We estimate local projections to explore how fiscal policy in euro area periphery countries responds to monetary policy shocks that lower sovereign bond yields. In particular, we assess whether the disciplining effect of financial markets on public finances is undermined by the ability of monetary policy to affect the conditions of external funds. We find that the fiscal balance, on average, improves in response to monetary policy surprises that bring down yields on sovereign bonds.

中文翻译：

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欧元区周边国家财政政策和货币政策惊喜*

我们估计了当地预测，以探讨欧元区外围国家的财政政策如何应对降低主权债券收益率的货币政策冲击。特别是，我们评估了金融市场对公共财政的约束作用是否被货币政策影响外部资金状况的能力所削弱。我们发现，财政平衡平均而言会因货币政策意外导致主权债券收益率下降而有所改善。