This paper empirically quantifies the importance of fiscal policy in shaping the monetary policy transmission mechanism and derives implications for monetary-fiscal interactions. First, we document that a contractionary monetary policy shock, besides lowering output and prices, leads to a...

Wirtschaftspolitische Maßnahmen, zu denen Politiker in Zeiten der Stagnation greifen, um sich die Gunst ihrer Wähler zu sichern, reflektieren vor allem parteipolitische Interessen und Kompromisse und stellen eher zufällig volkswirtschaftlich sinnvolle Maßnahmen dar. Um auf die...

This paper empirically quantifies the importance of fiscal policy in shaping the monetary policy transmission mechanism and derives implications for monetary-fiscal interactions. First, we document that a contractionary monetary policy shock, besides lowering output and prices, leads to a...