Andrés, Javier; Ballabriga, Fernando; Vallés, Javier - Directorate-General Economic and Financial Affairs, … - 2002
exchange rates and has also provided a rationale for fiscal restrictions in a monetary union. This paper extends the main … results of this theory in the context of an open monetary union model. First, it analyzes solutions to the indeterminacy of … consequences for the monetary union of fiscal misdirection in one of its members. …