首页 | 本学科首页   官方微博 | 高级检索  
     


Macroeconomic stabilization,monetary-fiscal interactions,and Europe's monetary union
Affiliation:1. University of Cambridge, UK;2. CEPR, UK;3. ECB, Germany;1. Department of Economics and Business Economics, Aarhus University, Denmark;2. PeRCent, CESifo, CEPR, IZA;1. School of Public Policy, George Mason University, 3351 N. Fairfax Drive, Arlington, VA 22201, USA;2. Department of Economics, Copenhagen Business School, Porcelaenshaven 16A, DK-2000 Frederiksberg, Denmark;3. Economics and Monetary Policy, Central Bank of Iceland, Kalkofnsvegur 1, 150 Reykjavik, Iceland;1. DIW Berlin, Mohrenstraße 58, 10117 Berlin, Germany;2. University of Antwerp, Department of Economics, Prinsstraat 13, 2000 Antwerp, Belgium;1. International Monetary Fund, USA;2. Lund University, Sweden;1. Department of Economics, University of Copenhagen, Øster Farimagsgade 5, Building 26, DK-1353, Copenhagen K, Denmark;2. Department of Economics, University of California, Santa Cruz, Santa Cruz, CA 95064, USA;3. Department of Economics, Copenhagen Business School, Porcelaenshaven 16A, 2000, Frederiksberg C, Denmark
Abstract:The euro area recently experienced a prolonged period of weak economic activity and very low inflation. This paper reviews models of business cycle stabilization with an eye to formulating lessons for policy in the euro area. According to standard models, after a large recessionary shock accommodative monetary and fiscal policy together may be necessary to stabilize economic activity and inflation. The paper describes practical ways for the euro area to be able to implement an effective monetary-fiscal policy mix.
Keywords:Lower bound on nominal interest rates  Self-fulfilling sovereign default  Eurobond  Government bonds  Joint analysis of fiscal and monetary policy  E31  E62  E63
本文献已被 ScienceDirect 等数据库收录!
设为首页 | 免责声明 | 关于勤云 | 加入收藏

Copyright©北京勤云科技发展有限公司  京ICP备09084417号