dc.contributor.author |
Arce, Óscar |
dc.contributor.author |
Hurtado, Samuel |
dc.contributor.author |
Thomas, Carlos |
dc.date |
2016 |
dc.identifier |
https://ddd.uab.cat/record/196752 |
dc.identifier |
urn:oai:ddd.uab.cat:196752 |
dc.format |
application/pdf |
dc.language |
eng |
dc.publisher |
|
dc.relation |
European Commission 649396 |
dc.relation |
Barcelona Graduate School of Economics. ADEMU working paper series ; |
dc.rights |
open access |
dc.rights |
Aquest document està subjecte a una llicència d'ús Creative Commons. Es permet la reproducció total o parcial, la distribució, la comunicació pública de l'obra i la creació d'obres derivades, fins i tot amb finalitats comercials, sempre i quan es reconegui l'autoria de l'obra original. |
dc.rights |
https://creativecommons.org/licenses/by/4.0/ |
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 |
Working paper |
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. |