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The COVID-19 pandemic and the subsequent need for policy support have called the traditional separation between fiscal and monetary policies into question. Based on simulations of an open economy DSGE model calibrated to emerging and advance economies and case study evidence, the analysis shows when constraints are binding a more integrated approach of looking at policies can lead to a better policy mix and ultimately better macroeconomic outcomes under certain circumstances. Nonetheless, such an approach entails risks, necessitating a clear assessment of each country’s circumstances as well as safeguards to protect the credibility of the existing institutional framework.

Macroeconomics --- Economics: General --- Public Finance --- Inflation --- Money and Monetary Policy --- Banks and Banking --- Foreign Exchange --- Informal Economy --- Underground Econom --- Fiscal Policy --- Debt --- Debt Management --- Sovereign Debt --- Price Level --- Deflation --- Monetary Policy --- Interest Rates: Determination, Term Structure, and Effects --- Economic & financial crises & disasters --- Economics of specific sectors --- Public finance & taxation --- Monetary economics --- Banking --- Fiscal policy --- Public debt --- Prices --- Inflation targeting --- Monetary policy --- Fiscal stimulus --- Currency crises --- Informal sector --- Economics --- Debts, Public --- Interest rates --- Belgium