Patrizio Tirelli

TL;DR: This article examined the interaction of monetary and fiscal policies using an estimated New Keynesian dynamic general equilibrium model for the US and showed that the strategic complementarity or substitutability of fiscal and monetary policy depends crucially on the types of shocks hitting the economy, and on the assumptions made about the underlying structural model.

TL;DR: In this paper, the response of monetary and fiscal policy to macroeconomic targets, and the interdependence between the two policy instruments are examined for a number of G7 countries.

TL;DR: This article assess the role of national fiscal policies, as automatic stabilizers, within a monetary union using a two-country New Keynesian DSGE model, incorporating non-Ricardian consumers and a home bias in national consumption.

TL;DR: In this article, the authors estimate forward-looking interest-rate reaction functions for the G3 economies and for a group of countries which recently adopted inflation targets, finding that significant shifts in the conduct of monetary policy are detected in the USA and Japan.

TL;DR: The authors examined the interaction of monetary and fiscal policies using an estimated New-Keynesian dynamic general equilibrium model for the US and showed that the strategic complementarity or substitutability of fiscal and monetary policy depends crucially on the types of shocks hitting the economy, and on the assumptions made about the underlying structural model.