Quelle cible de déficit dans la zone euro ?. Les enseignements d'un modèle à deux pays

This paper proposes a static model of a monetary union of two countries subject to symmetric and asymmetric shocks as an attempt to establish the relevance of the propositions concerning the structural deficit target for the Euro zone. Our model shows that the choice of the deficit target depends heavily on both the Central Bank preferencies and the sign and scope of the fiscal policy spillovers between the Union members.Classification JEL : E 52, E 62, E 63, F 42