IDEAS home Printed from https://ideas.repec.org/a/prs/ecoprv/ecop_0249-4744_2001_num_148_2_6275.html
   My bibliography  Save this article

Le policy-mix de la zone euro. Une évaluation de l'impact des chocs monétaires et budgétaires

Author

Listed:
  • Sophie Garcia
  • Adrien Verdelhan

Abstract

[eng] The Euro Zone’s Policy Mix – an Evaluation of the Impact of Monetary and Fiscal Shocks . by Sophie Garcia and Adrien Verdelhan . This paper presents a simultaneous study of fiscal and monetary shocks in the euro zone using a structural VAR model covering line of business, prices, an average real short-term interest rate and an average budget balance. The time taken for fiscal and monetary changes to affectGDPappears to be similar. The effect of a 100-basis-point cut in the three-month real interest rate is similar to the short-run effect of a 0.6-point GDP increase in the average government deficit. A structural budget deficit reflecting past discretionary fiscal measures is calculated and a policy mix indicator is constructed to better assess the euro zone’s overall economic policy trend. . [fre] Cet article propose l'étude simultanée des chocs budgétaires et monétaires, à l'échelle de la zone euro, à l'aide d''un modèle VAR structurel regroupant l'activité, les prix, un taux d'intérêt réel de court terme et un solde budgétaire moyens. Les délais de transmission des impulsions budgétaires et monétaires sur le PIB apparaissent semblables. Une baisse de 100 points de base du choc de taux d''intérêt réel à 3 mois a un effet comparable à l'effet à court terme d'une augmentation de 0,6 point de . PIB du choc de déficit public moyen. Le calcul d’un déficit budgétaire structurel, reflétant les mesures budgétaires discrétionnaires passées, et la construction d'un indicateur du policy-mix permettent de mieux apprécier l'orientation globale des politiques économiques de la zone euro.

Suggested Citation

  • Sophie Garcia & Adrien Verdelhan, 2001. "Le policy-mix de la zone euro. Une évaluation de l'impact des chocs monétaires et budgétaires," Économie et Prévision, Programme National Persée, vol. 148(2), pages 23-40.
  • Handle: RePEc:prs:ecoprv:ecop_0249-4744_2001_num_148_2_6275
    Note: DOI:10.3406/ecop.2001.6275
    as

    Download full text from publisher

    File URL: https://doi.org/10.3406/ecop.2001.6275
    Download Restriction: no

    File URL: https://www.persee.fr/doc/ecop_0249-4744_2001_num_148_2_6275
    Download Restriction: no

    References listed on IDEAS

    as
    1. Blanchard, Olivier Jean & Quah, Danny, 1989. "The Dynamic Effects of Aggregate Demand and Supply Disturbances," American Economic Review, American Economic Association, vol. 79(4), pages 655-673, September.
    2. Richard Clarida & Jordi Galí & Mark Gertler, 2000. "Monetary Policy Rules and Macroeconomic Stability: Evidence and Some Theory," The Quarterly Journal of Economics, Oxford University Press, vol. 115(1), pages 147-180.
    3. Bernanke, Ben S & Blinder, Alan S, 1992. "The Federal Funds Rate and the Channels of Monetary Transmission," American Economic Review, American Economic Association, vol. 82(4), pages 901-921, September.
    4. Johansen, Soren & Juselius, Katarina, 1990. "Maximum Likelihood Estimation and Inference on Cointegration--With Applications to the Demand for Money," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 52(2), pages 169-210, May.
    5. Clarida, Richard & Gali, Jordi & Gertler, Mark, 1998. "Monetary policy rules in practice Some international evidence," European Economic Review, Elsevier, vol. 42(6), pages 1033-1067, June.
    6. Osterwald-Lenum, Michael, 1992. "A Note with Quantiles of the Asymptotic Distribution of the Maximum Likelihood Cointegration Rank Test Statistics," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 54(3), pages 461-472, August.
    7. Catherine Bruneau & Olivier De Bandt, 1999. "La modélisation Var "structurel" : application à la politique monétaire en France," Économie et Prévision, Programme National Persée, vol. 137(1), pages 67-94.
    8. Perron, Pierre & Rodriguez, Gabriel, 2003. "GLS detrending, efficient unit root tests and structural change," Journal of Econometrics, Elsevier, vol. 115(1), pages 1-27, July.
    9. Olivier Blanchard & Roberto Perotti, 2002. "An Empirical Characterization of the Dynamic Effects of Changes in Government Spending and Taxes on Output," The Quarterly Journal of Economics, Oxford University Press, vol. 117(4), pages 1329-1368.
    10. Feve, Patrick & Henin, Pierre-Yves, 2000. " Assessing Effective Sustainability of Fiscal Policy within the G-7," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 62(2), pages 175-195, May.
    11. Jordi Galí, 1992. "How Well Does The IS-LM Model Fit Postwar U. S. Data?," The Quarterly Journal of Economics, Oxford University Press, vol. 107(2), pages 709-738.
    12. Engle, Robert & Granger, Clive, 2015. "Co-integration and error correction: Representation, estimation, and testing," Applied Econometrics, Publishing House "SINERGIA PRESS", vol. 39(3), pages 106-135.
    13. Peersman, Gert & Smets, Frank, 1999. "The Taylor Rule: A Useful Monetary Policy Benchmark for the Euro Area?," International Finance, Wiley Blackwell, vol. 2(1), pages 85-116, April.
    14. Gerlach, Stefan & Smets, Frank, 1995. "The Monetary Transmission Mechanism: Evidence from the G-7 Countries," CEPR Discussion Papers 1219, C.E.P.R. Discussion Papers.
    15. Virginie Coudert & Benoît Mojon, 1995. "Transmission de la politique monétaire et crédit bancaire," La Lettre du CEPII, CEPII research center, issue 132.
    16. Carine Bouthevillain & Sophie Garcia, 2000. "Limites des méthodes d'évaluation et pertinence du concept de déficit public structurel," Revue Française d'Économie, Programme National Persée, vol. 15(1), pages 75-121.
    17. Pierre-Yves Hénin, 1997. "Soutenabilité des déficits et ajustements budgétaires," Revue Économique, Programme National Persée, vol. 48(3), pages 371-395.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Jean-François Goux, 2010. "Une approche déterministe du taux de change euro-dollar," Économie et Prévision, Programme National Persée, vol. 195(4), pages 35-51.
    2. Christophe Blot, 2005. "Sensibilité du taux de change aux chocs monétaires et budgétaires. Une analyse en termes de VAR des fluctuations euro/dollar," Revue de l'OFCE, Presses de Sciences-Po, vol. 93(2), pages 287-315.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:prs:ecoprv:ecop_0249-4744_2001_num_148_2_6275. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Equipe PERSEE). General contact details of provider: https://www.persee.fr/collection/ecop .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.