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Fiscal Policy in EMU: Simulating the Operation of the Stability Pact.

  • Economics
  • Mathematics


We study the prospective operation of the Stability Pact by stochastic simulation. Using a forward-looking multi-country macroeconometric model, NiGEM, comprising individual blocks for 10 Euroland economies, the Pact's provisions are formalized in detail, and alternative monetary and fiscal rules are compared.

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