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首页> 外文期刊>The North American journal of economics and finance >The policy mix in the US and EMU: Evidence from a SVAR analysis
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The policy mix in the US and EMU: Evidence from a SVAR analysis

机译：美国和EMU的政策组合：来自SVAR分析的证据

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摘要

We use a SVAR approach to the effects of fiscal and monetary policies, as well as their interactions (policy mix) for the US and the Euro Area (EMU). Overall, our results show that these two cases are different from each other. First, while in the case of the US there is evidence of Keynesian monetary policy, the same is not true in the case of the EMU. Second, considering the effects of the global economic and financial crisis, there is evidence of non-Keynesian fiscal policy in the case of the EMU (expansionary fiscal consolidation), while it does not hold in the case of the US. Third, there is evidence supporting the traditional inverse relationship between monetary policy interest rates and inflation in the case of the US, whereas in the case of the EMU there is a price puzzle (frequent in SVAR studies). Fourth, the baseline model seems to be robust in the case of the US, when considering the effects of the economic and financial crisis 2007-2009, while the opposite holds in the case of the EMU. However, in both cases, the policies seem to act as complements. Another similarity appears when analysing the relationship between public spending and taxation, where there is evidence supporting a fiscal retrenchment.
机译：我们使用SVAR方法来实现财政和货币政策的影响，以及他们的互动（政策组合）和欧元区（EMU）。总体而言，我们的结果表明这两种情况彼此不同。首先，在美国的情况下，有证据证明凯恩斯人民币政策的证据，同样在鸸o案件中是不正确的。其次，考虑到全球经济和金融危机的影响，有没有凯恩斯人财政政策的证据，以便在EMU（扩张性财政巩固）的情况下，而在美国的情况下它不会持有。第三，有证据证明在美国案件中的货币政策利率与通货膨胀与通货膨胀之间的传统反转关系，而在EMU的情况下有一个价格难题（频繁在SVAR研究中）。第四，在美国的情况下，基线模型似乎是强大的，在我们考虑到2007-2009的经济和金融危机的影响，而相反的持有情况。但是，在这两种情况下，政策似乎充当了补充。在分析公共支出和税收之间的关系时出现了另一种相似度，在那里有证据支持财政严重的证据。

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