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|z 9781484312131
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|a 1018-5941
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|c BD-DhAAL
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|a Engler, Philipp.
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|a Fiscal Devaluation in a Monetary Union /
|c Philipp Engler, Giovanni Ganelli, Juha Tervala, Simon Voigts.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 2014.
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|a 1 online resource (33 pages)
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|a IMF Working Papers
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|a <strong>Off-Campus Access:</strong> No User ID or Password Required
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|a <strong>On-Campus Access:</strong> No User ID or Password Required
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|a Electronic access restricted to authorized BRAC University faculty, staff and students
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|a Using a DSGE model calibrated to the euro area, we analyze the international effects of a fiscal devaluation (FD) implemented as a revenue-neutral shift from employer's social contributions to the Value Added Tax. We find that a FD in 'Southern European countries' has a strong positive effect on output, but mild effects on the trade balance and the real exchange rate. Since the benefits of a FD are small relative to the divergence in competitiveness, it is best addressed through structural reforms.
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| 538 |
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|a Mode of access: Internet
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|a Ganelli, Giovanni.
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|a Tervala, Juha.
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|a Voigts, Simon.
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|a IMF Working Papers; Working Paper ;
|v No. 2014/201
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| 856 |
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/2014/201/001.2014.issue-201-en.xml
|z IMF e-Library
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