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Indice de cohérence du policy-mix : une proposition

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

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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.

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