Strategic Monetary-Fiscal Interactions in a Downturn

Kód výsledku v IS VaVaI

<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F61989100%3A27510%2F15%3A86095243" target="_blank" >RIV/61989100:27510/15:86095243 - isvavai.cz</a>

Výsledek na webu

—

DOI - Digital Object Identifier

—

Jazyk výsledku

angličtina

Název v původním jazyce

Strategic Monetary-Fiscal Interactions in a Downturn

Popis výsledku v původním jazyce

Very diverse responses of monetary and fiscal policies have been observed around the world in the post global financial crisis period of 2010-2014. While some countries implemented various mixes of monetary and/or fiscal stimuli, others have seen austerity. Our paper explores (i) whether the strategic interaction between the central bank and government can shed some light on this diversity, and (ii) what lessons about the institutional design of the two policies can be learnt from it. This is done by mapping a reduced-form New Keynesian model into a generalized game theoretic framework with deterministic and stochastic revisions of policy actions. Our focus is on the short-term policy interaction regarding stabilization of an adverse shock (rather thanlong-term issues related to fiscal sustainability and unpleasant monetarist arithmetic). Particular attention is paid to the effect of institutional and structural features such as inflation targeting, monetary and fiscal implementation

Název v anglickém jazyce

Strategic Monetary-Fiscal Interactions in a Downturn

Popis výsledku anglicky

Very diverse responses of monetary and fiscal policies have been observed around the world in the post global financial crisis period of 2010-2014. While some countries implemented various mixes of monetary and/or fiscal stimuli, others have seen austerity. Our paper explores (i) whether the strategic interaction between the central bank and government can shed some light on this diversity, and (ii) what lessons about the institutional design of the two policies can be learnt from it. This is done by mapping a reduced-form New Keynesian model into a generalized game theoretic framework with deterministic and stochastic revisions of policy actions. Our focus is on the short-term policy interaction regarding stabilization of an adverse shock (rather thanlong-term issues related to fiscal sustainability and unpleasant monetarist arithmetic). Particular attention is paid to the effect of institutional and structural features such as inflation targeting, monetary and fiscal implementation

Druh

J_x - Nezařazeno - Článek v odborném periodiku (Jimp, Jsc a Jost)

CEP obor

AH - Ekonomie

OECD FORD obor

—

Projekt

Výsledek vznikl pri realizaci vícero projektů. Více informací v záložce Projekty.

Návaznosti

P - Projekt vyzkumu a vyvoje financovany z verejnych zdroju (s odkazem do CEP)

Rok uplatnění

2015

Kód důvěrnosti údajů

S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Název periodika

Economic record

ISSN

0013-0249

e-ISSN

—

Svazek periodika

91

Číslo periodika v rámci svazku

293

Stát vydavatele periodika

US - Spojené státy americké

Počet stran výsledku

18

Strana od-do

172-190

Kód UT WoS článku

000355873300003

EID výsledku v databázi Scopus

—