Vogel, Lukas, (2015), “Stabilisation and rebalancing with fiscal or monetary devaluation: a model-based comparison”, Discussion Paper No. 22, European Commission publications, December
This paper takes a theoretical look at the extent to which fiscal devaluation policies, such as shifting the tax burden from labour to consumption, can achieve the same benefits as nominal exchange rate depreciation.
Relevant Posts
- Delbecque, B., (2013), “Proposal for a Stabilisation Fund for the EMU”, Centre for European Policy Studies, Working Paper No.385, 14 October.
- Decressin, Jörg, Loungani, Prakash, (2015), “EZ internal devaluations: Evidence on negative demand spillovers”, Voxeu, 2 December.