Monetary–Fiscal Policy Interactions and Inflation Dynamics: Insights From Japan
通过估计马尔可夫转换DSGE模型，分析日本货币与财政政策互动对通胀的影响，发现被动政策组合加剧了通缩，而非常规货币政策转向主动后有助于推升通胀。
ABSTRACT This study addresses the role of monetary and fiscal policy stances in inflation dynamics in Japan. We estimate a Markov‐switching dynamic stochastic general equilibrium model with changes in the monetary–fiscal policy interaction. Focusing on the prolonged deflation observed in Japan, we find that Japan's policy regime was characterized by a combination of passive monetary and fiscal policies. We quantitatively clarify that this plays a substantial role in propagating negative demand shocks. However, after the introduction of unconventional monetary policy, it switched from a passive to an active regime. We show that policy regime changes have helped push up inflation.