| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP12020 |
| DP12020 Monetary-Fiscal Interactions and the Euro Area's Malaise | |
| Bartosz Mackowiak; Marek Jarociński | |
| 发表日期 | 2017-05-05 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | When monetary and fiscal policy are conducted as in the euro area, output, inflation, and government bond default premia are indeterminate according to a standard general equilibrium model with sticky prices extended to include defaultable public debt. With sunspots, the model mimics the recent euro area data. We specify an alternative configuration of monetary and fiscal policy, with a non-defaultable eurobond. If this policy arrangement had been in place since the onset of the Great Recession, output could have been much higher than in the data with inflation in line with the ECB's objective. |
| 主题 | Monetary Economics and Fluctuations |
| 关键词 | Self-fullfiling expectations Zero lower bound Eurobond Fiscal theory of the price level |
| URL | https://cepr.org/publications/dp12020 |
| 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/540832 |
| 推荐引用方式 GB/T 7714 | Bartosz Mackowiak,Marek Jarociński. DP12020 Monetary-Fiscal Interactions and the Euro Area's Malaise. 2017. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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