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Assessing the effects of monetary and fiscal policy

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Author Info

  • Stefano Neri

    ()
    (Banca d'Italia)

Abstract

This paper has two objectives: the first is to jointly analyse monetary and fiscal policy with a structural VAR model, evaluate the dynamic impact of policy shocks on U.S. output and prices and the contributions of these two sources to fluctuations in these variables. The second objective is to investigate if and how the effects of monetary policy are altered by the inclusion of fiscal policy variables in a benchmark monetary VAR. It is found that both monetary policy and fiscal policy have small effects on output and the price level and that neither of these shocks are important sources of fluctuations in either variable. The magnitude of the responses of output and prices to a monetary policy shock and the contribution of these shocks are reduced significantly once fiscal policy is introduced.

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File URL: http://www.bancaditalia.it/pubblicazioni/econo/temidi/td01/td425_01/td425/tema_425_01.pdf
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Bibliographic Info

Paper provided by Bank of Italy, Economic Research and International Relations Area in its series Temi di discussione (Economic working papers) with number 425.

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Date of creation: Nov 2001
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Handle: RePEc:bdi:wptemi:td_425_01

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Postal: Via Nazionale, 91 - 00184 Roma
Web page: http://www.bancaditalia.it
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Related research

Keywords: fiscal policy; monetary policy; impulse responses; omitted variables;

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  1. cipollone piero, 2001. "Is the Italian Labour market segmented?," Temi di discussione (Economic working papers) 400, Bank of Italy, Economic Research and International Relations Area.
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