Welsch, Heinz - In: Journal of Economics and Statistics (Jahrbuecher fuer … 220 (2000) 3, pp. 327-342
This paper examines the spillovers of domestic fiscal expansion in a monetary union. Such a policy action leads to cross-country crowding-out effects on the one hand and cross-country multiplier effects on the other. The overall effect is indeterminate a priori. The approach pursued is therefore...