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Applied mathematical theory for monetary-fiscal interaction in a supranational monetary union

  • I utilize a differentiable dynamical system á la Lotka-Voletrra and explain monetary and fiscal interaction in a supranational monetary union. The paper demonstrates an applied mathematical approach that provides useful insights about the interaction mechanisms in theoretical economics in general and a monetary union in particular. I find that a common central bank is necessary but not sufficient to tackle the new interaction problems in a supranational monetary union, such as the free-riding behaviour of fiscal policies. Moreover, I show that upranational institutions, rules or laws are essential to mitigate violations of decentralized fiscal policies.

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Metadaten
Name:Herzog, Bodo
URN:urn:nbn:de:bsz:rt2-opus4-559
DOI:https://doi.org/10.4236/jamp.2014.28081
ISSN:2327-4352
eISSN:2327-4379
Erschienen in:Journal of applied mathematics and physics
Publisher:Scientific Research Publishing
Place of publication:Irvine, California
Document Type:Article
Language:English
Year of Publication:2014
Tag:differential equations; monetary union theory; monetary-fiscal interaction
Volume:2
Issue:8
Pagenumber:8
First Page:737
Last Page:744
Dewey Decimal Classification:330 Wirtschaft
510 Mathematik
Open Access:Ja
Licence (German):License Logo  Creative Commons - Namensnennung