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Optimal Monetary and Fiscal Policy in a Currency Union

Galí, Jordi; Monacelli, Tommaso - 2022

We lay out a tractable model for fiscal and monetary policy analysis in a currency union, and analyze its implications for the optimal design of such policies. Monetary policy is conducted by a common central bank, which sets the interest rate for the union as a whole. Fiscal policy is...

Persistent link: https://www.econbiz.de/10013324158

Stabilization vs. redistribution : the optimal monetary-fiscal mix

Bilbiie, Florin Ovidiu; Monacelli, Tommaso - 2020

Persistent link: https://www.econbiz.de/10012298736

Fiscal Policy, Wealth Effects, and Markups

Monacelli, Tommaso - 2009

We document that variations in government purchases generate a rise in consumption, the real and the product wage, and … effect is linked to the degree of complementarity between consumption and hours. We show that the model is able to match our … the positive wealth effect on labor supply is small and therefore the negative wealth effect on consumption is, somewhat …

Persistent link: https://www.econbiz.de/10012765568

Unemployment Fiscal Multipliers

Monacelli, Tommaso - 2010

We estimate the effects of fiscal policy on the labor market in US data. An increase in government spending of 1 percent of GDP generates output and unemployment multipliers respectively of about 1.2 per cent (at one year) and 0.6 percentage points (at the peak). Each percentage point increase...

Persistent link: https://www.econbiz.de/10013144501

Fiscal Policy in Europe : A Helicopter View

Bilbiie, Florin; Monacelli, Tommaso; Perotti, Roberto - 2022

We discuss the main fiscal policy issues in the Eurozone. Our goal is pedagogical: we do not make any new proposal, but try to represent fairly the various sides of the debate. We focus on two issues that are at the core of the current debate. The first is that, right from the start, the...

Persistent link: https://www.econbiz.de/10014243115

Fiscal policy in Europe : a helicopter view

Bilbiie, Florin Ovidiu; Monacelli, Tommaso; Perotti, Roberto - 2020

Persistent link: https://www.econbiz.de/10012314205