Benes, Jaromir; Kumhof, Michael; Laxton, Douglas; Muir, Dirk - International Monetary Fund (IMF) - 2013
policy coordination. The key argument is that these two policies are similar in that, unlike monetary policy, they have long …This paper uses two of the IMF’s DSGE models to simulate the benefits of international fiscal and macroprudential …-run effects are potentially much larger than those of conventional monetary policy, especially in the presence of nonlinearities …