| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w23746 |
| 来源ID | Working Paper 23746 |
| Monetary-Fiscal Interactions and the Euro Area's Malaise | |
| Marek Jarociński; Bartosz Maćkowiak | |
| 发表日期 | 2017-09-04 |
| 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 | Macroeconomics ; Business Cycles ; Fiscal Policy |
| URL | https://www.nber.org/papers/w23746 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/581420 |
| 推荐引用方式 GB/T 7714 | Marek Jarociński,Bartosz Maćkowiak. Monetary-Fiscal Interactions and the Euro Area's Malaise. 2017. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w23746.pdf（412KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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