Inflation and the role of macroeconomic policies: A model for the case of Denmark
- Autores
- Raza, Hamid; Laurentjoye, Thibault; Byrialsen, Mikael Randrup; Valdecantos, Sebastián
- Año de publicación
- 2023
- Idioma
- inglés
- Tipo de recurso
- artículo
- Estado
- versión publicada
- Descripción
- This paper provides an assessment of the different channels through which monetary, fiscal and income policies affect prices and output in a small open economy and discuss which policy measures are effective and feasible in the face of inflationary shocks. We build a stock-flow-consistent model using sectoral data for Denmark. We then replicate the inflationary environment faced by Denmark and several other countries after the Covid-19 crisis. While taking monetary tightening as a forced policy response for a small open economy with fixed exchange rate, we explore a number of policies that, within the current institutional and legal framework, can potentially mitigate the effects of inflation. Our conclusion is that a close coordination of fiscal and income policies can help reduce the effects of adverse shocks to income without increasing inflation. Furthermore, we find that of all the policies implemented, monetary policy has the most dramatic effects on public debt sustainability.
Fil: Raza, Hamid. Aalborg University Business School. MaMTEP; Denmark.
Fil: Laurentjoye, Thibault. Aalborg University Business School. MaMTEP; Denmark.
Fil: Byrialsen, Mikael Randrup. Aalborg University Business School. MaMTEP; Denmark.
Fil: Valdecantos, Sebastián. Aalborg University, MaMTEP. Aalborg University Business School; Denmark. - Fuente
- Structural Change and Economic Dynamics, 67, 32-43. ISSN 0954-349X. 10.1016/j.strueco.2023.06.006
- Materia
-
Macroeconomía
Política Económica
Inflación - Nivel de accesibilidad
- acceso abierto
- Condiciones de uso
- https://creativecommons.org/licenses/by/4.0/deed.es
- Repositorio
- Institución
- Universidad Nacional de Mar del Plata. Facultad de Ciencias Económicas y Sociales
- OAI Identificador
- oai:nulan.mdp.edu.ar:4077
Ver los metadatos del registro completo
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Inflation and the role of macroeconomic policies: A model for the case of DenmarkRaza, HamidLaurentjoye, ThibaultByrialsen, Mikael RandrupValdecantos, SebastiánMacroeconomíaPolítica EconómicaInflaciónThis paper provides an assessment of the different channels through which monetary, fiscal and income policies affect prices and output in a small open economy and discuss which policy measures are effective and feasible in the face of inflationary shocks. We build a stock-flow-consistent model using sectoral data for Denmark. We then replicate the inflationary environment faced by Denmark and several other countries after the Covid-19 crisis. While taking monetary tightening as a forced policy response for a small open economy with fixed exchange rate, we explore a number of policies that, within the current institutional and legal framework, can potentially mitigate the effects of inflation. Our conclusion is that a close coordination of fiscal and income policies can help reduce the effects of adverse shocks to income without increasing inflation. Furthermore, we find that of all the policies implemented, monetary policy has the most dramatic effects on public debt sustainability.Fil: Raza, Hamid. Aalborg University Business School. MaMTEP; Denmark.Fil: Laurentjoye, Thibault. Aalborg University Business School. MaMTEP; Denmark.Fil: Byrialsen, Mikael Randrup. Aalborg University Business School. MaMTEP; Denmark.Fil: Valdecantos, Sebastián. Aalborg University, MaMTEP. Aalborg University Business School; Denmark.Elsevier B.V.2023-07-05info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionhttp://purl.org/coar/resource_type/c_6501info:ar-repo/semantics/articuloapplication/pdfhttps://nulan.mdp.edu.ar/id/eprint/4077/https://nulan.mdp.edu.ar/id/eprint/4077/1/raza-etal-2023.pdf Structural Change and Economic Dynamics, 67, 32-43. ISSN 0954-349X. 10.1016/j.strueco.2023.06.006 <https://doi.org/10.1016/j.strueco.2023.06.006> reponame:Nülan (UNMDP-FCEyS)instname:Universidad Nacional de Mar del Plata. Facultad de Ciencias Económicas y Socialesenginfo:eu-repo/semantics/altIdentifier/doi/10.1016/j.strueco.2023.06.006info:eu-repo/semantics/dataset/url/https://nulan.mdp.edu.ar/id/eprint/4083/Dinamarcainfo:eu-repo/semantics/openAccesshttps://creativecommons.org/licenses/by/4.0/deed.es2025-09-04T09:45:12Zoai:nulan.mdp.edu.ar:4077instacron:UNMDP-FCEySInstitucionalhttp://nulan.mdp.edu.ar/Universidad públicaNo correspondehttp://nulan.mdp.edu.ar/cgi/oai2cendocu@mdp.edu.arArgentinaNo correspondeNo correspondeNo correspondeopendoar:18452025-09-04 09:45:12.541Nülan (UNMDP-FCEyS) - Universidad Nacional de Mar del Plata. Facultad de Ciencias Económicas y Socialesfalse |
dc.title.none.fl_str_mv |
Inflation and the role of macroeconomic policies: A model for the case of Denmark |
title |
Inflation and the role of macroeconomic policies: A model for the case of Denmark |
spellingShingle |
Inflation and the role of macroeconomic policies: A model for the case of Denmark Raza, Hamid Macroeconomía Política Económica Inflación |
title_short |
