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Fiscal and Monetary Policies in a Keynesian Stock-flow Consistent Model

hal.structure.identifierScience Politique Relations Internationales Territoire [SPIRIT]
dc.contributor.authorLE HÉRON, Edwin
dc.date.issued2009
dc.description.abstractEnFollowing the New Classical Macroeconomics and the New Keynesian Macroeconomics, the independence of central banks significantly increased after 1990, which could preclude the coordination between the fiscal and the monetary policies. The purpose of this paper is to consider the stabilizing effects of fiscal policy within the framework of the new monetary policies implemented by independent central banks.Firstly, we build a Post Keynesian stock-flow consistent (SFC) model with a private banks sector introducing more realistic features. New Keynesian Macroeconomics replaces the three equations of the Keynesian synthesis (IS-LM-Phillips Curve) by three new equations of the new consensus: an IS relation, a Taylor Rule and a New Keynesian Phillips Curve (IS-TR-NKPC). Our Post Keynesian SFC model replaces the IS relation. Secondly, we make simulations by imposing supply shocks (cost push) corresponding to an inflationary shock. The consequences are examined for two kinds of policy mix, for two countries: (i) For country (1), monetary policy is determined by a standard Taylor rule that corresponds to a dual mandate: output gap and inflation gap. Fiscal policy has a countercyclical effect. Broadly speaking, country (1) describes the United States. (ii) For country (2), monetary policy is determined by a 'truncated' Taylor rule that corresponds to a unique mandate: inflation gap only. Fiscal policy is neutralized, because we assume that the ratio of the current deficit of the Government (GD) on the GDP is constant and equal to zero, as imposed by the Maastricht Treaty. Broadly speaking, country (2) describes the European Union.
dc.language.isoen
dc.publisherFaculty of Economics, University of Coimbra
dc.subject.enMonetary policy
dc.subject.enfiscal policy
dc.subject.enstock- flow consistent model
dc.subject.enpost-keynesian macroeconomics
dc.title.enFiscal and Monetary Policies in a Keynesian Stock-flow Consistent Model
dc.typeArticle de revue
dc.subject.halSciences de l'Homme et Société
dc.subject.halSciences de l'Homme et Société/Economies et finances
dc.subject.jelC - Mathematical and Quantitative Methods/C.C1 - Econometric and Statistical Methods and Methodology: General/C.C1.C15 - Statistical Simulation Methods: General
dc.subject.jelE - Macroeconomics and Monetary Economics/E.E1 - General Aggregative Models/E.E1.E12 - Keynes • Keynesian • Post-Keynesian
dc.subject.jelE - Macroeconomics and Monetary Economics/E.E3 - Prices, Business Fluctuations, and Cycles/E.E3.E31 - Price Level • Inflation • Deflation
dc.subject.jelE - Macroeconomics and Monetary Economics/E.E4 - Money and Interest Rates
dc.subject.jelE - Macroeconomics and Monetary Economics/E.E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit/E.E5.E52 - Monetary Policy
dc.subject.jelE - Macroeconomics and Monetary Economics/E.E6 - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook/E.E6.E61 - Policy Objectives • Policy Designs and Consistency • Policy Coordination
dc.subject.jelE - Macroeconomics and Monetary Economics/E.E6 - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook/E.E6.E62 - Fiscal Policy
dc.subject.jelG - Financial Economics/G.G1 - General Financial Markets/G.G1.G11 - Portfolio Choice • Investment Decisions
bordeaux.journalGEMF Working Papers
bordeaux.page1-23
bordeaux.issue1
bordeaux.peerReviewedoui
hal.identifierhalshs-00385799
hal.version1
hal.popularnon
hal.audienceNon spécifiée
hal.origin.linkhttps://hal.archives-ouvertes.fr//halshs-00385799v1
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