UNCONVENTIONAL POLICIES IN A MONETARY UNION: A POLICY GAME APPROACH

被引：0
|
作者：
Mischitelli, Manuela [1 ]
Di Bartolomeo, Giovanni [1 ]
机构：
[1] La Sapienza, Rome, Italy
来源：
PROCEEDINGS OF THE 10TH ECONOMICS & FINANCE CONFERENCE | 2018年
关键词：
Unconventional Monetary policies; ZLB; Fiscal policy; Quantitative Easing; Forward Guidance; Policy game; MACROECONOMIC STABILITY; DISCRETION; FRAMEWORK; RULES;
D O I：
10.20472/EFC.2018.010.026
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
How does the availability of fiscal and unconventional monetary measures modify the composition of the optimal policy mix, in a monetary union, when ZLB is binding? In order to answer to this question, we have built a simply three-period generalized New Keynesian model, in which we have assumed that non-money assets are not perfect substitutes. Following Friedman (2013), private agents' choice is responsive to a sort of long run interest rate. We have proved that in a monetary union, greater is the number of member countries adopting autonomous fiscal policy, greater will be public spending and more moderate will be the use of unconventional policies measures by central bank. Anyway, deviations in output and inflation decrease with the enlargement of the monetary union.
引用
收藏
页码：383 / 405
页数：23
相关论文
共 50 条
  • [21] Remarks on Unconventional Monetary Policy
    Christiano, Lawrence
    [J]. INTERNATIONAL JOURNAL OF CENTRAL BANKING, 2011, 7 (01): : 121 - 130
  • [22] UNCONVENTIONAL MONETARY POLICY: INTRODUCTION
    Armstrong, Angus
    Ebell, Monique
    [J]. NATIONAL INSTITUTE ECONOMIC REVIEW, 2015, 234 (01) : R1 - R4
  • [23] Conventional and Unconventional Monetary Policy
    Curdia, Vasco
    Woodford, Michael
    [J]. FEDERAL RESERVE BANK OF ST LOUIS REVIEW, 2010, 92 (04): : 229 - 264
  • [24] Symbiosis of monetary and fiscal policies in a monetary union
    Dixit, A
    Lambertini, L
    [J]. JOURNAL OF INTERNATIONAL ECONOMICS, 2003, 60 (02) : 235 - 247
  • [25] Fiscal and monetary policy interactions: a game theory approach
    Helton Saulo
    Leandro C. Rêgo
    Jose A. Divino
    [J]. Annals of Operations Research, 2013, 206 : 341 - 366
  • [26] Fiscal and monetary policy interactions: a game theory approach
    Saulo, Helton
    Rego, Leandro C.
    Divino, Jose A.
    [J]. ANNALS OF OPERATIONS RESEARCH, 2013, 206 (01) : 341 - 366
  • [27] Unconventional monetary policy and local fiscal policy
    Bi, Huixin
    Traum, Nora
    [J]. EUROPEAN ECONOMIC REVIEW, 2023, 156
  • [28] Economic policy uncertainty and unconventional monetary policy
    Funashima, Yoshito
    [J]. MANCHESTER SCHOOL, 2022, 90 (03): : 278 - 292
  • [29] Financial inclusion and monetary policy effectiveness in a monetary union: Heterogenous panel approach
    Kebede, Jeleta
    Selvanathan, Saroja
    Naranpanawa, Athula
    [J]. ECONOMICS OF TRANSITION AND INSTITUTIONAL CHANGE, 2024, 32 (03) : 779 - 805
  • [30] A new approach to measuring economic policy shocks, with an application to conventional and unconventional monetary policy
    Inoue, Atsushi
    Rossi, Barbara
    [J]. QUANTITATIVE ECONOMICS, 2021, 12 (04) : 1085 - 1138
12345