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Sebastian Schmidt

Principal Economist · European Central Bank

Principal Economist in the Monetary Policy Research Division of the European Central Bank. Research covers macroeconomics, monetary economics and international economics, including monetary-fiscal interactions.

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Online First Journal of Money, Credit and Banking Online 24 Dec 2025

Monetary–Fiscal Policy Interactions When Price Stability Occasionally Takes a Back Seat

Sebastian Schmidt

The paper builds a discrete-time DSGE model with Calvo sticky prices in which the public sector has two feedback rules that can hit corners, generating endogenous shifts between an "orthodox" regime …

Monetary Policy Fiscal Policy Fiscal Monetary Interactions