This article builds a model-based dynamic monetary and fiscal conditions index (DMFCI) and uses it to examine the evolution of the joint stance of monetary and fiscal policies in the euro area (EA) and in its three largest member countries over the period 2007–2018. The index is based on the relative impacts of monetary and fiscal policy on demand using actual and simulated data from rich estimated models featuring also financial intermediaries and long-term government debt. The analysis highlights a short-lived fiscal expansion in the aftermath of the Global Financial Crisis, followed by a quick tightening, with monetary policy left to be the ‘only game in town’ after 2013. Individual countries’ DMFCIs show that national policy stances did not always mirror the evolution of the aggregate stance at the EA level, due to heterogeneity in the fiscal stance.

中文翻译：

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多松，多紧？衡量欧元区货币和财政状况的指标*

本文构建了一个基于模型的动态货币和财政状况指数 (DMFCI)，并用它来检验 2007 年期间欧元区 (EA) 及其三个最大成员国的货币和财政政策联合立场的演变–2018 年。该指数基于货币和财政政策对需求的相对影响，使用来自包括金融中介和长期政府债务的丰富估计模型的实际和模拟数据。分析强调了全球金融危机后短暂的财政扩张，随后迅速收紧，货币政策在 2013 年之后成为“唯一的游戏”。个别国家的 DMFCI 表明，国家政策立场确实并不总是反映 EA 级别总体立场的演变，