La Bundesbank et la Banque de France ont organisé les 19 et 20 mai derniers à Hambourg leur troisième conférence conjointe. Cette conférence portait sur les défis que la politique macroéconomique doit relever à court et à long terme, dans ses volets monétaire, budgétaire et fiscal.

This paper studies the effects of monetary policy rules in a fiscal federation, such as the European Union. The focus of the analysis is the interaction between the fiscal policy of member countries (regions) and the monetary authority. Each of the countries structures its fiscal policy...

In this paper we extend the standard approach of horizontal tax competition by endogenizing the timing of decisions made by the competing jurisdictions. Following the literature on the endogenous timing in duopoly games, we consider a pre-play stage, where jurisdictions commit themselves to more...

In this paper, we empirically examine the effect of inflation targeting on the exchange rate pass-through to prices in emerging countries. We use a panel VAR that allows us to use a large dataset on twenty-seven emerging countries (fifteen inflation targeters and twelve inflation nontargeters)....

This paper studies the inflationary implications of interest bearing regional debt in a monetary union. Is this debt simply backed by future taxation with no inflationary consequences? Or will the circulation of region debt induce monetization by a central bank? We argue here that both outcomes...

This paper offers a framework to study commitment and cooperation issues in games with multiple policymakers. To reconcile some puzzles in the recent literature on the nature of policy interactions among nations, we prove that games characterized by different commitment and cooperation schemes...

We address in this paper the issue of leadership when two governments provide public goods to their constituencies with cross border externalities as both public goods are valued by consumers in both countries. We study a timing game between two different countries: before providing public...

We study the relationship between social segmentation and income inequality by means of the economic theory of clubs with private provision of the club good. After having characterized the equilibrium partition of society in clubs and investigating its characteristics, we show how the clubs'...

Examples abound in economics, politics and society where agents can enter partial cooperation schemes, i.e. they can collude with a subset of agents. Several constributions devoted to specific settings have claimed that such partial cooperation actually worsens welfare compared to the...