Optimal monetary and fiscal policy in a currency union

We lay out a tractable model for fiscal and monetary policy analysis in a currency union, and study its implications for the optimal design of such policies. Monetary policy is conducted by a common central bank, which sets the interest rate for the union as a whole. Fiscal policy is implemented at the countrylevel, through the choice of government spending. The model incorporates country-specific shocks and nominal rigidities. Under our assumptions, the optimal cooperative policy arrangement requires that inflation be stabilized at the union level by the common central bank, while fiscal policy is used by each country for stabilization purposes. By contrast, when the fiscal authorities act in a non-coordinated way, their joint actions lead to a suboptimal outcome, and make the common central bank face a trade-off between inflation and output gap stabilization at the union level.

[Collection Jules Beau. Photographie sportive] : T. 13. Année 1900 / Jules Beau

Donateur : Touring-Club de France

[Collection Jules Beau. Photographie sportive] : T. 15. Année 1901 / Jules Beau

Donateur : Touring-Club de France

[Collection Jules Beau. Photographie sportive] : T. 34. Années 1907 et 1908 / Jules Beau

Donateur : Touring-Club de France

Economic integration and corruption: The corrupt soul of the European Union

We study the link between corruption and economic integration. We show that if an economic union establishes a common regulation for public procurement, the country more prone to corruption benefits more from integration. However, if the propensities to corruption are too distinct, the less corrupt country will not be willing to join the union. This difference in corruption propensities can be offset by a difference in efficiency. We also show that corruption is lower if integration occurs. A panel data analysis for the European Union confirms that more corrupt countries are more favorable towards integration but less acceptable as potential new members.

Report of the Memorial Union Revenue Bond Funds of Iowa State University of Science and Technology as of and for the year ended June 30, 2008

Report of the Memorial Union Revenue Bond Funds of Iowa State University of Science and Technology as of and for the year ended June 30, 2008

Department of Commerce - Credit Union Division Performance Plan, FY 2009

Agency Performance Plan, Department of Commerce - Credit Union Division

Iowa Credit Union Division, Strategic Plan, 2008

This report outlines the strategic plan for Credit Union Division including, goals and mission.