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Title Fiscal devaluation in a monetary union / prepared by Philipp Engler [and others]
Published [Washington, D.C.] : International Monetary Fund, [2014]
©2014
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Description 1 online resource (33 pages) : illustrations
Series IMF working paper ; WP/14/201
IMF working paper ; WP/14/201
Summary 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--Abstract
Notes "Asia and Pacific Department."
"October 2014."
Bibliography Includes bibliographical references (pages 31-33)
Notes Online resource; title from pdf title page (IMF.org Web site, viewed November 4, 2014)
Subject Balance of payments -- Europe, Southern -- Econometric models.
Balance of payments -- European Union countries -- Econometric models.
Computable general equilibrium models.
Fiscal policy -- Europe, Southern -- Econometric models.
Fiscal policy -- European Union countries -- Econometric models.
Monetary unions -- European Union countries.
Value-added tax -- Europe, Southern -- Econometric models.
Value-added tax -- European Union countries -- Econometric models.
Form Electronic book
Author Engler, Philipp.
International Monetary Fund. Asia and Pacific Department.
ISBN 1498365566
9781498365567