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Is fiscal policy more effective at the zero lower bound ?
[La politique budgétaire est-elle plus efficace à la borne zéro ?]

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  • Giulia Sestieri

Abstract

Are the effects of a fiscal stimulus greater in situations in which central banks are stuck at the zero lower bound (ZLB)? The question is still debated in the economic literature but some empirical evidence suggests that the ZLB per se does not seem to increase the effects of a fiscal stimulus, while economic slack and loose monetary policy do: this bodes well for the fiscal response to the covi19 crisis. Les effets d’un stimulus budgétaire sont-ils plus importants à la borne zéro des taux d’intérêt ? Certaines études empiriques suggèrent que la borne zéro ne semble pas en soi accroître les effets d’un stimulus budgétaire, contrairement à la sous-utilisation des capacités de production et à une politique monétaire accommodante, ce qui est de bon augure pour la réponse budgétaire à la crise de la Covid-19.

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Handle: RePEc:bfr:econot:178
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File URL: https://www.banque-france.fr/en/publications-and-statistics/publications/fiscal-policy-more-effective-zero-lower-bound
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