Interaction entre politique monétaire et politique budgétaire:Cas de la Grèce

Fiscal and Monetary Policy Interactions: The Greece Case

Hounaida Daly and Mounir Smida

MPRA Paper from University Library of Munich, Germany

Abstract: We attempt to draw together monetary and fiscal policy making theory and the cointegrated VAR econometric methodology. Kirsanova at al(2005) have provided theory on the design of optimal monetary and fiscal policies, but estimation of monetary policy arrangements has suffered from many salient criticisms, not least non-stationarity. A cointegrated vector-autoregressive model is used in this paper to estimate monetary and _fiscal policy rules and gain insight on policy interactions in Greece. Predictions found in the literature find partial support, and survey data is also used to help shed light on possible forms of expectations formation. The evidence does not suggest strong policy interactions, and supports the idea that monetary policy is more stabilising in its inuence on economic activity than is fiscal policy.

Keywords: Politique monétaire; Politique budgétaire; Grèce; Interaction entre politique monétaire et budgétaire; Dettes publiques; Déficits Budgétaires. (search for similar items in EconPapers)
JEL-codes: E52 E58 E61 E62 (search for similar items in EconPapers)
Date: 2013-03-03
New Economics Papers: this item is included in nep-mac
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