02064cas a2200337 a 4500 AALejournalIMF023173 230101c9999 xx r poo 0 0eng d 9798400218880 20.00 USD 1018-5941 BD-DhAAL BD-DhAAL Chen, Jiaqian. Effective Fiscal-Monetary Interactions in Severe Recessions / Jiaqian Chen, Raphael Espinoza, Carlos Goncalves, Tryggvi Gudmundsson. Washington, D.C. : International Monetary Fund, 2022. 1 online resource (47 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students The COVID-19 pandemic and the subsequent need for policy support have called the traditional separation between fiscal and monetary policies into question. Based on simulations of an open economy DSGE model calibrated to emerging and advance economies and case study evidence, the analysis shows when constraints are binding a more integrated approach of looking at policies can lead to a better policy mix and ultimately better macroeconomic outcomes under certain circumstances. Nonetheless, such an approach entails risks, necessitating a clear assessment of each country's circumstances as well as safeguards to protect the credibility of the existing institutional framework. Mode of access: Internet Debt imf Fiscal Policy imf Foreign Exchange imf Informal Economy imf Underground Econom imf Espinoza, Raphael. Goncalves, Carlos. Gudmundsson, Tryggvi. IMF Working Papers; Working Paper ; No. 2022/170 Full text available on IMF https://elibrary.imf.org/openurl?genre=journal&issn=1018-5941&volume=2022&issue=170 IMF e-Library