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Fiscal and monetary policies in complex evolving economies

Listed author(s):
  • Giovanni Dosi

    ()

    (Scuola Superiore Sant'Anna)

  • Giorgio Fagiolo

    (Scuola Superiore Sant'Anna)

  • Mauro Napoletano

    ()

    (Ofce,Skema Business school,Scuola superiore Sant'Anna
    Ofce, 69, quai d'Orsay 75007 Paris France)

  • Andrea Roventini

    ()

    (Universita di Verona, Scuola superiore Sant'Anna)

  • Tania Treibich

    ()

    (Maastricht university,Scuola Superiore Sant'Anna,GREDEG-CNRS University of Nice and Sophia Antipolis)

In this paper we explore the effects of alternative combinations of fiscal and monetary poli- cies under different income distribution regimes. In particular, we aim at evaluating fis- cal rules in economies subject to banking crises and deep recessions. We do so using an agent-based model populated by heterogeneous capital- and consumption-good firms, het- erogeneous banks, workers/consumers, a Central Bank and a Government. We show that the model is able to reproduce a wide array of macro and micro empirical regularities, in- cluding stylised facts concerning financial dynamics and banking crises. Simulation results suggest that the most appropriate policy mix to stabilise the economy requires unconstrained counter-cyclical fiscal policies, where automatic stabilisers are free to dampen business cycles fluctuations, and a monetary policy targeting also employment. Instead,discipline-guided fiscal rules such as the Stability and Growth Pact or the Fiscal Compact in the Eurozone always depress the economy, without improving public finances, even when escape clauses in case of recessions are considered. Consequently, austerity policies appear to be in gen- eral self-defeating. Furthermore, we show that the negative effects of austere fiscal rules are magnified by conservative monetary policies focused on inflation stabilisation only. Finally, the effects of monetary and fiscal policies become sharper as the level of income inequality increases.

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Paper provided by Observatoire Francais des Conjonctures Economiques (OFCE) in its series Documents de Travail de l'OFCE with number 2014-05.

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Date of creation: Feb 2014
Handle: RePEc:fce:doctra:1405
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