Optimal Monetary and Fiscal Policy in a Currency Union

By Jordi Galí, Tommaso Monacelli. 2005

557 citations recorded by the source corpus.

Subfields: Economics and Econometrics, Finance

View Paper: https://www.semanticscholar.org/paper/f32b88d5c4ef63503aa436bc39b23bfaef667da9

How researchers see this paper

The researchers whose trusted networks rank it highest, strongest advocate first. Every researcher gets a different order.

In Economics and Econometrics

1. Emmanuel Farhi
2. Manuel Amador
3. Mark Aguiar
4. I. Werning
5. Benjamin Born
6. Falko Juessen
7. Nikolai Stähler
8. Gita Gopinath

In Finance

1. Manuel Amador
2. Emmanuel Farhi
3. Mark Aguiar
4. I. Werning
5. Gita Gopinath
6. Nikolai Stähler
7. Falko Juessen
8. Carlos Thomas

Citations in the corpus

• The Effects of Discretionary Fiscal Policy on Macroeconomic Aggregates: A Reappraisal (2011, unknown): “Further, some studies derive the optimal policy mix particularly for a currency union; for example Beetsma and Jensen (2005), Galí and Monacelli (2008) and Ferreo (2009).”
• Dealing with the Trilemma: Optimal Capital Controls with Fixed Exchange Rates (2012, unknown): “We build on the framework by Gali and Monacelli (2005, 2008), who develop a model composed of a continuum of open economies.”
• The Macroeconomic Costs and Benefits of the EMU and Other Monetary Unions: An Overview of Recent Research (2010, unknown): “Other related contributions are Evi Pappa and Vanghelis Vassilatos (2007), Jordi Galí and Tommaso Monacelli (2008), and Andrea Ferrero (2009).”
• Coordination and Crisis in Monetary Unions (2015, background): “There exists an important literature jointly analyzing fiscal and monetary policies in a monetary union in the presence of New Keynesian frictions such as for example Beetsma and Jensen (2005), Gali and Monacelli (2008), Ferrero (2009) and Farhi and Werning (2013).”
• Fiscal Stimulus in a Monetary Union: Evidence from U.S. Regions (2014, unknown): “Our model is a relatively standard New Keynesian model that builds on the framework developed in, e.g., Obstfeld and Rogoff (1995), Chari, Kehoe, and McGrattan (2002), Benigno and Benigno (2003), Woodford (2003), Benigno and Woodford (2005) and Gali and Monacelli (2008).”
• FiMod - a DSGE Model for Fiscal Policy Simulations (2012, methodology): “Second, mild countercyclical policy responses have a stabilizing and welfare-enhancing effect (see also Leith and WrenLewis, 2007, Straub and Tchakarov, 2007, or Galí and Monacelli, 2008).”
• Dilemma Not Trilemma? Capital Controls and Exchange Rates with Volatile Capital Flows (2014, background): “We build on Farhi and Werning (2012), which in turn builds on the framework by Gali and Monacelli (2005, 2008).”
• Exchange Rate Regimes and Fiscal Multipliers (2013, methodology): “Our estimates for the government spending multipliers fall well within the range documented by various studies on the basis of alternative identification schemes, see, for instance, the overview provided by Hall (2009). As discussed above, Ilzetzki et al.”
• Jump-Starting the Euro-Area Recovery: Would a Rise in Core Fiscal Spending Help the Periphery? (2015, unknown): “Similar to Gali and Monacelli (2008), our model assumes that financial markets are complete both domestically and internationally, that producers set the same price in both the home and foreign market (producer currency pricing), and that monopolistically competitive firms are subject to…”