Arbeitspapier
Global policy at the zero lower bound in a large-scale DSGE model
The purpose of this paper is to analyse whether fiscal policies can alleviate the effects of the zero lower bound (ZLB) on interest rates and if they should be coordinated internationally. The analysis is carried out using EAGLE, a DSGE model of the global economy. We consider that the fiscal shocks are temporary and that fiscal policy retains full credibility at all times. In this setup we find significant non-linearities in a ZLB situation that amplify the effects of fiscal shocks compared to the non-ZLB case. International coordination is helpful but does not play a major role in the results.
- Sprache
-
Englisch
- Erschienen in
-
Series: ECB Working Paper ; No. 1254
- Klassifikation
-
Wirtschaft
Money and Interest Rates: General
Fiscal Policy
Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy
International Policy Coordination and Transmission
- Thema
-
DSGE Models
Fiscal Moultipliers
monetary policy
zero lower bound
Dynamisches Gleichgewicht
Finanzpolitik
Multiplikator
Geldpolitik
Deutschland
Eurozone
USA
Welt
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Gomes, Sandra
Jacquinot, Pascal
Mestre, Ricardo
Sousa, João
- Ereignis
-
Veröffentlichung
- (wer)
-
European Central Bank (ECB)
- (wo)
-
Frankfurt a. M.
- (wann)
-
2010
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:41 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Gomes, Sandra
- Jacquinot, Pascal
- Mestre, Ricardo
- Sousa, João
- European Central Bank (ECB)
Entstanden
- 2010
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