Séminaire de Paul BOUSCASSE

Séminaire de Paul BOUSCASSE

Le 27 février 2024

Le prochain séminaire du GAINS aura lieu le 27 février 2024 de 10h30 à 12h00 en salle T204.

Paul Bouscasse (Sciences Po) présentera un papier intitulé "Monetary-Fiscal Interactions in the United States" co-écrit avec Seungki Hong (Purdue University).

Abstract :

How does the fiscal side of the US government respond to monetary policy, and does it matter? We estimate the response of fiscal variables to monetary shocks and the counterfactual response of macroeconomic aggregates to those shocks under different fiscal rules. Following an interest rate hike, the fiscal authority does not react: spending and transfers remain constant, tax receipts fall along with output, and interest payments and debt increase. Monetary policy would be more contractionary if fiscal policy stabilized debt through spending or taxes, but less contractionary if it used transfers. Indeed, transfer hikes reduce real debt by raising inflation.

Un lien zoom est disponible pour ceux qui ne peuvent pas assister au séminaire en présentiel:

https://univ-lemans-fr.zoom.us/j/94815164539?pwd=T2RBRUhXSEJ4YjFLVnBSdHJ4aWd6UT09

Meeting ID: 948 1516 4539
Passcode: 042873