@article{20.500.12766/515,
year = {2023},
url = {https://hdl.handle.net/20.500.12766/515},
abstract = {The link between the financial system, economic activity, and fiscal sustainability is increasingly evident, making the joint study of fiscal and macroprudential measures a promising area to investigate. This paper provides a novel analysis of the coordination of optimal fiscal and macroprudential policies regarding welfare maximization through a two-country model for a monetary union. I find that the advisability to coordinate macroprudential and fiscal policy depends on the kind of shock that hits the economy. After financial shocks, macroprudential-fiscal coordination at the national level entails the greatest welfare improvements. Under supply and demand shocks, the best option regarding welfare implies macroprudential-fiscal coordination to stabilize union aggregate variables.},
publisher = {Elsevier},
title = {Optimal macroprudential and fiscal policy in a monetary union},
doi = {10.1016/j.econmod.2023.106238},
journal = {Economic Modelling},
volume = {122},
author = {Malmierca Ordoqui, María},
}