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Fiscal and monetary policies in complex evolving economies

 

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Type:   Article
 
Titre:   Fiscal and monetary policies in complex evolving economies
 
Auteur(s):   Dosi, Giovanni - Laboratory of Economics and Management (Auteur)
Fagiolo, Giorgio - Laboratory of Economics and Management (LEM) (Auteur)
Napoletano, Mauro (1977-...) - Observatoire français des conjonctures économiques (Auteur)
Roventini, Andrea - Laboratory of Economics and Management (Auteur)
Treibich, Tania - Maastricht University (Auteur)
 
In:   Journal of Economic Dynamics and Control
 
Date de publication:   2015-03
 
Éditeur:   PAYS-BAS  :  Elsevier
 
Volume:   52
 
Pages:   166-189  p.
 
ISSN:   01651889
 
DOI:   10.1016/j.jedc.2014.11.014
 
Mots-clés:   [en] Agent-based model, Fiscal policy, Monetary policy, Income inequality
 
JEL:   C63,  E32,  E6,  O4
 
Résumé:   [en] What is the most appropriate combination of fiscal and monetary policies in economies subject to banking crises and deep recessions? We study this issue using an agent-based model that is able to reproduce a wide array of macro- and micro-empirical regularities. Simulation results suggest that policy mixes associating unconstrained, counter-cyclical fiscal policy and monetary policy targeting employment is required to stabilise the economy. We also show that “discipline-guided” fiscal rules can be self-defeating, as they depress the economy without improving public finances. Finally, we find that the effects of monetary and fiscal policies become sharper as the level of income inequality increases.
 
 

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