Títol:
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Policy spillovers and synergies in a monetary union
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Autor/a:
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Arce, Óscar; Hurtado, Samuel; Thomas, Carlos
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Abstract:
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We provide a general equilibrium framework for analyzing the effects of supply and demand side policies, and the potential synergies between them, in an asymmetric monetary union that faces a liquidity trap and a slow deleveraging process in its 'periphery'. We find that the joint implementation of pro-competition structural reforms in the periphery, a fiscal expansion in the 'core', and forward guidance about the three policies: forward guidance re-inforces the expansionary effects of country-specific policies, and the latter in turn improve the effectiveness of forward guidance. |
Abstract:
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The ADEMU Working Paper Series is being supported by the European Commission Horizon 2020 European Union funding for Research & Innovation, grant agreement No 649396. |
Matèries:
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-Monetary union -Deleveraging -Zero lower bound -Structural re-forms -Fiscal expansion -Forward guidance -Synergies |
Drets:
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open access
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https://creativecommons.org/licenses/by/4.0/ |
Tipus de document:
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Working paper |
Publicat per:
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Uri:
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https://ddd.uab.cat/record/196752
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