期刊名称：Euro Area Balance of Payments and International Investment Position Statistics
印刷版ISSN：1830-3420
电子版ISSN：1830-3439
出版年度：2016
出版社：European Central Bank
摘要：We provide a general equilibrium framework for analyzing the effects of supply and demand sidepolicies, and the potential synergies between them, in an asymmetric monetary union that faces aliquidity trap and a slow delever-aging process in its ‘periphery‘. We find that the joint implementationof pro-competition structural reforms in the periphery, a fiscal expansion in the core, and forwardguidance about the future path of nominal interest rates produces positive synergies between the threepolicies: forward guidance re-inforces the expansionary effects of country-specific policies, and thelatter in turn improve the effectiveness of forward guidance. Our results provide a case forcomplementing current unconventional monetary stimuli in the euro area with national efforts on thestructural reform and fiscal fronts.
关键词：monetary union; deleveraging; zero lower bound; structural reforms; synergies
