期刊名称：Departmental Discussion Papers / University of Glasgow, Department of Economics
出版年度：2002
卷号：1
出版社：University of Glasgow, Department of Economics
摘要：This paper estimates VAR models to examine the response of monetary
and fiscal policy to macroeconomic targets, and the interdependence
between the two policy instruments. The models are estimated
for a number of G7 countries. Our findings show that, whilst monetary
and fiscal policy are increasingly used as strategic complements, the
responsiveness of fiscal policy to the business cycle has decreased since
the 1980s. We also demonstrate that shifts in the strategic interdependence
between fiscal and monetary policy can be captured using
Bayesian VAR models.
