Cet article étudie les effets des politiques de désin?ation sur la dynamique macroéconomique américaine. Les politiques de désin?ation sont identifiées à l?aide d?une technique d?épisode comme des chocs réduisant de façon permanente le niveau d?in?ation de long terme. Nous montrons que...

This paper investigates the effects of disinflation policies on key macroeconomic variables. Using postwar US data and episode techniques, we identify disinflation shocks as shocks that drive the inflation rate to a lower level in the long-run. We find that in the immediate aftermath of a...

[eng] Estimation of the Implicit Inflation Target in the Euro Area. . Euro area countries as a whole have experienced a marked downward trend over the 1980s. Over this period, the unemployment rate has increased and economic activity has been sluggish. Changes in the implicit inflation target,...

[eng] The authors use two general-equilibrium models to assess the quantitative and dynamic impact of “ social VAT”, i.e., a tax reform that would substitute a value-added tax for employers’ social contributions. The first model is a Walrasian model with no frictions other than...

This paper examines issues related to the estimation of the government spending multiplier (GSM) in a Dynamic Stochastic General Equilibrium context. We stress a potential source of bias in the GSM arising from the combination of Edgeworth complementarity/substitutability between private...

The euro area as a whole has experienced a marked downward trend in inflation over the past decades and, concomitantly, a protracted period of depressed activity. Can permanent and gradual shifts in monetary policy be held responsible for these dynamics? To answer this question, we embed...