The paper investigates whether the policy framework adopted by the EMU participating countries might create recessive tendencies. First, we check the existence of a deflationary bias by separately analysing monetary and fiscal policy. The analysis of monetary policy focuses on a backward- and a...

In this article we study the conduct of monetary policy by adopting a monetary union model in which we assume that, departing form the dominant literature, the central bank is directly concerned also about the national fiscal policies. The novelty of our analysis lies in fact that, on the basis...

In this paper a model connecting fiscal and external imbalances in Euro peripheral countries is presented. The underlying idea is that, after the negative shock of the 2007 financial crisis, the current account position constitutes the main element in originating different behavior of foreign...