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Public debt, economic policy coordination and their effectiveness: lessons from the EMU and Brazil

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  • Bruno Frascaroli
  • Jailson Oliveira
  • Má Almeida

Abstract

In this paper, we investigated two cases of regions that used expansionary fiscal policies in recent years to increase short-term economic activity: The European Monetary Union and Brazil. Using impulse response functions, we estimated the effects of fiscal stimuli in a New-Keynesian framework provided by the Markov-switching dynamic stochastic general equilibrium (MSDSGE) model. We produced a set of regime-dependent results that suggest that 1) economic policies should be analyzed from a coordination perspective and 2) the selected cases need to make better use of fiscal instruments and to make more accommodative public debt decisions.

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  • Bruno Frascaroli & Jailson Oliveira & Má Almeida, 2021. "Public debt, economic policy coordination and their effectiveness: lessons from the EMU and Brazil," Journal of Economic Policy Reform, Taylor & Francis Journals, vol. 24(2), pages 219-235, April.
    • Handle: RePEc:taf:jpolrf:v:24:y:2021:i:2:p:219-235
    DOI: 10.1080/17487870.2019.1609356
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    Cited by:

    1. Tetik Metin & Yıldırım Mustafa Ozan, 2021. "Distortionary effects of economic crises on policy coordination in Turkey: Threshold GMM approach," Economics and Business Review, Sciendo, vol. 7(3), pages 83-102, September.

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