Unconventional Monetary Policy, Fiscal Side Effects and Euro Area (Im)balances
利用结构向量自回归模型和外部工具变量，研究欧元区非常规货币政策的宏观经济效应，发现扩张性货币冲击能降低利率、刺激经济，但也会导致公共支出增加和内部贸易失衡扩大。
Abstract We study the macroeconomic effects of unconventional monetary policy in the euro area using structural vector autoregressions, identified with external instruments. The instruments are based on the common unexpected variation in euro area sovereign yields for different maturities on policy announcement days. We first show that expansionary monetary surprises are effective at lowering public and private interest rates and increasing economic activity, consumer prices, and inflation expectations. We then document that the shocks lead to a rise in primary public expenditures and a widening of internal trade balances.