Danijel Milošević, Vladislav Marjanović

DOI Number
First page
Last page


One of the biggest problems in economic theory has always been coordination of different elements of economic policy, especially monetary and fiscal policy. In the past, there have been a few theories emphasizing one of them, but in contemporary conditions it is a fact that the only right answer is in coordinated conducting of all of them. Therefore, every measure in monetary policy has to be followed by particular action in fiscal policy and the other way around. The question remains whether fiscal or monetary policy should have the priority in decision making and is there a pattern to follow when it comes to creating economic policy. Empirical data are the most purposeful source for answering these questions, and therefore we will use variables from four different countries from the last fifteen years and try to find the connection between monetary and fiscal policy and the standard of living.


Economic policy, Monetary policy, Fiscal policy

Full Text:



Beetsma, R. & Bovenberg, A.L. (1998). Monetary union without fiscal coordination may discipline policymakers. Journal of International Economics, 45 (2), 239-258.

Beetsma, R. & Bovenberg, A.L. (1999). Does Monetary Unicication Lead to Excessive Debt Accumulation?. Journal of Public Economics, 74 (3), 299-325.

Campilo, M. & Miron, J. (1997). In: Monetary Policy and Low Inflation, Christina, D. Romer and David Romer (eds.), Why Does Inflation Differ Across Countries? Chicago: The University of Chicago Press

Delong, J.B., Summers, L.H., Feldstein, M. & Ramey, V.A. (2012). Fiscal Policy in a Depressed Economy, Brookings Papers on Economic Activity, Brookings Institution Pres, Spring 2012

Gemmell, N., Kneller, R. & Sanz, I. (2011). The Timing and Persistence of Fiscal Policy Impacts on Growth: Evidence from OECD Countries. The Economic Journal, 121 (550), F33-F58.

IMF (2000-2016). World Economic Outlook

Li, M. (2008). The Rise of China and the Demise of Capitalist World-Economy, Pluto Press, London, UK

Sargent, T.J. & Wallace, N. (1981). Some Unpleasant Monetarist Aruthmetic. Quarterly Review, fall 1981., Reprinted in Rational Expectations and Inflation 2nd Edition NY: Harper Collins College Publishers 1993

Soldić-Aleksić, J. (2011). Primenjena Analiza Podataka [Applied Data Analyzis]. Beograd: Ekonomski fakultet u Beogradu

Tanzi, V. (1977). Inflation, Lags in Collection, and the Real Value of Tax Revenue. Staff Papers, 24, March 1977.

Wu, J.S. & Xia F.D. (2016). Measuring the Macroeconomic Impact of Monetary Policy at the Zero Lower Bound. Journal of Money, Credit and Banking, 48, (2-3), 253-291.



  • There are currently no refbacks.

© University of Niš, Serbia
Creative Commons License CC BY-NC-ND
ISSN 0354-4699 (Print)
ISSN 2406-050X (Online)