Policy spillovers and synergies in a monetary union

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dc.contributor.author	Arce, Óscar
dc.contributor.author	Hurtado, Samuel
dc.contributor.author	Thomas, Carlos
dc.date	2016-05
dc.identifier.uri	http://hdl.handle.net/10230/26780
dc.format	application/pdf
dc.language.iso	eng
dc.relation	ADEMU Working Papers Series;6
dc.relation	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.
dc.rights	https://creativecommons.org/licenses/by/4.0/
dc.rights	info:eu-repo/semantics/openAccess
dc.subject	Monetary union
dc.subject	Deleveraging
dc.subject	Zero lower bound
dc.subject	Structural re-forms
dc.subject	Fiscal expansion
dc.subject	Forward guidance
dc.subject	Synergies
dc.title	Policy spillovers and synergies in a monetary union
dc.type	info:eu-repo/semantics/workingPaper
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.
dc.description.abstract	The ADEMU Working Paper Series is being supported by the European Commission Horizon 2020 European Union funding for Research & Innovation, grant agreement No 649396.

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