Afonso, António; Alves, José; Ionta, Serena - 2023
We study the effect of monetary policy surprise shocks on real output and the price level, conditioned on different … fiscal stances in the period 2001Q4-2021Q4 for a panel of the 19 countries of the Euro Area. Applying local projection … response the debt is more important in the effect of monetary policy, for prices, the "Ricardian" nature of fiscal policy …