중동부유럽
연구정보
[경제] U.S. and Euro Area Monetary and Fiscal Interactions During the Pandemic: A Structural Analysis
중동부유럽 일반 국외연구자료 연구보고서 IMF 발간일 : 2022-11-11 등록일 : 2022-11-20 원문링크
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This paper employs a two-country New Keynesian DSGE model to assess the macroeconomic impact of the changes in monetary policy frameworks and the fiscal support in the U.S. and euro area during the pandemic. Moving from a previous target of “below, but close to 2 percent” to a formal symmetric inflation targeting regime in the euro area or from flexible to average inflation targeting in the U.S. is shown to boost output and inflation in both regions. Meanwhile, the fiscal packages approved in the U.S. and the euro area, and a slower withdrawal of fiscal support in the euro area, have a similar impact on output and inflation as changing the monetary policy frameworks . Simultaneously implementing these policies is mutually reinforcing, but insufficient to fully explain the unexpected increase in core inflation during 2021.
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