Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/297311 
Erscheinungsjahr: 
2023
Schriftenreihe/Nr.: 
ECB Working Paper No. 2871
Verlag: 
European Central Bank (ECB), Frankfurt a. M.
Zusammenfassung: 
In most euro area countries, the monetary/fiscal policy mix is responsible for the changing history of debt and inflation facts. Using a Dynamic Stochastic General Equilibrium model with Markov-switching policy rules, we identify three distinct monetary/fiscal regimes in France and Italy: a Passive Monetary-Active Fiscal regime (PM/AF) before the late 80s/early 90s; an Active Monetary-Passive Fiscal regime (AM/PF) with central bank independence and EMU convergence; a third regime with policy rates at the effective lower bound combined with fiscal active behaviour to sustain the recovery. Our simulations reveal that the PM/AF regime in France led to price volatility and debt stabilisation, while the AM/PF regime resulted in disinflation and rising debt trajectory. Meanwhile, Italy's procyclical fiscal policy in downturns contributed to persisting imbalances, high aggregate volatility, and low growth.
Schlagwörter: 
Monetary-Fiscal policy mix
euro area
Debt
Inflation
Markov-switching
JEL: 
E63
E62
E32
E52
C32
Persistent Identifier der Erstveröffentlichung: 
ISBN: 
978-92-899-6248-3
Dokumentart: 
Working Paper

Datei(en):
Datei
Größe
2.11 MB





Publikationen in EconStor sind urheberrechtlich geschützt.