Arbeitspapier

Macroeconomic stabilization, monetary-fiscal interactions, and Europe’s monetary union

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The euro area has been experiencing a prolonged period of weak economic activity and very low inflation. This paper reviews models of business cycle stabilization with an eye to formulating lessons for policy in the euro area. According to standard models, after a large recessionary shock accommodative monetary and fiscal policy together may be necessary to stabilize economic activity and inflation. The paper describes practical ways for the euro area to be able to implement an effective monetary-fiscal policy mix.

ISBN
978-92-899-2237-1
Language
Englisch

Bibliographic citation
Series: ECB Working Paper ; No. 1988

Classification
Wirtschaft
Price Level; Inflation; Deflation
Fiscal Policy
Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy
Subject
eurobond
government bonds
joint analysis of fiscal and monetary policy
lower bound on nominal interest rates
self-fulfilling sovereign default

Event
Geistige Schöpfung
(who)
Corsetti, Giancarlo
Dedola, Luca
Jarociński, Marek
Maćkowiak, Bartosz
Schmidt, Sebastian
Event
Veröffentlichung
(who)
European Central Bank (ECB)
(where)
Frankfurt a. M.
(when)
2016

DOI
doi:10.2866/285512
Handle
Last update
10.03.2025, 11:43 AM CET

Data provider

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Object type

  • Arbeitspapier

Associated

  • Corsetti, Giancarlo
  • Dedola, Luca
  • Jarociński, Marek
  • Maćkowiak, Bartosz
  • Schmidt, Sebastian
  • European Central Bank (ECB)

Time of origin

  • 2016

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Decanvs @[Decanus] Facultatis Theologicae In Alma Argentoratensium Universitate Sebastianus Schmidt, S. Theologiae Doctor, Professor Ordinarivs Et Ecclesiastes. Lecturis to plērusthai en tō ta panta en pasi plērumenō

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