“...I study the impact of a government spending shock in a New Keynesian model when monetary policy is set optimally. In this framework, the economy is at the zero...”

“...Should one expect inflation to be stable when monetary policy is passive? According to the workhorse model for monetary policy analysis, the answer should be...”

“...•We study optimal fiscal policy in a deep recession characterized by a liquidity trap.•It is optimal to increase public spending and to shift its composition...”

“...To access, purchase, authenticate, or subscribe to the full-text of this article, please visit this link: http://dx.doi.org/10.1016/j.red.2016.09.001...”

“...Sur l'efficacité des politiques publiques dans une profonde récession. In this thesis I evaluate the efficiency of public policies in deep recessions. In the...”

“...We implement a recently developed econometric model, the Factor Augmented VAR (FAVAR), to investigate the dynamic effects of government spending on key...”