In 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 ...

En este trabajo se examina la manera en que los países miembros de una unión monetaria responden a las perturbaciones específicas y a las que proceden del resto del mundo, cuando el déficit público es el único instrumento ...

In 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 ...

En este trabajo se examina la manera en que los países miembros de una unión monetaria responden a las perturbaciones específicas y a las que proceden del resto del mundo, cuando aplican políticas de oferta. Desarrollamos ...

This paper examines how the member countries of a monetary union react to country-specific shocks and to shocks from the rest of the world, when the budget deficit is the only policy instrument available. We develop a ...

This paper examines how the member countries of a monetary union react to country-specific shocks and to shocks from the rest of the world, using supply-side policies. We develop a three-country model in which countries ...