IMF-共同的问题，共同的解决方案：欧元区财政货币互动的好处（英）-2023.7-27页_1mb

The paper examines the interactions between fiscal and monetary policies in the Euro Area, emphasizing the benefits of synchronized policies in reducing inflation and promoting stabilization. It is authored by Robert Beyer and others from the IMF European Department and published as IMF Working Paper WP/23/149.

Key findings include:

• Economic conditions vary across Euro Area countries, with high-debt countries like France and low-debt countries like Germany differing significantly.
• Fiscal and monetary policies did not always align in the past, as evidenced during the European Debt Crisis when fiscal policies were contractionary while monetary policy remained accommodative.
• VAR analysis suggests that fiscal spending shocks have stronger output effects when monetary policy is easing, and fiscal consolidation modestly reduces inflation and public debt ratios.

Employing two macroeconomic models (t extending}):a DSGE model and the FSGM system},} the paper shows that uniform fiscal consolidation (1 percent GDP over two years) can reduce policy interest rates by 30-50 basis points and lower inflation more effectively than the baseline scenario. Without fiscal coordination, high-debt countries bear most output costs while low-debt countries benefit indirectly.

The paper recommends leveraging fiscal-monetary interactions to mitigate inflation, promote fiscal coordination, and implement incentive mechanisms for burden-sharing among Euro Area members.