Policy spillovers and synergies in a monetary union
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- dc.contributor.author Arce, Óscarca
- dc.contributor.author Hurtado, Samuelca
- dc.contributor.author Thomas, Carlosca
- dc.date.accessioned 2016-05-30T14:02:54Z
- dc.date.available 2016-05-30T14:02:54Z
- dc.date.issued 2016-05
- dc.description.abstract 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.ca
- dc.description.sponsorship The ADEMU Working Paper Series is being supported by the European Commission Horizon 2020 European Union funding for Research & Innovation, grant agreement No 649396.
- dc.format.mimetype application/pdfca
- dc.identifier.uri http://hdl.handle.net/10230/26780
- dc.language.iso engca
- dc.relation.ispartofseries ADEMU Working Papers Series;6
- dc.relation.projectID info:eu-repo/grantAgreement/EC/H2020/649396
- dc.rights This is an Open Access article distributed under the terms of the Creative Commons Attribution License Creative Commons Attribution 4.0 International, which permits unrestricted use, distribution and reproduction in any medium provided that the original work is properlyattributed.ca
- dc.rights.accessRights info:eu-repo/semantics/openAccessca
- dc.rights.uri https://creativecommons.org/licenses/by/4.0/ca
- dc.subject.keyword Monetary union
- dc.subject.keyword Deleveraging
- dc.subject.keyword Zero lower bound
- dc.subject.keyword Structural re-forms
- dc.subject.keyword Fiscal expansion
- dc.subject.keyword Forward guidance
- dc.subject.keyword Synergies
- dc.title Policy spillovers and synergies in a monetary unionca
- dc.type info:eu-repo/semantics/workingPaperca