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Global policy at the Zero Lower Bound in a large-scale DSGE model

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  • Sandra Gomes
  • P. Jacquinot
  • Ricardo Mestre
  • João Sousa

Abstract

The purpose of this paper is to analyse whether fiscal policies can alleviate the effects of the zero lower bound (ZLB) on interest rates and if they should be coordinated internationally. The analysis is carried out using EAGLE, a DSGE model of the global economy. We consider that the fiscal shocks are temporary and that fscal policy retains full credibility at all times. In this setup we find significant non-linearities in a ZLB situation that amplify theeffects of fiscal shocks compared to the non-ZLB case. International coordination is helpful but does not play a major role in the results.

Suggested Citation

  • Sandra Gomes & P. Jacquinot & Ricardo Mestre & João Sousa, 2010. "Global policy at the Zero Lower Bound in a large-scale DSGE model," Working Papers w201018, Banco de Portugal, Economics and Research Department.
  • Handle: RePEc:ptu:wpaper:w201018
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    Cited by:

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    3. Groenewold, Nicolaas, 2018. "Australia saved from the financial crisis by policy or by exports?," Journal of Policy Modeling, Elsevier, vol. 40(1), pages 118-135.
    4. Stefanie Flotho, 2012. "Monetary and Fiscal Policy in a Monetary Union under the Zero Lower Bound constraint," Discussion Paper Series 20, Department of International Economic Policy, University of Freiburg, revised Jun 2012.
    5. Clancy, Daragh & Jacquinot, Pascal & Lozej, Matija, 2016. "Government expenditure composition and fiscal policy spillovers in small open economies within a monetary union," Journal of Macroeconomics, Elsevier, vol. 48(C), pages 305-326.
    6. Brian Micallef, 2013. "Measuring the effects of structural reforms in Malta: an analysis using the EAGLE model," CBM Working Papers WP/01/2013, Central Bank of Malta.
    7. Robert Kollmann, 2021. "Liquidity traps in a world economy," CAMA Working Papers 2021-05, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
    8. Maria Manuel Campos & Cristina Checherita-Westphal & Pascal Jacquinot & Pablo Burriel & Francesco Caprioli, 2019. "Economic consequences of high public debt and challenges ahead for the euro area," Working Papers o201904, Banco de Portugal, Economics and Research Department.
    9. Pablo Burriel & Cristina Checherita-Westphal & Pascal Jacquinot & Matthias Schön & Nikolai Stähler, 2020. "Economic consequences of high public debt: evidence from three large scale DSGE models," Working Papers 2029, Banco de España.
    10. Costa Junior, Celso J. & Garcia-Cintado, Alejandro C. & Junior, Karlo Marques, 2021. "Macroeconomic policies and the pandemic-driven recession," International Review of Economics & Finance, Elsevier, vol. 72(C), pages 438-465.
    11. Darracq Pariès, Matthieu & Jacquinot, Pascal & Papadopoulou, Niki, 2016. "Parsing financial fragmentation in the euro area: a multi-country DSGE perspective," Working Paper Series 1891, European Central Bank.
    12. Matthieu Darracq Paries & Pascal Jacquinot & Niki Papadopoulou, 2016. "Synopsis of the Euro Area Financial Crisis," Working Papers 2016-08, Central Bank of Cyprus.
    13. Gomes, Sandra, 2018. "Euro area structural reforms in times of a global crisis," Journal of Macroeconomics, Elsevier, vol. 55(C), pages 28-45.
    14. Flotho, Stefanie, 2012. "Monetary and Fiscal Policy in a Monetary Union under the Zero Lower Bound constraint," VfS Annual Conference 2012 (Goettingen): New Approaches and Challenges for the Labor Market of the 21st Century 62028, Verein für Socialpolitik / German Economic Association.
    15. Celso José Costa Jr & Alejandro Garcia-Cintado & Karlo Marques, 2020. "Conventional macroeconomic policies and the pandemic-driven recession," Working Papers 20.03, Universidad Pablo de Olavide, Department of Economics.
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    More about this item

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy
    • E63 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy
    • F42 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - International Policy Coordination and Transmission

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