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Is Monetary Policy Constrained by Fiscal Policy?

In this paper we analyse how fiscal policy has affected monetary policy in the emerging market economies (EMEs). We find that most EMEs have pursued countercyclical fiscal and monetary policy over the past decade, with little evidence of fiscal dominance, in contrast to earlier periods. Our results also suggest that stronger fiscal positions are weakly associated with lower equilibrium real interest rates, and smaller deficits with lower inflation. Overall, improvements in fiscal policy in EMEs appear to have increased the effectiveness of monetary policy. Full publication: Fiscal Policy, Public Debt and Monetary Policy in Emerging Market Economies