Strategic Dimensions of Macroeconomic Policy in OECD countries
thesisposted on 16.08.2016, 11:05 by Edgar Mata Flores
This research is focused on the study of international aspects of interdependence between monetary and fiscal policies. Its main objective is to reveal specific measurements and features of the impacts of cross-country and cross-policy spillovers among heterogeneous economies interrelated within networks of commercial and financial exchange. In the achievement of this purpose, our study also contributes to the enhancement of dynamic stochastic general equilibrium (DSGE) models by the inclusion of a wider scope of analysis able to address the consequences of regional and global disturbances in the context of a multi-country setting. Other important additions in our international modelling framework, as the incorporation of financial intermediation, also play an important role in the enhancement of its potential as a wide and versatile platform for policy evaluation. With a similar international approach, we also adapt complementary methodologies, as those in the spatial econometrics literature, to scrutinise the effects of national and international cross-policy externalities as the nominal effects of fiscal policies, in particular. By the means of a range of empirical exercises performed with the aid of our resulting body of specialised econometric tools, this study provides valuable insights on policy interactions within and between economies and regions as diverse as those in the Organisation for Economic Cooperation and Development.