E6 - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook

• COVID-19, Containment and Consumption

  Staff Discussion Paper 2022-5 Tatjana Dahlhaus, Daniel Hyun, Antoine Poulin-Moore, Jaime Trujillo, Saarah Sheikh, Benjamin Straus

  We assess the impact of COVID-19 on consumption indicators by estimating the effects of government-mandated containment measures and of the willingness of individuals to voluntarily physically distance to prevent contagion.

  Content Type(s): Staff research, Staff discussion papers Topic(s): Coronavirus disease (COVID-19), Domestic demand and components JEL Code(s): C, C2, C23, D, D1, D12, E, E6, E65, I, I1, I18

• The Central Bank Strikes Back! Credibility of Monetary Policy under Fiscal Influence

  Staff Working Paper 2022-11 Antoine Camous, Dmitry Matveev

  Central banks in many advanced economies enjoy a high degree of independence, which protects monetary policy decisions from political influence. But how should independent central banks react if pressured by fiscal policy-makers? We examine whether a central bank should design a monetary policy framework that prescribes acting conditionally on how fiscal policy behaves.

  Content Type(s): Staff research, Staff working papers Topic(s): Credibility, Fiscal policy, Monetary policy JEL Code(s): E, E0, E02, E5, E52, E58, E6, E61, E62