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- The effects of monetary policy across fiscal regimes
We find that an expansionary monetary policy shock raises inflation and output, but only when fiscal policy is also expansionary In a regime of contractionary fiscal policy, the responses to a monetary easing are insignificant or negative
- The effects of monetary policy across fiscal regimes
We estimate the efects of monetary policy shocks across contractionary and expansion-ary fiscal regimes in the euro area An expansionary monetary policy shock leads to an increase in inflation and output growth, but only when it occurs in the expansionary fiscal regime
- The effects of monetary policy across fiscal regimes - IDEAS RePEc
How do the effects of monetary policy depend on the fiscal policy stance? We aim to answer this question using a panel smooth transition local projection model for the euro area
- EC policymix Corsetti
All fiscal decisions entails some risk that current deficits will not be compensated by future surpluses given the path of inflation Even in a regime of fiscal dominance, monetary policy can keep prices stable for some (even long) time
- Monetary Policy Regimes, Fiscal Implications, and Policy Interactions . . .
From a methodological point of view, this study aims to contribute to the literature on multicountry (dynamic) panel data models for applied macroeconomic-financial analysis and the effects of monetary policy and fiscal implications in emerging market economies
- The Effects of Monetary Policy across Fiscal Regimes
Using data for a panel of ten euro-area (EA) countries and a panel smooth transition local projections model, Kloosterman et al (2022) report that a contractionary monetary shock only reduces
- The effects of monetary policy and the role of fiscal policy in the . . .
Estimate effects of monetary policy shocks on inflation and output growth in the euro area Notes: First column shows responses to an unconditional one st dev monetary policy shock
- Monetary Policy Effectiveness under Unsustainable Fiscal Policy
effectiveness of monetary policy across fiscal policy regimes I use quarterly panel data spanning from 2005Q1 to 2021Q4 for the following Euro countries: Austria, Belgium, Finland, France, Germany, Greece, Ireland
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