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UID:calendar.142147.field_date.0@www.tse-fr.eu
DTSTAMP:20260418T131718Z
CREATED:20260320T071001Z
DESCRIPTION:Eugenia Gonzalez-Aguado (Toulouse School of Economics)\, “Fisca
 l Federalism and the Expansion of Monetary Unions”\, TSE internal seminars
 \, TSE\, April 9\, 2026\, 14:00–14:45\, room A3.\n\nWe apply ideas from fi
 scal federalism to derive new results on how fiscal authority should be de
 legated within a monetary union. We consider a monetary-economy model\, in
  which governments finance their expenditures with nominal debt and inflat
 ion has a negative effect on productivity. If the monetary authority has c
 ommitment\, then a version of Oates's (1999) decentralization result holds
 . By contrast\, when the monetary authority lacks commitment\, the resulti
 ng time-inconsistency problem generates an indirect endogenous fiscal exte
 rnality. In this case\, when a country-level fiscal authority chooses a hi
 gher level of nominal debt\, it induces the monetary authority to inflate 
 more. Since the country-level fiscal authority does not take into account 
 this adverse indirect effect of its actions on inflation\, a negative fisc
 al externality arises\, which becomes more severe as the number of countri
 es in the monetary union increases. Hence\, a decentralized regime is opti
 mal for small monetary unions\, whereas a fiscal union is optimal for suff
 iciently large ones. Our key new result is that as the size of a monetary 
 union increases\, it becomes relatively more desirable to centralize fisca
 l authority.
DTSTART;TZID=Europe/Paris:20260409T150000
DTEND;TZID=Europe/Paris:20260409T154500
LAST-MODIFIED:20260321T011002Z
LOCATION:TSE\, April 9\, 2026\, 14:00–14:45\, room A3
SUMMARY:TSE internal seminars
URL;TYPE=URI:https://www.tse-fr.eu/seminars/2026-fiscal-federalism-and-expa
 nsion-monetary-unions
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