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Assessing the fiscal-monetary policy mix in the euro area

Bańkowski, Krzysztof; Christoffel, Kai; Faria, Thomas - 2021

This paper attempts to gauge the effects of various fiscal and monetary policy rules on macroeconomic outcomes in the euro area. It consists of two major parts – a historical assessment and an assessment based on an extended scenario until 2030 – and it builds on the ECB-BASE –a...

Persistent link: https://www.econbiz.de/10012705515

Counter-cyclical fiscal rules and the zero lower bound

Hauptmeier, Sebastian; Kamps, Christophe; Radke, Lucas - 2022

We analyse the effectiveness of optimal simple and implementable monetary and fiscal policy rules in stabilising economic activity, inflation and government debt in face of an occasionally binding lower bound on the nominal interest rate in a New Keynesian model. We show that, within the...

Persistent link: https://www.econbiz.de/10013342236

Coordinating monetary and financial regulatory policies

Van der Ghote, Alejandro - 2018

How to conduct macro-prudential regulation? How to coordinate monetary policy and macro-prudential policy? To address these questions, I develop a continuous-time New Keynesian economy in which a financial intermediary sector is subject to a leverage constraint. Coordination between monetary and...

Persistent link: https://www.econbiz.de/10011856525

Monetary and fiscal policy interactions in a micro-founded model of a monetary union

Beetsma, Roel (contributor); Jensen, Henrik (contributor) - 2002

Persistent link: https://www.econbiz.de/10001702815

Monetary/fiscal policy regimes in post-war Europe

Bouabdallah, Othman; Jacquinot, Pascal; Patella, Valeria - 2023

In most euro area countries, the monetary/fiscal policy mix is responsible for the changing history of debt and inflation facts. Using a Dynamic Stochastic General Equilibrium model with Markov-switching policy rules, we identify three distinct monetary/fiscal regimes in France and Italy: a...

Persistent link: https://www.econbiz.de/10014482924

Expectations-driven liquidity traps : implications for monetary and fiscal policy

Nakata, Taisuke; Schmidt, Sebastian - 2019

can give rise to persistent liquidity trap episodes. Unlike in the case of fundamental-driven liquidity traps, there is no …-driven liquidity traps. Raising the in ation target or appointing an in ation-conservative central banker improves in ation outcomes … sufficiently less concerned with government spending stabilization than society can eliminate expectations-driven liquidity traps …

Persistent link: https://www.econbiz.de/10012037377

The growth impact of discretionary fiscal policy measures

Attinasi, Maria Grazia; Klemm, Alexander - 2014

Persistent link: https://www.econbiz.de/10010381941

Monetary conservatism and fiscal policy

Adam, Klaus (contributor); Billi, Roberto M. (contributor) - 2006

Does an inflation conservative central bank à la Rogoff (1985) remain desirable in a setting with endogenous fiscal policy? To provide an answer we study monetary and fiscal policy games without commitment in a dynamic stochastic sticky price economy with monopolistic distortions. Monetary...

Persistent link: https://www.econbiz.de/10003358641

Monetary and fiscal policy interactions in a New Keynesian model with capital accumulation and non-Ricardian consumers

Leith, Campbell B. (contributor); … - 2006

This paper develops a small New Keynesian model with capital accumulation and government debt dynamics. The paper discusses the design of simple monetary and fiscal policy rules consistent with determinate equilibrium dynamics in the absence of Ricardian equivalence. Under this assumption,...

Persistent link: https://www.econbiz.de/10003337474

Post-COVID fiscal rules : a central bank perspective

Hauptmeier, Sebastian; Leiner-Killinger, Nadine; … - 2022

Regarding a prospective reform of the European Stability and Growth Pact (SGP) it seems rather consensual that a simplified framework should take account of the prevailing macroeconomic context and enhance the balancing of sustainability and stabilisation considerations. This paper provides...

Persistent link: https://www.econbiz.de/10012939717