How loose, how tight? A measure of monetary and fiscal stance for the euro area*
构建了一个基于模型的动态货币与财政条件指数，用于衡量2007-2018年欧元区及其三大成员国的货币与财政政策联合立场，发现危机后财政短暂扩张后迅速收紧，货币政策成为2013年后唯一刺激手段。
Abstract This article builds a model-based dynamic monetary and fiscal conditions index (DMFCI) and uses it to examine the evolution of the joint stance of monetary and fiscal policies in the euro area (EA) and in its three largest member countries over the period 2007–2018. The index is based on the relative impacts of monetary and fiscal policy on demand using actual and simulated data from rich estimated models featuring also financial intermediaries and long-term government debt. The analysis highlights a short-lived fiscal expansion in the aftermath of the Global Financial Crisis, followed by a quick tightening, with monetary policy left to be the ‘only game in town’ after 2013. Individual countries’ DMFCIs show that national policy stances did not always mirror the evolution of the aggregate stance at the EA level, due to heterogeneity in the fiscal stance.