欧元区成员国不同财政政策立场对欧洲央行货币政策的影响

IF 2.8 2区经济学 Q1 ECONOMICS Economic Systems Pub Date : 2024-12-01 DOI:10.1016/j.ecosys.2024.101216

Linas Jurkšas

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引用次数: 0

摘要

本文评估了欧元区不同成员国的财政立场对欧洲中央银行货币政策行动的影响。由于欧元区各成员国之间的债务水平差距不断扩大，这一问题的相关性也随之增加。我们利用 2002 年至 2022 年的季度预测数据，对欧元区五大经济体采用了厚模型方法，其中包括各种 GMM 模型规格。研究结果表明，欧元区不同国家的财政赤字并未持续对货币政策制定产生实质性影响。即使在 COVID-19 冲击之后，这一结论也是成立的，预计通胀仍然是最有持续意义的指标。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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The impact of the heterogenous fiscal policy stance of euro-area member states on ECB monetary policy

This article assesses the influence of the fiscal stance of different euro-area members on the monetary policy actions of the European Central Bank. This issue has increased in relevance due to the widening disparities in the levels of debt across euro-area member states. We utilise a thick modelling approach that includes various GMM model specifications for the five largest euro area economies using quarterly projections data from 2002 to 2022. The findings indicate that the fiscal deficits of different euro area countries did not consistently exert a substantial impact on monetary policymaking. This conclusion holds even after the COVID-19 shock, with projected inflation remaining the most consistently significant indicator.

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来源期刊

Economic Systems ECONOMICS-

CiteScore

4.90

自引率

0.00%

发文量

审稿时长

48 days

期刊介绍： Economic Systems is a refereed journal for the analysis of causes and consequences of the significant institutional variety prevailing among developed, developing, and emerging economies, as well as attempts at and proposals for their reform. The journal is open to micro and macro contributions, theoretical as well as empirical, the latter to analyze related topics against the background of country or region-specific experiences. In this respect, Economic Systems retains its long standing interest in the emerging economies of Central and Eastern Europe and other former transition economies, but also encourages contributions that cover any part of the world, including Asia, Latin America, the Middle East, or Africa.

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