Nordhaus's theory of the "destructive game" (1994) is a central analysis of the policy mix. His theory showed that a lack of cooperation between the central bank and the fiscal authorities would result in the budget deficit being higher and the inflation rate lower than either of the authorities...

The paper exploits a simulation environment and its output indicators to compare the performance of "ex-ante" policy instruments across housing and social welfare domains. We create a progressive score to contrast six single and mixed policy instruments against a no-policy baseline. The multiple...

The succession of systemic crises in the last 20 years have affected our lives and have shaken the old order. The global community, represented by UN-based institutions, has encouraged a common effort to address global challenges. In the agri-food sector, one of the most relevant to the emerging...

Drawing on a longitudinal database of Belgian firms over the years 2014-2020, this study investigates the joint effect of R&D grants and R&D tax credits on R&D inputs and innovation outputs. We estimate Conditional Difference-in-Difference (CDiD) models and apply both treatment effects...

Recent decades have shown an unprecedented growth in demand for resources, with a trend that is projected to accelerate in the future. Policymakers around the world have started to recognise that transitioning to a more resource-efficient and circular economy (CE) is key to addressing this...

This paper employs an estimated dynamic stochastic open-economy macro framework to identify policy interventions that allow Türkiye to achieve net-zero emissions by 2053 while respecting important feasibility constraints such as fiscal consolidation and sovereign debt stability as well as...

Climate change poses a significant threat to Ireland, with far-reaching implications for its environment, people, and economy. Consequently, proactive measures are important to mitigate and adapt to these impacts. This paper analyses potential adaptation options and their associated costs and...

This paper analyses the impact of the fiscal-monetary policy mix on the convergence on per capita income of the least developed regions (Objective 1) of the European Union (EU 28) during the implementation of the three European Structural and Investment Funds (ESIF) programmes between 2000 and...

This work examines the impacts which the Covid-19 pandemic brought to the stability of the European financial sector. Lockdowns, businesses unable to operate and uncertainty about how the pandemic would evolve fueled a sharp recession. From the lessons learned in the global financial crises and...

Sustainability Transition challenges public authorities, public decision-makers and public policies. Indeed, more than a single policy instrument is likely to be required to achieve Sustainability Transition targets. Policy researchers have understudied rationales and approaches for policy mixes...

This study provides empirical evidence on the input and output additionality achieved by UK firms receiving R&D tax incentives only, R&D and innovation grants only, and a combination of both incentives. Four key findings emerge. First, we find strong evidence of input additionality from each...

We show that the effectiveness of redistribution policy is tied to how much inflation it generates, and thereby to monetary‐fiscal adjustments that ultimately finance the transfers. In the monetary regime, taxes increase to finance transfers while in the fiscal regime, inflation rises,...

Economists have become very influential intellectuals in our contemporary society. The scientific knowledge produced by the discipline and the academic status of economists can be considered as a decisive power resource in media debates and politics. The current state of economics has been...

The article analyzes the interaction between monetary and fiscal policy in Mexico. We calibrated a semi-structural model for a small open economy, based on Aguilar and Ramírez-Bulos (2018), for Mexico by using quarterly data from 2001Q1 to 2019Q4. The fiscal policy block models the fiscal...

This paper develops an estimated New Keynesian model of a commodity-exporting economy for an integrated policy framework, integrating the full range of policies used in practice and featuring a range of nominal and real rigidities, macro-financial linkages, and transmission channels of external...

We study the effect of monetary surprise shocks on real output and the price level, conditioned on different fiscal sustainability regimes in the period 2001Q4-2021Q4. First, we estimate time-varying fiscal sustainability coefficients based on Bohn's (1998) approach through Schlicht's (2003)...

The purpose of this study is to analyze two models of mixed oligopolies with a singe public firm who takes the extra care of attaining a social goal (reduction of environmental damage). We investigate the effect of such social performance management on the optimal privation policy in the mixed...

The EU faces the challenge to combine large and sustained investments to promote the transition towards a green, digital, and competitive Europe while maintaining fiscal sustainability. Based on a comprehensive literature review on the effects of fiscal rules and investment clauses on public...

How do severe recessions, such as those brought about by the Global Financial Crisis or the COVID-19 pandemic, affect the composition of energy generation between green and dirty sources? Does creative destruction during recessions result in a sustained greening of the energy mix? The empirical...

In most euro area countries, the monetary/fiscal policy mix is responsible for the changing history of debt and inflation facts. Using a Dynamic Stochastic General Equilibrium model with Markov-switching policy rules, we identify three distinct monetary/fiscal regimes in France and Italy: a...

The R&D policy instrument mix concept has become increasingly important for understanding how public R&D support drives firm-level R&D. To-date, empirical studies have conceptualised the instrument mix as a static unit, whereby firms receive multiple policy instruments at one point in time....

The 'Evaluation study on the relevance and internal coherence of Horizon 2020 and its policy mix' shows high levels of relevance and internal coherence of Horizon 2020. The study findings were in part based on the quantitative and qualitative analysis in the enclosed annexes: Annex A:...

The purpose of the 'Evaluation study on the relevance and internal coherence of Horizon 2020 and its policy mix' is to provide the European Commission with the specific data and analyses needed to support the ex-post evaluation of Horizon 2020 regarding the evaluation criteria 'relevance' and...

The policy mix for industry decarbonization in Germany currently undergoes substantial changes. While in the past, it focused strongly on measures supporting and regulating energy efficiency, while in recent years instruments were added that aim at deep decarbonization of industrial production...