Ganelli

Using a DSGE model calibrated to the euro area, we analyze the international effects of a fiscal devaluation (FD) implemented as a revenue-neutral shift from employer's social contributions to the Value Added Tax. We find that a FD in ?Southern European countries? has a strong positive effect on output, but mild effects on the trade balance and the real exchange rate. Since the benefits of a FD are small relative to the divergence in competitiveness, it is best addressed through structural reforms.

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Ebook Details
Pages: 33
Size: 1.5 MB
Publisher: INTERNATIONAL MONETARY FUND
Date published:   2014
ISBN: 9781498336352 (DRM-EPUB)

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This product is listed in the following categories:

Nonfiction > Business & Economics > Economics
Nonfiction > Business & Economics > International > Economics
Nonfiction > Business & Economics > Economics > Macroeconomics

These authors have products in the following categories:

Nonfiction > Business & Economics
Nonfiction > Business & Economics > Economics
Nonfiction > Business & Economics > International > Economics
Nonfiction > Business & Economics > Economics > Macroeconomics
Nonfiction > Business & Economics > Corporate Governance

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05/25/2017
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