- Castelnuovo E, Lim G, November 2018, What do we know about the macroeconomic effects of fiscal policy? A brief survey of the literature on fiscal multipliers paper no. 59/2018.
- Iiboshi H, Shintani M, Ueda K, August 2018, Estimating a nonlinear new Keynesian model with the zero lower bound for Japan paper no. 37/2018.
- Caggiano G, Castelnuovo E, Nodari G, July 2018, Risk management-driven policy rate gap paper no. 34/2018.
Considerable progress has been made over the past twenty years in developing robust monetary and fiscal policy frameworks. For many countries these have been aimed at maintaining low and stable inflation over the medium term, and public debt sustainability over the medium to long term. Associated implications and areas of importance have been less well developed.
This program will bring together analytical and policy researchers interested in evaluating and advancing work in areas such as:
- The implications of medium-term fiscal and monetary policy frameworks for: the volatilities of output, interest rates and exchange rates; short run stabilisation policies; intergenerational balance; financial stability; and external stability;
- The role of Governance procedures and associated institutional frameworks, in sustaining the credibility of fiscal and monetary policy frameworks, including the relative roles for policy coordination and operational independence, and the role of enforcement rules in fiscal policy frameworks;
- Macroeconomic policy frameworks for sustainable growth and employment; and
- Appropriate policy frameworks for common currency regimes.