Policy Rules in the Euro-Area and International Interdependencies
SourceApplied Economics Quarterly, 50, 3, (2004), pp. 279-298
Article / Letter to editor
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Economische theorie en economisch beleid
Applied Economics Quarterly
SubjectInstitutional Shifts in Government and Governance in a Comparative and International Context
This paper studies the design, effects and interactions of monetary and fiscal policies in the euro area. A stylized New Keynesian model with backward and forward looking dynamics is developed and augmented with monetary and fiscal policy rules. Numerical simulations are used to assess the effects of demand and supply shocks and the role of monetary and fiscal policies in their transmission.
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