Essays in macroeconomics

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This dissertation consists of three chapters focusing on monetary policy during crises, the interaction between monetary and fiscal policy, and a theoretical comparison of empirical methods used by monetary institutions. The first essay, co-authored with Björn Hilberg, presents a new structural approach titled "Asset prices, Collateral and Unconventional Monetary Policy in a DSGE model." It addresses whether monetary policy should respond to asset prices and explores potential exit strategies for central banks. The second chapter, my sole-authored paper, is titled "Fiscal Spillovers and Monetary Policy Transmission in the Euro Area." It highlights both structural and empirical contributions, revealing that fiscal spillovers from expansionary government spending negatively impact output and inflation. Additionally, the transmission of monetary policy effects varies across countries, with monetary shocks proving more significant than fiscal shocks in influencing macroeconomic variables. The final chapter, co-authored with Cristian Badarinza, is titled "(G)VAR: When is the G essential?" This essay contributes theoretically and empirically by establishing a test to determine when the dynamic responses of a GVAR with disaggregated data align with a VAR using aggregated data, applied to two country-variable pairs in the euro area. We also find that a univariate AR() can be approximated by a GAR(1).