不同财政制度下货币政策的影响

IF 1.3 3区经济学 Q3 ECONOMICS

Journal of Macroeconomics Pub Date : 2024-06-05 DOI:10.1016/j.jmacro.2024.103616

Roben Kloosterman , Dennis Bonam , Koen van der Veer

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引用次数: 0

摘要

货币政策的效果如何取决于财政政策立场？我们利用欧元区的面板平稳过渡局部预测模型来回答这个问题。我们发现，扩张性货币政策冲击会提高通胀和产出，但只有当财政政策也是扩张性时才会如此。在紧缩性财政政策体制下，对宽松货币政策的反应不显著或为负。同样，货币紧缩政策只有在伴随收缩性财政政策时才会降低通胀和产出。这些结果对几种替代模型规格都是稳健的，并强调了财政立场对货币政策效应的重要性。

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The effects of monetary policy across fiscal regimes

How do the effects of monetary policy depend on the fiscal policy stance? We aim to answer this question using a panel smooth transition local projection model for the euro area. We find that an expansionary monetary policy shock raises inflation and output, but only when fiscal policy is also expansionary. In a regime of contractionary fiscal policy, the responses to a monetary easing are insignificant or negative. Similarly, a monetary tightening only reduces inflation and output when accompanied by contractionary fiscal policy. These results are robust to several alternative model specifications and underline the importance of the fiscal stance for the effects of monetary policy.

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来源期刊

Journal of Macroeconomics ECONOMICS-

CiteScore

2.50

自引率

7.10%

发文量

审稿时长

76 days

期刊介绍： Since its inception in 1979, the Journal of Macroeconomics has published theoretical and empirical articles that span the entire range of macroeconomics and monetary economics. More specifically, the editors encourage the submission of high quality papers that are concerned with the theoretical or empirical aspects of the following broadly defined topics: economic growth, economic fluctuations, the effects of monetary and fiscal policy, the political aspects of macroeconomics, exchange rate determination and other elements of open economy macroeconomics, the macroeconomics of income inequality, and macroeconomic forecasting.