Indice de cohérence du policy-mix : une proposition

GAMMADIGBE, Vigninou (2015): Indice de cohérence du policy-mix : une proposition.

Abstract

From the policy mix theory to the related empirical works, quantifying the degree of coordination of monetary and fiscal policies seems to be missing. In this paper, we propose an index (ICPM) which measures the coherent nature of the policy mix rather than it restrictive or expansive character. It is defined as the average number of periods that monetary and fiscal policies were in phase in a Keynesian perspective. After calculating the index for thirty (30) countries over the period 1990 to 2013, we explore the relation between the coherence of the policy mix and the stabilization of the activity. The econometric analysis provides empirical evidence that good coordination of monetary and fiscal policy reduces the volatility of output.

• Item Type: MPRA Paper
• English Title: Policy-mix coherence index : a proposal
• Language: French
• Keywords: Coordination, Monetary policy, Fiscal policy
• Subjects: C - Mathematical and Quantitative Methods > C2 - Single Equation Models ; Single Variables > C21 - Cross-Sectional Models ; Spatial Models ; Treatment Effect Models ; Quantile Regressions; C - Mathematical and Quantitative Methods > C4 - Econometric and Statistical Methods: Special Topics > C43 - Index Numbers and Aggregation; E - Macroeconomics and Monetary Economics > E6 - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook > E61 - Policy Objectives ; Policy Designs and Consistency ; Policy Coordination

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