Le policy-mix de la zone euro. Une évaluation de l'impact des chocs monétaires et budgétaires

Sophie Garcia and Adrien Verdelhan ()

Economie & Prévision, 2001, vol. 148, issue 2, 23-40

Abstract: This paper presents a simultaneous study of fiscal and monetary shocks in the euro zone using a structural VAR model covering line of business, prices, an average real short-term interest rate and an average budget balance. The time taken for fiscal and monetary changes to affect GDP appears to be similar. The effect of a 100-basis-point cut in the three-month real interest rate is similar to the short-run effect of a 0.6-point GDP increase in the average government deficit. A structural budget deficit reflecting past discretionary fiscal measures is calculated and a policy mix indicator is constructed to better assess the euro zone?s overall economic policy trend.

Date: 2001
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Journal Article: Le policy-mix de la zone euro. Une évaluation de l'impact des chocs monétaires et budgétaires (2001)
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