Inflation and the role of macroeconomic policies: A model for the case of Denmark |
title_full |
Inflation and the role of macroeconomic policies: A model for the case of Denmark |
title_fullStr |
Inflation and the role of macroeconomic policies: A model for the case of Denmark |
title_full_unstemmed |
Inflation and the role of macroeconomic policies: A model for the case of Denmark |
title_sort |
Inflation and the role of macroeconomic policies: A model for the case of Denmark |
dc.creator.none.fl_str_mv |
Raza, Hamid Laurentjoye, Thibault Byrialsen, Mikael Randrup Valdecantos, Sebastián |
author |
Raza, Hamid |
author_facet |
Raza, Hamid Laurentjoye, Thibault Byrialsen, Mikael Randrup Valdecantos, Sebastián |
author_role |
author |
author2 |
Laurentjoye, Thibault Byrialsen, Mikael Randrup Valdecantos, Sebastián |
author2_role |
author author author |
dc.subject.none.fl_str_mv |
Macroeconomía Política Económica Inflación |
topic |
Macroeconomía Política Económica Inflación |
dc.description.none.fl_txt_mv |
This paper provides an assessment of the different channels through which monetary, fiscal and income policies affect prices and output in a small open economy and discuss which policy measures are effective and feasible in the face of inflationary shocks. We build a stock-flow-consistent model using sectoral data for Denmark. We then replicate the inflationary environment faced by Denmark and several other countries after the Covid-19 crisis. While taking monetary tightening as a forced policy response for a small open economy with fixed exchange rate, we explore a number of policies that, within the current institutional and legal framework, can potentially mitigate the effects of inflation. Our conclusion is that a close coordination of fiscal and income policies can help reduce the effects of adverse shocks to income without increasing inflation. Furthermore, we find that of all the policies implemented, monetary policy has the most dramatic effects on public debt sustainability. Fil: Raza, Hamid. Aalborg University Business School. MaMTEP; Denmark. Fil: Laurentjoye, Thibault. Aalborg University Business School. MaMTEP; Denmark. Fil: Byrialsen, Mikael Randrup. Aalborg University Business School. MaMTEP; Denmark. Fil: Valdecantos, Sebastián. Aalborg University, MaMTEP. Aalborg University Business School; Denmark. |
description |
This paper provides an assessment of the different channels through which monetary, fiscal and income policies affect prices and output in a small open economy and discuss which policy measures are effective and feasible in the face of inflationary shocks. We build a stock-flow-consistent model using sectoral data for Denmark. We then replicate the inflationary environment faced by Denmark and several other countries after the Covid-19 crisis. While taking monetary tightening as a forced policy response for a small open economy with fixed exchange rate, we explore a number of policies that, within the current institutional and legal framework, can potentially mitigate the effects of inflation. Our conclusion is that a close coordination of fiscal and income policies can help reduce the effects of adverse shocks to income without increasing inflation. Furthermore, we find that of all the policies implemented, monetary policy has the most dramatic effects on public debt sustainability. |
publishDate |
2023 |
dc.date.none.fl_str_mv |
2023-07-05 |
dc.type.none.fl_str_mv |
info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion http://purl.org/coar/resource_type/c_6501 info:ar-repo/semantics/articulo |
format |
article |
status_str |
publishedVersion |
dc.identifier.none.fl_str_mv |
https://nulan.mdp.edu.ar/id/eprint/4077/ https://nulan.mdp.edu.ar/id/eprint/4077/1/raza-etal-2023.pdf |
url |
https://nulan.mdp.edu.ar/id/eprint/4077/ https://nulan.mdp.edu.ar/id/eprint/4077/1/raza-etal-2023.pdf |
dc.language.none.fl_str_mv |
eng |
language |
eng |
dc.relation.none.fl_str_mv |
info:eu-repo/semantics/altIdentifier/doi/10.1016/j.strueco.2023.06.006 info:eu-repo/semantics/dataset/url/https://nulan.mdp.edu.ar/id/eprint/4083/ |
dc.rights.none.fl_str_mv |
info:eu-repo/semantics/openAccess https://creativecommons.org/licenses/by/4.0/deed.es |
eu_rights_str_mv |
openAccess |
rights_invalid_str_mv |
https://creativecommons.org/licenses/by/4.0/deed.es |
dc.format.none.fl_str_mv |
application/pdf |
dc.coverage.none.fl_str_mv |
Dinamarca |
dc.publisher.none.fl_str_mv |
Elsevier B.V. |
publisher.none.fl_str_mv |
Elsevier B.V. |
dc.source.none.fl_str_mv |
Structural Change and Economic Dynamics, 67, 32-43. ISSN 0954-349X. 10.1016/j.strueco.2023.06.006 <https://doi.org/10.1016/j.strueco.2023.06.006> reponame:Nülan (UNMDP-FCEyS) instname:Universidad Nacional de Mar del Plata. Facultad de Ciencias Económicas y Sociales |
reponame_str |
Nülan (UNMDP-FCEyS) |
collection |
Nülan (UNMDP-FCEyS) |
instname_str |
Universidad Nacional de Mar del Plata. Facultad de Ciencias Económicas y Sociales |
repository.name.fl_str_mv |
Nülan (UNMDP-FCEyS) - Universidad Nacional de Mar del Plata. Facultad de Ciencias Económicas y Sociales |
repository.mail.fl_str_mv |
cendocu@mdp.edu.ar |
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1842340819420315648 |
score |
12.623145 |