| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP16138 |
| DP16138 Monetary-Fiscal Crosswinds in the European Monetary Union | |
| Lucrezia Reichlin; Giovanni Ricco; Matthieu Tarbé | |
| 发表日期 | 2021-05-11 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | We study the monetary-fiscal mix in the European Monetary Union. The medium and long-run effects of conventional and unconventional monetary policy can be analysed by combining monetary policy shocks identified in a Structural VAR, and the general government budget constraint featuring a single central bank and multiple fiscal authorities. In response to a conventional easing of the policy rate, the real discount rate declines, absorbing the increase in deficit due to the fiscal policy leaning towards the easing. Conversely, in response to an unconventional easing of the long end of the yield curve, the discount rate declines strongly, while the primary fiscal surplus barely moves. The long-run effect of unconventional monetary easing on inflation is about half than that of conventional, a result which also explains the muted response of fiscal policy. Results do not point to large differences across countries. |
| 主题 | International Macroeconomics and Finance |
| 关键词 | Monetary-fiscal interaction Fiscal policy monetary policy Intertemporal government budget constraint |
| URL | https://cepr.org/publications/dp16138 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/545112 |
| 推荐引用方式 GB/T 7714 | Lucrezia Reichlin,Giovanni Ricco,Matthieu Tarbé. DP16138 Monetary-Fiscal Crosswinds in the European Monetary Union. 2021. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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