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2015
- ISIDORE Id: 10670/1.ab17a4...
- halshs: halshs-01241658
- doi: 10.1016/j.jedc.2014.11.014
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info:eu-repo/semantics/altIdentifier/doi/10.1016/j.jedc.2014.11.014
info:eu-repo/semantics/OpenAccess
Mots-clés
Agent-based model Fiscal policy Monetary policy Income inequality Austerity policies C - Mathematical and Quantitative Methods/C.C6 - Mathematical Methods • Programming Models • Mathematical and Simulation Modeling/C.C6.C63 - Computational Techniques • Simulation Modeling E - Macroeconomics and Monetary Economics/E.E3 - Prices, Business Fluctuations, and Cycles/E.E3.E32 - Business Fluctuations • Cycles E - Macroeconomics and Monetary Economics/E.E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit/E.E5.E52 - Monetary Policy E - Macroeconomics and Monetary Economics/E.E6 - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook G - Financial Economics/G.G0 - General/G.G0.G01 - Financial Crises G - Financial Economics/G.G2 - Financial Institutions and Services/G.G2.G21 - Banks • Depository Institutions • Micro Finance Institutions • Mortgages O - Economic Development, Innovation, Technological Change, and Growth/O.O4 - Economic Growth and Aggregate ProductivitySujets proches
Monetary managementCiter ce document
Giovanni Dosi et al., « Fiscal and monetary policies in complex evolving economies », HAL SHS (Sciences de l’Homme et de la Société), ID : 10.1016/j.jedc.2014.11.014
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Résumé
What is the most appropriate combination of fiscal and monetary policies in economies subject to banking crises and deep recessions? We study this issue using an agent-based model that is able to reproduce a wide array of macro- and micro-empirical regularities. Simulation results suggest that policy mixes associating unconstrained, counter-cyclical fiscal policy and monetary policy targeting employment is required to stabilise the economy. We also show that “discipline-guided” fiscal rules can be self-defeating, as they depress the economy without improving public finances. Finally, we find that the effects of monetary and fiscal policies become sharper as the level of income inequality increases.
