Fiche du document
8 février 2023
- handle: 10670/1.ryr3nv
- hal: hal-04122087
http://creativecommons.org/licenses/by-sa/ , info:eu-repo/semantics/OpenAccess
Mots-clés
fiscal policy open economy euro area spillovers DSGE NGEU RRF E - Macroeconomics and Monetary Economics/E.E1 - General Aggregative Models/E.E1.E12 - Keynes • Keynesian • Post-Keynesian E - Macroeconomics and Monetary Economics/E.E6 - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook/E.E6.E62 - Fiscal Policy F - International Economics/F.F4 - Macroeconomic Aspects of International Trade and Finance/F.F4.F41 - Open Economy Macroeconomics H - Public Economics/H.H6 - National Budget, Deficit, and Debt/H.H6.H68 - Forecasts of Budgets, Deficits, and Debt -fin]Sujets proches
Grants Subventions Vouchers (Subsidies) Corporate subsidies Welfare, Corporate Government subsidies Business subsidies Corporate welfare Grants Grants, Research Borrowing Lending Loans for consumption Grants Federal grants Taxation--Government policy Tax policy Funds Funding Euro area Euro zoneCiter ce document
Caroline Bozou et al., « Comparing different features of a fiscal stimulus in the euro area », Archive ouverte de Sciences Po (SPIRE), ID : 10670/1.ryr3nv
Métriques
Partage / Export
Résumé
We build a two-country DSGE model where we distinguish the core from the periphery of a monetary union. First, we highlight the spillovers of fiscal shocks across countries. Then, we evaluate and compare the macroeconomic effects of the European recovery plan NGEU with national plans. In all settings, we distinguish public consumption shocks from public investment ones, and funding via loans or grants. We also generate a post-Covid situation where we add a zero-lower bound and demand shocks and compare the outcomes to the former scenarios. We find that the stimulus is more effective when it is financed by grants, interestingly enough especially for public consumption, that public investment spending has a higher multiplier effect in the long run and that a European fiscal stimulus has always more impact per country than a national stimulus plan. A side-result permits to assess the opportunity cost of accepting loans.