The perception of unconventional fiscal and monetary policies: An international assessment
Céline Gimet  1@  , Marie-Hélène Gagnon  2@  
1 : Institute of Political Studies Aix-en-Provence, CHERPA
Institut d'Études Politiques [IEP] - Aix-en-Provence
2 : Laval University, Quebec City QC Canada

This paper investigates how unconventional monetary and fiscal policies implemented in the US and in the Eurozone during the last decade had effective impacts on consumption and investment. Following changes in credit easing and quantitative-easing monetary policies as well as fiscal easing and consolidation, we measure the original perception of such policies on consumers' confidence and investors' sentiment and their macroeconomic impacts. Impulse response functions and variance decomposition are obtained following the estimation of Bayesian structural VAR and Global VAR models. Results from the US, the Eurozone and Canada reveal that consumers' and investors' perceptions of innovative economic measures should be considered to expect the impact of economic policies on the real sector, particularly in a time of crisis. Moreover, low international spillovers suggest that a new policy-mix coordinated at an international level is a prerequisite for ensuring short-term growth recovery after a significant global negative shock.



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