Show simple item record

dc.contributor.authorMalmierca Ordoqui, María
dc.date.accessioned2022-09-15T08:45:25Z
dc.date.available2022-09-15T08:45:25Z
dc.date.issued2020
dc.identifier.citationMalmierca, María, Optimal Macroprudential and Fiscal Policy in a Monetary Union (November 17, 2020). Available at SSRN: https://ssrn.com/abstract=3732388 or http://dx.doi.org/10.2139/ssrn.3732388es
dc.identifier.urihttp://hdl.handle.net/20.500.12766/378
dc.description.abstractThe growing concern about the financial system stability has turned macroprudential policy into a key instrument of the policy mix. Through a two-country model for a monetary union, I evaluate the optimal combinations of macroprudential and fiscal policy, both in terms of welfare maximization and loss function minimization (stability). I find that the advisability to coordinate macroprudential and fiscal policy depends on the kind of shock that drives the business cycle fluctuations. In the event of financial shocks, macroprudential-fiscal coordination at the national level entails the highest welfare improvements. Under supply shocks, the best option regarding welfare, is the scenario where macroprudential and fiscal policies coordinate to stabilize union aggregate variables. And, in the case of a preference shock, the macroprudential-fiscal non-coordination scenario achieves the largest increases in welfare.es
dc.language.isoenges
dc.publisherSSRNes
dc.rightsAttribution-NonCommercial-NoDerivatives 4.0 Internacional*
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/4.0/*
dc.titleOptimal Macroprudential and Fiscal Policy in a Monetary Uniones
dc.typepreprintes
dc.description.departmentEmpresaes
dc.identifier.doi10.2139/ssrn.3732388
dc.rights.accessRightsopen accesses
dc.subject.areaEconomía Aplicadaes
dc.subject.keywordCredit growthes
dc.subject.keywordWelfare analysises
dc.subject.keywordStabilizationes
dc.subject.keywordPolicy coordinationes


Files in this item

This item appears in the following Collection(s)

Show simple item record

Attribution-NonCommercial-NoDerivatives 4.0 Internacional
Except where otherwise noted, this item's license is described as Attribution-NonCommercial-NoDerivatives 4.0 Internacional