Similar Search Results

The Dire Effects of the Lack of Monetary and Fiscal Coordination

Bianchi, Francesco - 2017

What happens if the government's willingness to stabilize a large stock of debt is waning, while the central bank is adamant about preventing a rise in inflation? The large fiscal imbalance brings about inflationary pressures, triggering a monetary tightening, further debt accumulation, and...

Persistent link: https://www.econbiz.de/10012944030

Unconventional monetary policy, fiscal side effects and euro area (im)balances

Hachula, Michael; Piffer, Michele; Rieth, Malte - 2016

We study the macroeconomic effects of unconventional monetary policy in the euro area using structural vector autoregressions, identified with an external instrument. The instrument is the common unexpected variation in euro area sovereign spreads for different maturities on policy announcement...

Persistent link: https://www.econbiz.de/10011514862

Strategic interactions between fiscal and monetary authorities in a multi-country new-Keynesian model of a monetary union

Michalak, Tomasz; Engwerda, Jacob Christiaan; Plasmans, … - 2009

In this paper we consider a number of key issues related to the policy coordination in a monetary union that has been … shocks, fiscal coordination between all the countries is counter-productive within a monetary union. The clash between the …-Keynesian literature on policy coordination by considering not only cases of non-coordination, fiscal cooperation and the grand coalition …

Persistent link: https://www.econbiz.de/10003807838

COVID-19 and fiscal-monetary policy coordination : empirical evidence from India

Chakraborty, Lekha; Harikrishnan S - 2022

Indian national government and tries to identify some plausible fiscal and monetary policy coordination. The shrinking fiscal …

Persistent link: https://www.econbiz.de/10012814168

Monetary and Fiscal Policy Coordination and Macroeconomic Stabilization. A Theoretical Analysis

Lambertini, Luca; Rovelli, Riccardo - 2003

debate on monetary-fiscal coordination in EMU and on the role of the Stability and Growth Pact. We argue that a coordination …

Persistent link: https://www.econbiz.de/10014089140

Financial repression, SOE reform and fiscal-monetary policy coordination

Wu, Huabin; Xu, Zhenyang; Yan, Ping - In: China economic quarterly international : CEQI 2 (2022) 2, pp. 151-163

We build a dynamic stochastic general equilibrium (DSGE) model with financial repression and conduct estimation and simulation with it using aggregate data. We discuss the interaction and optimal combination of fiscal and monetary policies when the model features SOE monopoly and financial...

Persistent link: https://www.econbiz.de/10013339175

Smells like fiscal policy? : assessing the potential effectiveness of the ECB's OMT program

Hristov, Nikolay; Hülsewig, Oliver; Siemsen, Thomas; … - 2014

This paper explores the potential effectiveness of the ECBś Outright Monetary Transaction (OMT) program in safeguarding an appropriate monetary policy transmission. Since the program aims at manipulating bank lending rates by conducting sovereign bond purchases on secondary markets, a stable...

Persistent link: https://www.econbiz.de/10010246072

Smells Like Fiscal Policy? Assessing the Potential Effectiveness of the ECB's OMT Program

Hristov, Nikolay - 2014

This paper explores the potential effectiveness of the ECB's Outright Monetary Transaction (OMT) program in safeguarding an appropriate monetary policy transmission. Since the program aims at manipulating bank lending rates by conducting sovereign bond purchases on secondary markets, a stable...

Persistent link: https://www.econbiz.de/10013057668

Monetary and fiscal policy interaction in the EMU : a dynamic game approach

Aarle, Bas van; Engwerda, Jacob Christiaan; Plasmans, … - 2001

The interaction of monetary and fiscal policies is a crucial issue in a highly integrated economic area as the European Union. We argue that EMU, which introduced a common monetary policy and restrictions on fiscal policy at the national level, increases the need for macroeconomic policy...

Persistent link: https://www.econbiz.de/10011398097

Policy Coordination in the Euro Area

Panico, Carlo - 2008

The paper deals with the problems of coordination between monetary and fiscal policies in the Euro area. It examines … there is a need for coordination between monetary and fiscal policies when both cyclical (short-run) and structural (long …-run) problems are dealt with. Then it assesses how coordination is carried out under the existing institutional arrangements and …

Persistent link: https://www.econbiz.de/10012723187