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Published in:
1999 | OriginalPaper | Chapter
Synopsis
Author : Prof. Dr. Michael Carlberg
Published in: European Monetary Union
Publisher: Physica-Verlag HD
Included in: Professional Book Archive
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A fiscal expansion in a specific union country raises the income of this country. However, it lowers the income of the other union countries. The effect on the aggregate of union income depends on the size of the union. In the small union, total income does not respond. In the large union, total income goes up. In any case, the income of the rest of the world goes up. And the same applies to world income. Tables 55 and 56 give an overview.