L’article est dédié à reconsidérer les objectifs de la politique monétaire, mais aussi à redéfinir un ‘policy mix’ dans une économie systématiquement confrontée à des déséquilibres dus à des changements de technologie, de composition de la demande ou de répartition des...

Macroeconomic performance in the Economic and Monetary Union (EMU) will be impaired if macroeconomic shocks are largely asymmetric, fiscal policy flexibility is limited, goods markets adjust sluggishly, labour mobility is low and automatic stabilization from federal taxes and government spending...

This paper seeks to develop an optimal fiscal policy rule for the Colombian economy that interacts with the monetary policy in order to stabilize the product and inflation gap. It proposes a Dynamic Stochastic General Equilibrium model (DSGE) with nominal rigidities and proposes a fiscal rule...

Following the Great Recession, eurozone countries have performed worse than even the currency union’s most pessimistic critics had predicted. The paper identifies the strong fundamental flaws in the design of the eurozone and proposes a set of reforms, both in the structure of the eurozone and...

L’article est dédié à reconsidérer les objectifs de la politique monétaire, mais aussi à redéfinir un policy mix’ dans une économie systématiquement confrontée à des déséquilibres dus à des changements de technologie, de composition de la demande ou de répartition des revenus....

This paper examines the relationship between cyclical output and inflation in models commonly used for monetary policy analysis. This includes models that incorporate the New Keynesian, Fuhrer-Moore and backward-looking Phillips curves. The main finding is that these models imply a strong...

This paper examines the relationship between cyclical output and inflation in models commonly used for monetary policy analysis. This includes models that incorporate the New Keynesian, Fuhrer-Moore and backward-looking Phillips curves. The main finding is that these models imply a strong...

The authors solve the IS puzzle for the G7 countries. They find that five of the G7 countries have the expected significant negative relationship between the output gap and the real-rate gap; the time series of the remaining two show material deviation from expected IS-curve behavior. The...