Díaz Roldán, Carmen
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Díaz Roldán
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Carmen
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Economía
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Publication Open Access On the insurance function of fiscal policy in a monetary union(2000) Bajo Rubio, Óscar; Díaz Roldán, Carmen; Economía; EkonomiaIn this paper we first review the available literature on the degree of insurance against shocks, provided by the central budget in the federal systems already existing. Next, we discuss the main points raised on the debate about the implementation of an automatic mechanism designed to cope with country-specific shocks in a monetary union, and present a specific proposal of such a mechanism.Publication Open Access A general framework for the macroeconomic analysis of monetary unions(2001) Bajo Rubio, Óscar; Díaz Roldán, Carmen; Economía; EkonomiaThe objective of this paper is to develop a general framework for the macroeconomic modelling of monetary unions, which could be useful for policy analysis, as well as for teaching purposes. Our starting point will be the standard two-country Mundell-Fleming model with perfect capital mobility, extended to incorporate the supply side, and modified so that the money market is common for two countries forming a monetary union. The model is presented in two versions: for a small and a big monetary union, respectively. After solving each model, we will derive multipliers for monetary, real (i. e., demand-side), supply, and external shocks, paying a special attention to the distinction between symmetric and asymmetric shocks. A graphical analysis is also provided.Publication Open Access Fiscal policy and growth revisited: the case of the Spanish regions(1999) Bajo Rubio, Óscar; Díaz Roldán, Carmen; Montávez Garcés, María Dolores; Economía; EkonomiaThis paper presents an assessment of the effects of fiscal policy on economic growth. Starting from a theoretical model in which only those fiscal policy instruments presumed to strictly influence the production process (i. e., public capital and transfers) are incorporated into the production function, we provide an empirical application for the case of the Spanish regions during the period 1967-1991. The results confirm the positive effect of public investment on growth, together with a positive effect of transfers but only for poorer regions.Publication Open Access Insurance mechanisms against asymmetric shocks in a monetary union: an application to the European Monetary Union(1999) Bajo Rubio, Óscar; Díaz Roldán, Carmen; Economía; EkonomiaIn this paper we offer a proposal of an automatic insurance mechanism designed to cope with asymmetric shocks in a monetary union. The mechanism would take as indicator the changes in the unemployment rate of the countries belonging to the union, and would be financed through a fund built from contributions of those countries as a percentage of their tax receipts. The fund would be later distributed among the countries affected by a negative asymmetric shock according to the proportion in which every one of them would have been affected by the shock. The mechanism proposed is illustrated by means of an empirical application to the case of the European monetary union.